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Micro Focus International sees margins at upper end of expectations
StockMarketWire.com
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Enterprise software company Micro Focus International said it expected to report a 10% fall in annual revenue as anticipated, though operating margins would be at the upper end of its expectations.
Revenue for the year through October was seen dropping to around $3.0 billion, which represented a fall of 10% on a constant currency basis.
Revenue in the second half had fallen 9%, improving on the 11% decline in the first half.
The company's annual adjusted earnings before interest, tax, depreciation and amortisation margin was expected at around 39%, following operational improvement and cost cutting.
'We are now nine months into our three year turnaround plan for the group and whilst there remains a great deal to do I am pleased with progress in both overall operational effectiveness and in the delivery of our key strategic objectives,' chief executive Stephen Murdoch said.
'Cash generation and working capital management remain strong, the investments we've made are showing encouraging early results and we continue to see a clear, ongoing customer need for our solutions and approach to digital transformation.'
Story provided by StockMarketWire.com
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