Finance and accounting software specialist Intuit announced net income of $444m (£226m) for the third quarter of financial year 2008, up 21 per cent on the same period of 2007. Revenue was up 15 per cent to $1.3bn (£661m) in the same period.

The company cited ‘outstanding’ sales of its Professional and Consumer Tax software products, combined with solid revenues from sales of its QuickBooks and Payroll and Payments software to smaller businesses for the results.

Intuit promptly raised its fiscal year revenue guidance for its Consumer Tax segment, which saw sales worth $657m (£334m) in the third quarter, and announced a stock repurchase programme authorising a buy back of $600m (£305m) of shares over the next three years.

Rival accountancy software firm Sage announced pre-tax profits of £138m for the six months ended 31st March 2008, up 9 per cent compared to the first half of fiscal year 2007. Revenues were also up 9 per cent to £640m in the same period.