- Software company Sage canceled a £250m share buyback programme, while warning that it was expected to miss its full-year revenue and margin guidance.

The company had suspended the share buyback on 18 March.

In a trading update for the six months through March, Sage said organic recurring revenue, which represented around 90% of its sales, was ahead of full-year guidance.

Other revenue, however, declined in line with Sage's strategy, although the decrease accelerated towards the end of March as a result of Covid-19.

Looking to the second half, Sage said it expected the pandemic to lead to customers deferring purchase decisions and a higher business failure rate.

Consequently, Sage said revenue growth for the full year would likely be below its 8-9% guidance range, with some impact on margin.

Sage said it had a 'strong' balance sheet, with about £1.3bn of cash and available liquidity as at 31 March.

To further support the Group's financial strength, the Board has now decided to cancel the £250 million share buy-back programme, which was suspended on 18 March 2020 after £6 million of shares had been purchased.

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