Shares of Newcastle-based software giant Sage Group rose about 4% on Thursday after it announced it is commencing a share buyback programme of up to £300 million.

“The programme will run from 4 March 2021, and is expected to end no later than 4 September 2021,” said Sage.

“The share buyback programme is consistent with the group’s disciplined approach to capital allocation, and reflects the sale proceeds from recent disposals and strong ongoing cash generation.

“The group continues to have considerable financial flexibility to drive the execution of its growth strategy, supported by its robust financial position.”