Monday, 22 October, 2018

Micro Focus's stock value halves after warning on revenue

Micro Focus Shares Tumble Amid Sales Slump and CEO Exit Micro Focus Shares Tumble Amid Sales Slump and CEO Exit
Orlando Vargas | 19 March, 2018, 19:39

Micro Focus International, based in the United Kingdom, said it is now expecting that revenue would fall between 6% and 9% for the 12-month period through October 31, 2018, which is significantly high than the 2% to 4% decline that it predicted in its January results.

Hsu has submitted his resignation in order to spend more time with his family and pursue another opportunity, the company said.

Headquartered in Newbury, west of London, Micro Focus was founded in 1976 and built itself up by growing its own software business and acquisitions, with the purchase of the much larger HPE transforming the company.

At its interim results in January, the company said revenue would fall this year after disappointing sales from the HPE software assets.

Micro Focus added that boss Chris Hsu, a former HPE executive, had chose to step down immediately "in order to spend more time with his family and pursue another opportunity". Cost cutting has been "ahead of schedule" since the acquisition and so earnings before interest, tax, depreciation and amortisation will not fall quite as much, with an adjusted EBITDA margin percentage of roughly 37%.

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"Clearly we have let people down with this execution and we have to rebuild that trust", Kevin Loosemore, chairman of Micro Focus, told Bloomberg in an interview. "We believe that Micro Focus is well positioned to help our customers with the increasing pace of change across their hybrid IT environments and to deliver customer centred innovation".

Shares plunged 54% to 860p in late morning trading. The company further announced that its chief executive was stepping down from the company.

It said it expected revenue in the first half of the year to be down between 9 and 12 percent, indicating it expects the second half to be better than the first.

"This implies that licences could be down 20-30% in the April period".

This was mostly due to effects from one-off transactions of the company's takeover of the software assets of HPE for $8.8 billion in 2017, and with issues that had been associated with implementing a new IT system, said Micro Focus.

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