Micro Focus share price rallies with FY revenue expected at upper end of guidance

Group appoints new finance chief as Chris Kennedy leaves for ITV

Micro Focus share price rallies with FY revenue expected at upper end of guidance

Shares in Micro Focus (LON:MCRO) have rallied in London this morning as the tech group signalled that it expects its full-year revenue to be at the upper end of its guidance. The company further announced the appointment of a new finance chief with Chris Kennedy set to take the top finance job at blue-chip broadcaster ITV (LON:ITV).

As of 10: GMT, Micro Focus’ share price had added 4.26 percent to 1,284.00p, outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.03 percent higher at 7,096.56 points. The group’s shares have given up more than half of their value over the past year, as compared with about a six-percent dip in the Footsie.

Micro Focus updates on trading

Micro Focus announced in a statement this morning that its trading had continued in line with expectations, with “an improved revenue trajectory in the second half of the year”. As a result, the company now expects that its constant currency revenue come in around the better end of its guidance for a revenue drop of between six and nine percent for the 12 months to October 31, 2018.

Company unveils new finance chief

The blue-chip group further revealed that it had appointed Brian McArthur-Muscroft to the role of Chief Financial Officer. He will join the company as an employee this month and will assume his executive duties in the first quarter of next year.

McArthur-Muscroft has held a variety of senior management positions, including the role of CFO at TeleCity and most recently as chief financial officer of Paysafe.

“I’m looking forward to working with Brian. He brings us a highly relevant mix of operational experience together with a history of delivering significant value creation,” Micro Focus’ chief executive Stephen Murdoch commented in the statement.

As of 10:40 GMT, Monday, 05 November, Micro Focus International plc share price is 1,283.00p.

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