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Micro Focus Full-Year Profit Rises as One-Time Charges Fall

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June 23 (Bloomberg) -- Micro Focus International Plc, a U.K. software provider that’s the subject of a possible takeover, said profit rose 30 percent last year after one-time charges declined.

Net income for the year ended April 30 increased to $97 million, or 46.2 cents a share, from $74.4 million, or 36.7 cents, a year earlier, the Newbury, England-based company said in a statement today. Revenue rose 0.8 percent to $436.1 million.

“This has been a disappointing year for Micro Focus,” Chairman Kevin Loosemore said in the statement. “The reported results are significantly below management’s expectations at the beginning of the year.”

The company’s “failure to execute in line with agreed plans has resulted in two profit warnings and a further change in executive management,” Loosemore added.

Nigel Clifford quit as chief executive officer in April after less than a year in charge. Last month Micro Focus said it received approaches from U.S. private equity firms Bain Capital and Advent International.

“The recent bid speculation has demonstrated that others see value in our business, particularly around our strong cash generation,” Loosemore said. “The management team is committed to improving our performance and delivering value to all stakeholders whether as an independent company or through a change of ownership.”

The shares fell 9 pence, or 2.5 percent, to 345 pence at 8:03 a.m. in London trading, the lowest since April 26.

To contact the reporter on this story: Peter Woodifield in Edinburgh at pwoodifield@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net.

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