Sage Group, the Newcastle-based international SME accounting software giant, said on Friday it will commence a further share buyback programme of up to £300 million, following completion of the £300 million programme announced on March 4, 2021.
The new buyback programme will run from September 6, 2021, and is expected to end no later than January 24, 2022.
“The buyback programme is consistent with the group’s disciplined approach to capital allocation and reflects its medium-term leverage objectives.” said Sage.
On July 29, Sage said its revenue increased 2.6% to £1.329 billion in the first nine months of the year and by 5% to £440 million in the third quarter.
Recurring revenue increased 5% to £1.22 billion over the nine months, with this performance supported by software subscription growth of 11% to £920 million.
In its outlook on July 29, Sage said that following a strong third quarter performance, it now expected full year 2021 recurring revenue growth to be slightly above its previous guidance range of 3% to 5%.