Micro Focus +13% on HP recovery, buyback
Feb. 14, 2019 7:52 AM ETMicro Focus International plc (MFGP)MFGPBy: Brandy Betz, SA News Editor2 Comments
- Micro Focus (NYSE:MFGP) gains 13% pre-market after releasing preliminary results for the 18 month period ending on October 31. Due to the HPE Software acquisition in September 2017, MFGP shifted its fiscal year dates, which resulted in a long year.
- Group pro-forma revenue dropped 5.3% in the 12 months prior compared to the -6% to -9% guidance.
- Statutory revenue was $4.8B and profit before tax totaled $34.1M for the 18 months.
- Micro Focus Product Portfolio ex-SUSE revenue fell 7% in the 12 months on a pro-forma constant currency basis to $3.7B with adjusted EBITDA of $1.4B.
- FCF was $789.7M and net debt was $4.25B.
- MFGP has completed its existing $400M buyback program and now adds an up to $110M extension.
- Conference call starts at 8:30 AM ET with a webcast here.
- Press release.