Feb 14, 2019
Micro Focus extends buyback as it moves on from disruption of HP Enterprise deal
Micro Focus extended its share buyback programme for the second time in three months after telling investors that most of the disruption from its blockbuster takeover of Hewlett Packard Enterprise's software business was behind it. Integrating the businesses proved more difficult than expected and prompted Micro Focus to issue a sales warning last March. The acquisition was its biggest to date, quadrupling its size and adding thousands of employees in the US. "Integrations of this scale are always challenging and significant programmes of work are still in progress but we believe the most disruptive issues experienced since completion are now behind us," Micro Focus said in a statement. Pro-forma constant currency revenues, which reflect the combined revenues of Micro Focus and HPE's software business before the acquisition in order to provide a comparison, fell 5.3 per cent to $4.1bn in the 12 months to 31 October. Micro Focus said revenues next year would fall by between 4 per cent and 6 per cent.
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