Micro Focus First-Half Profit Doubles on Higher Revenue
Micro Focus International Plc, a U.K. business-software maker whose clients include Tesco Plc, said first-half profit almost doubled as a new management team delivered an 8.7 percent revenue increase.
Net income for the half-year to Oct. 31 was $56.4 million, up from $29.3 million in the year-earlier period, as revenue rose to $215.6 million, the company said today in a Regulatory News Service statement.
Micro Focus appointed Nigel Clifford as chief executive officer in May after previous CEO Stephen Kelly left for personal reasons. The company’s chief financial officer, Nick Bray, stepped down in June after informing the board he was in talks with a “strategic competitor,” and was replaced by Mike Phillips.
An “excellent platform” has been established and the company hopes for double-digit revenue growth in the medium-term on the basis of modernization and migration, Clifford said in the statement.
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