Proactiveinvestors United Kingdom Micro Focus https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Micro Focus RSS feed en Mon, 22 Jul 2019 00:24:35 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190719070002_14155450/ Fri, 19 Jul 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190719070002_14155450/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190718070005_14153754/ Thu, 18 Jul 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190718070005_14153754/ <![CDATA[RNS press release - TR-1: Standard notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190717115641_14153134/ Wed, 17 Jul 2019 11:56:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190717115641_14153134/ <![CDATA[News - Software giant Micro Focus launches US$200mln share buyback programme ]]> https://www.proactiveinvestors.co.uk/companies/news/224047/software-giant-micro-focus-launches-us200mln-share-buyback-programme-224047.html Software giant Micro Focus International PLC (LON:MCRO) is to buy back US$200mln worth of shares over the next few months, and hinted it would look at purchasing even more.

The FTSE 100 group, which sells software to banks and retailers that use legacy IT systems, said it would start buying shares today (Wednesday 17 July) and continue to do so until 23 October.

READ: Micro Focus bosses trousers almost £12mln from share sale

Bosses described the US$200mln buyback as “an initial tranche”, and said they could look at extending the programme.

The share price has taken a battering so far this month, down by almost a quarter after its half-year results were met with a few groans in the City.

Shortly after, it came out that executive chairman Kevin Loosemore had sold a chunk of shares worth almost £12mln.

Shares were down 1.3% to 1,662p in early deals on Wednesday.

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Wed, 17 Jul 2019 08:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/224047/software-giant-micro-focus-launches-us200mln-share-buyback-programme-224047.html
<![CDATA[RNS press release - Micro Focus Share Buy-back Programme ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190717070004_14152066/ Wed, 17 Jul 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190717070004_14152066/ <![CDATA[News - Micro Focus plunges to bottom of FTSE 100 as boss cashes in £11.6mln of shares ]]> https://www.proactiveinvestors.co.uk/companies/news/223910/micro-focus-plunges-to-bottom-of-ftse-100-as-boss-cashes-in-116mln-of-shares-223910.html The boss of Micro Focus PLC (LON:MCRO) has sold shares in the software giant worth almost £12mln, sending the stock to the bottom of the FTSE 100.

Micro Focus confirmed on Monday that, at the end of last week, executive chairman Kevin Loosemore trousered £11.6mln after cashing in 650,000 shares at 1,777.3p apiece.

READ: Micro Focus reiterates guidance after steady half year

The 60-year-old, who has faced a challenging year after investors voted down the remuneration report following heavy criticism of a £110mln bonus scheme, said the sale was part of efforts to “diversify” his personal investments.

“Following the publication of our interims, I have taken the opportunity to sell some of my shares in the company,” Loosemore said.

“Until now, all of my assets have been held in Micro Focus shares. Having recently turned 60, it is time for me to diversify a little, although around half my personal wealth remains in the stock.”

Senior executives selling down their stakes is often seen negatively by other shareholders, and that proved to be the case again on Monday, with the stock down almost 5% to 1,679.2p in mid-morning trading.

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Mon, 15 Jul 2019 10:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223910/micro-focus-plunges-to-bottom-of-ftse-100-as-boss-cashes-in-116mln-of-shares-223910.html
<![CDATA[RNS press release - Notification of transaction by PDMR ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190715070006_14148550/ Mon, 15 Jul 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190715070006_14148550/ <![CDATA[RNS press release - NOTIFICATION OF MAJOR HOLDINGS ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190711120629_14145297/ Thu, 11 Jul 2019 12:06:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190711120629_14145297/ <![CDATA[News - Micro Focus reiterates guidance after a steady half year ]]> https://www.proactiveinvestors.co.uk/companies/news/223575/micro-focus-reiterates-guidance-after-a-steady-half-year-223575.html Legacy software giant Micro Focus International PLC (LON:MCRO) maintained full-year revenue guidance after a steady first half perfromances, but its shares still fell as investors expressed some disappointment at the numbers..

Revenue in the six months to 30 April 2019 fell by 7.5% - 5.3% on a constant currency basis - to US$1,657.1mln, up from US$1,791.3mln the year before.

READ Micro Focus trading in line

Licence revenue declined by 11% year-on-year on a constant currency basis, while maintenance revenue fell 1%. Software-as-a-service (SaaS) and other recurring revenue decreased by 8.3% while consulting revenue plunged 18.3%.

The loss before tax was little changed at US$99.6mln, down from US$100.9mln the year before. This time around there were US$161.4mln of one-off costs relating to the integration of the HPE Software business acquired from Hewlett-Packard, while the year before the exceptional costs made a US$195.4mln dent to profits.

The interim dividend was maintained at 58.33 US cents per share (46.66p a share).

"We have made steady progress this half year, delivering against our financial and operational commitments and doing what the company does best: making, selling and supporting infrastructure software solutions that customers value and rely on,” claimed Stephen Murdoch, the chief executive officer of Micro Focus.

“We have continued to make progress on our significant programme of work to fully integrate the HPE Software business through the sustained application of the Micro Focus business model. As a result, we are pleased to reiterate full-year guidance," he added.

In a note to clients, analysts at UBS said: ""We see some disappointment on growth/EBITDA, but FCF may soften the impact."

The Swiss bank repeated a 'buy' rating and 2,050p price target on the FTSE 100-listed firm's shares.

In afternoon trading, shares in Micro Focus had come off earlier lows and were down 0.2% at 2,093p.

 -- Adds analyst comment, share price --

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Tue, 09 Jul 2019 08:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223575/micro-focus-reiterates-guidance-after-a-steady-half-year-223575.html
<![CDATA[RNS press release - Interim results for six months ended 30 April 2019 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190709070006_14140910/ Tue, 09 Jul 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190709070006_14140910/ <![CDATA[RNS press release - Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190701153619_14131928/ Mon, 01 Jul 2019 15:36:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190701153619_14131928/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190701124534_14131566/ Mon, 01 Jul 2019 12:45:34 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190701124534_14131566/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190603095554_14095917/ Mon, 03 Jun 2019 09:55:54 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190603095554_14095917/ <![CDATA[News - Micro Focus trading in line ]]> https://www.proactiveinvestors.co.uk/companies/news/220400/micro-focus-trading-in-line-220400.html Legacy software specialist Micro Focus International PLC (LON:MCRO) traded in line with expectations in the six months to the end of April.

The group said the collection of what it calls “aged trade receivables” has continued in line with management expectations.

Join us at #MicroFocusREALIZE 2019 and discover how you can unlock the value of your mainframe and host systems. Register today at https://t.co/ZBbmPllXx8
#ApplicationModernization #InfrastructureModernization pic.twitter.com/E6UyV93jWa

— Micro Focus (@MicroFocus) May 15, 2019

Management continues to guide to a constant currency revenue range in respect of its continuing operations, for the full year to 31 October 2019, of minus 4% to minus 6%, compared to the 12 months ended 31 October 2018.

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Thu, 16 May 2019 08:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220400/micro-focus-trading-in-line-220400.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190516070002_14075804/ Thu, 16 May 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190516070002_14075804/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190501160846_14059922/ Wed, 01 May 2019 16:08:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190501160846_14059922/ <![CDATA[RNS press release - Results of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190429125350_14055699/ Mon, 29 Apr 2019 12:53:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190429125350_14055699/ <![CDATA[RNS press release - Update on Return of Value ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190425070007_14051006/ Thu, 25 Apr 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190425070007_14051006/ <![CDATA[News - Micro Focus has completed its recovery, says Barclays as it downgrades software giant ]]> https://www.proactiveinvestors.co.uk/companies/news/218500/micro-focus-has-completed-its-recovery-says-barclays-as-it-downgrades-software-giant-218500.html Barclays has been impressed by Micro Focus PLC’s (LON:MCRO) bounce back since its profit warning this time last year, but warned investors that the stock is now fairly valued.

Last March, the software group shocked the market when it parted ways with chief executive Chris Hsu after slashing its revenue guidance.

Shares plunged on the news and fell below 1,000p. But they have since recovered and are now trading at similar levels to before the profit warning.

READ: Micro Focus shares crash as it cuts revenue guidance, CEO resigns

“Ultimately, trading never deteriorated to the extent feared,” said Barclays in a note to clients.

“Micro Focus has made very significant progress since the warning and the business has stabilised. We are encouraged by the progress and anticipate ongoing positive momentum in earnings.

“However, while the stock still looks cheap on headline P/E, it has, in our view, reached fair value on an enterprise basis.”

The analysts concluded: “Despite increasing our price target to 2,000p due to the rerating of the market, we cannot find sufficient upside to maintain an ‘overweight’ rating. We therefore downgrade to ‘equal weight’.”

Micro Focus shares were down 0.3% to 1,939p in late-morning trading on Friday.

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Fri, 12 Apr 2019 11:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218500/micro-focus-has-completed-its-recovery-says-barclays-as-it-downgrades-software-giant-218500.html
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190405160005_14031344/ Fri, 05 Apr 2019 16:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190405160005_14031344/ <![CDATA[News - Citi chops ratings for blue-chip software firms Sage and Micro Focus, having adjusted targets ]]> https://www.proactiveinvestors.co.uk/companies/news/217964/citi-chops-ratings-for-blue-chip-software-firms-sage-and-micro-focus-having-adjusted-targets-217964.html Citi has cut its ratings for two UK blue-chip business software firms, Sage Group PLC (LON:SGE) and Micro Focus International PLC (LON:MCRO), having adjusted target prices on valuation grounds.

The US bank cut its stance on Micro Focus to ‘sell’ from ‘neutral’ while raising its target price to 1,700p from 1,230p as it believes the stock has run ahead of fundamentals.

READ: Micro Focus continues to expect moderation in revenue decline from continuing business in current year

In a note to clients, Citi analysts said that over the mid-term, they see downside risks to revenue forecasts and margins for Micro Focus relative to market expectations.

They added: "The multiple appears modestly higher now, despite a more tempered outlook for the top line, and incrementally diminished visibility around the EBITDA improvement target."

For Sage Group, Citi cut its rating to ‘neutral’ from ‘buy’ while raising its target price to 720p from 630p.

In late morning trading, Micro Focus shares were 3% lower at 2,005p, while Sage shares lost 1% at 710p on the FTSE 100 index.

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Thu, 04 Apr 2019 11:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217964/citi-chops-ratings-for-blue-chip-software-firms-sage-and-micro-focus-having-adjusted-targets-217964.html
<![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190402095734_14025335/ Tue, 02 Apr 2019 09:57:34 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190402095734_14025335/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190401170028_14024291/ Mon, 01 Apr 2019 17:00:28 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190401170028_14024291/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190401115005_14023625/ Mon, 01 Apr 2019 11:50:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190401115005_14023625/ <![CDATA[RNS press release - Posting of Circular and Notice of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190401070006_14022457/ Mon, 01 Apr 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190401070006_14022457/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190329160004_14022046/ Fri, 29 Mar 2019 16:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190329160004_14022046/ <![CDATA[News - Micro Focus continues to expect moderation in revenue decline from continuing business in current year ]]> https://www.proactiveinvestors.co.uk/companies/news/217515/micro-focus-continues-to-expect-moderation-in-revenue-decline-from-continuing-business-in-current-year-217515.html Micro Focus International PLC (LON:MCRO) has said it continues to expect a moderation in the decline of its revenue from its continuing business in the current year.

In a brief statement ahead of its annual general meeting today, the FTSE 100-listed enterprise software company said its guidance continues to be for a revenue decline of between 4% and 6% for its MFPP business in the year ended 31 October 2019, compared to a 7.1% drop the year earlier.

READ: Micro Focus jumps on share buyback extension as it moves on from disruptive HPE integration

For the 12 months to 31 October 2018, Micro Focus reported a fall in revenue to US$3.68bn.

The company said it will release its results for the six months to 30 April 2019 on July 9.

In early morning trading, Micro Focus shares were 0.6% lower at 1,977p.

 

 

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Fri, 29 Mar 2019 09:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217515/micro-focus-continues-to-expect-moderation-in-revenue-decline-from-continuing-business-in-current-year-217515.html
<![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190329070008_14020447/ Fri, 29 Mar 2019 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190329070008_14020447/ <![CDATA[RNS press release - AGM Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190329070007_14020439/ Fri, 29 Mar 2019 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190329070007_14020439/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190328070017_14018668/ Thu, 28 Mar 2019 07:00:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190328070017_14018668/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190327070005_14016913/ Wed, 27 Mar 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190327070005_14016913/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190326070009_14015132/ Tue, 26 Mar 2019 07:00:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190326070009_14015132/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190325070012_14013408/ Mon, 25 Mar 2019 07:00:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190325070012_14013408/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190322070004_14011732/ Fri, 22 Mar 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190322070004_14011732/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190321070017_14010004/ Thu, 21 Mar 2019 07:00:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190321070017_14010004/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190320070009_14008307/ Wed, 20 Mar 2019 07:00:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190320070009_14008307/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190319071855_14007104/ Tue, 19 Mar 2019 07:18:55 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190319071855_14007104/ <![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190318173403_14006425/ Mon, 18 Mar 2019 17:34:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190318173403_14006425/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190318070004_14004976/ Mon, 18 Mar 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190318070004_14004976/ <![CDATA[RNS press release - Completion of sale of the SUSE Business ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190315154503_14004623/ Fri, 15 Mar 2019 15:45:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190315154503_14004623/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190315070004_14003219/ Fri, 15 Mar 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190315070004_14003219/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190314070010_14001519/ Thu, 14 Mar 2019 07:00:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190314070010_14001519/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190313070004_13999805/ Wed, 13 Mar 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190313070004_13999805/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190312070010_13998117/ Tue, 12 Mar 2019 07:00:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190312070010_13998117/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190311070005_13996420/ Mon, 11 Mar 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190311070005_13996420/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190308070003_13994805/ Fri, 08 Mar 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190308070003_13994805/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190307070023_13993164/ Thu, 07 Mar 2019 07:00:23 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190307070023_13993164/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190306070006_13991477/ Wed, 06 Mar 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190306070006_13991477/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190305070022_13989865/ Tue, 05 Mar 2019 07:00:22 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190305070022_13989865/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190304070005_13988195/ Mon, 04 Mar 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3346/LSE20190304070005_13988195/