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Small business and accountancy software provider Sage has hit targets for the quarter, but warned that trading remains tough.

Unaudited figures for the nine months to 30 June 2009 show the company hit management expectations for the period. Audited figures for the six months ended 31 March showed sales of £748.4m, up 17 per cent.

Sage said subscription revenues were growing strongly and cost cutting at the firm had been successful. Sales in the UK, mainland Europe and the rest of the world remain resilient while the US is making progress on restructuring. Sage remains confident that the medium-term margin targets in the US will be met.

The company cut debt from £558m on 31 March 2009 to £491m on 30 June 2009. It has committed facilities of £810m until 2011

Paul Walker, Sage's chief executive, said: "There has been no significant change in market conditions during the quarter ended 30 June 2009 and we are planning for markets to remain testing. However, our proven business model and large, geographically diverse, customer base give us confidence that we are well positioned for these conditions and the eventual market recovery."

The full statement is here. ®

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