Company
LON:SGE
The Sage Group PLC provides business software, services and support to small and medium-sized businesses. Sage's vision is to become a great SaaS (software-as-a-service) company for customers and colleagues alike.
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The Swiss bank said in a note that investment at the FTSE 100 firm had " lagged competitors for many years", adding it expected continued elevated investment spends
Profits rose 16% to £398mln in the year just gone, but it is the year ahead that investors are bothered about after Sage warned margins will drop-off sharply
Mid-cap cousin FTSE 250 was also higher. It surged over 218 points to close at 18,584.
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A relative cornucopia of firms are scheduled to report results on Wednesday ahead of the US holiday, with a sprinkling of and UK and US economic data to taste
Hare was appointed to the additional post of interim COO on 31 August 2018, when Stephen Kelly stood down as the blue-chip software group’s CEO
At the close, the UK blue-chip index was down 64.54 points, or 0.9% at 6,939.56, albeit bouncing off the hefty session low of 6,851.59 having spent all day heavily in the red
Deutsche Bank believes private equity funds could be exploring an acquisition of Sage
Some CEOs have gone voluntarily, others have been jettisoned and we don't always know which is which. What we do know is that this year is seeing more CEO departures than is usual
Hardware & electrical equipment
Kelly will remain available to the group until he leaves on May 31, 2019
European benchmarks also took a big hit, while on Wall Street, the Dow Jones Industrial Average is down around 80 points
FTSE 100 closed ahead as the new trading week began, but off the 7,600 level, adding over 32 points to 7,591
Hardware & electrical equipment
Sage was late in switching to a software-as-a-service model but the idea seems to be taking hold now
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FTSE 100 lost almost 77 points to close the day at 7,575, while FTSE 250 was also down, off over 252 points at 20,548
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A month ago, a rate hike of a quarter of a point seemed nailed on. Most economists still think it is the most likely outcome but the decision may not be unanimous given some recent iffy economic data
The Nasdaq on Wall Street is down over 88 points at the time of writing, at 7,420.
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Three of the 10 largest London-listed companies (by capitalisation) are updating the market on Thursday. A dozen or more other household names are also expected to report.
Overall, trading is in line with management's expectations and ahead of last year
The FTSE 100-listed equipment rental company said Chris Cole, who has been chairman of Ashtead since 2007 and previously as non-executive director, will retire from the company on September 11
Sage raised its interim dividend by 8.2% despite lower-than-expected revenues as it addresses sales execution issues
Investments and investor services
The FTSE 100 continued higher on Wednesday, extending the week's winning streak.
