Micro Focus trading ahead of expectations


Micro Focus trading ahead of expectations

Simon Quicke

The consequences of taking down the for sale signs appear to have been positive for Micro Focus with the UK software specialist beating its own trading expectations.

The firm holds its AGM today with the Group executive chairman Kevin Loosemore sharing its latest forecast with the arrows on the graphs pointing upwards.

"Total revenues and Adjusted EBITDA continue to track ahead of the Board's originally budgeted expectations. The Board remains comfortable with its previous outlook guidance," Loosemore will say this afternoon.

Micro Focus continues to buy back its shares having bought back 20m of them since March and is seeking to renew its buyback authority at the AGM but wants to keep some flexibility in its approach.

"The Board is keen to ensure that management's focus is on improving trading within the business and is mindful that in the current unstable macroeconomic climate it is prudent to maintain a relatively conservative balance sheet," Loosemore will add.

Sale talks with investment houses collapsed earlier this summer leaving Micro Focus on an independent course.

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