Micro Focus warns on revenues; to start strategic review
By Frank Prenesti
Date: Thursday 29 Aug 2019
(Sharecast News) - Micro Focus said it would miss full year revenue forecasts and accelerate a company review due to weak sales and a "deteriorating" macro environment.
The software maker said revenue on a constant currency basis for the year ending to October 31 would be 6% - 8% lower compared with previous guidance of a fall of 4% - 6%.
"Weak sales execution has been compounded by a deteriorating macro environment resulting in more conservatism and longer decision making cycles within our customer base," the company said on Thursday.
"There remains a significant pipeline of business opportunity being pursued but to be within the current guidance range a highly challenging percentage of this pipeline would need to close prior to year end."
Chief executive Stephen Murdoch said: the review would focus on what "in addition to execution improvements are required to optimise the value of our broad portfolio of products and it will consider a range of strategic, operational and financial alternatives available to the company".
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