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Micro Focus International PLC on Wednesday posted a lower revenue despite narrowing profits, citing inflation and a challenging recruitment environment.
For the year ended April 30, sales slid 8.7% to $1.27 billion from $1.39 billion a year before.
Its pretax loss narrowed to $42.9 million from $280.0 million on reduced costs, but adjusted earnings before interest, tax, depreciation and amortisation fell 12% to $449 million from a constant-currency year-earlier figure of $510.7 million.
Exceptional item charges fell to $21.2 million from $143.0 million a year before.
As a result, Micro Focus cut its interim dividend to 8 cents per share from 8.8 cents.
Shares in the Newbury, England-based enterprise software group fell 17% to 298.40 pence on Wednesday in London.
‘The significant change in workforce behaviours as we begin to emerge from Covid-19 has resulted in elevated employee attrition, wage inflation and a more challenging recruitment environment across the technology sector,’ Micro Focus explained.
‘Looking forward, based on our year-to-date performance our expectations for revenue, costs and cash for financial year 2022 remain unchanged. We are working to mitigate the increased risks arising from the macro-economic environment wherever possible,’ the company added.
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