Micro Focus Board of Directors Announces CEO Transition

Micro Focus Shares Tumble Amid Sales Slump and CEO Exit

Micro Focus Shares Tumble Amid Sales Slump and CEO Exit

Micro Focus announced in a statement this morning that since its interims in January, its year-on-year revenue decline had been greater than expected, and as a result, the company was revising its guidance for the financial year ending October 31, 2018 down to a decline of between six percent and nine percent, as compared with a previously anticipated decline of between two percent and four percent. The Board has appointed Stephen Murdoch, current Chief Operating Officer, to serve as the new CEO, effective immediately.

Micro Focus now expects pro forma constant-currency revenue to fall between 6% and 9%.

The impact of this on adjusted EBITDA margin percentage for the period is expected to be mitigated by the progress made in the cost reduction programme which is now tracking ahead of schedule. This programme is now running ahead of schedule.

Micro Focus, which seeks to boost the margins on software that had been neglected by previous owners, completed the purchase of software assets from HPE in September 2017, using the $8.8 billion deal to catapult the British firm into the top tier of European tech companies.

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However, it said its cost savings drive was ahead of schedule and net debt was expected to be in line with expectations. It focuses on licensing legacy software systems used by large companies such as Tesco and has more than 15,000 customers, about 70 of them Fortune Global 100 companies. The company further announced that its chief executive was stepping down from the company.

Micro Focus added it still believed the "fundamental thesis of the HPE software acquisition remains intact".

United Kingdom software giant Micro Focus has seen half of its valuation wiped off the London Stock Exchange after posting a sales warning this morning.

"We remain confident in Micro Focus' strategy whilst recognising that operational issues have led to a disappointing short term performance and outlook", said executive chairman Kevin Loosemore.

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