November 5, 2018 / 7:32 AM / 15 days ago

Micro Focus nudges weak outlook higher, CFO quits for ITV

FILE PHOTO: A sign stands outside the offices of Micro Focus after they and Hewlett Packard Enterprise Co announced that Hewlett Packard Enterprise Co will spin off and merge its non-core software assets with Britain's Micro Focus International in a deal worth $8.8 billion, in Newbury, Britain, September 8, 2016. REUTERS/Eddie Keogh

LONDON (Reuters) - Britain’s Micro Focus International (MCRO.L) said it expected full-year revenue to come in towards the higher end of a weak outlook, as it announced the departure of its finance director after less than 12 months in the role.

Britain’s leading software group, still battling to integrate the $8.8 billion (6.8 billion pounds) acquisition of Hewlett-Packard assets from last year, has lost more than half of its stock market value this year following a number of weak trading updates.

In a small boost to the group it said on Monday it now expected full-year revenue to come in towards the better end of a weak guidance of down 6 percent to down 9 percent for the year to Oct. 31.

Margin guidance for adjusted core earnings is still seen at around 37 percent, and the group said it would launch a new 400 million pound buy-back programme.

But in the latest upheaval the group said finance director Chris Kennedy would leave to join ITV (ITV.L) and reunite with his former boss Carolyn McCall, less than a year after he took the role. The company ditched its previous CEO in March.

Kennedy will be replaced by industry veteran Brian McArthur-Muscroft, previously the CFO of TeleCity and Paysafe. The board asked Kennedy to finalise the accounts for the 18 months ended Oct. 31 and ensure an orderly transition.

“In his previous roles, Brian has led complex and international business transformations, driving positive results by maximising the effectiveness of businesses’ finance teams and systems’,” Chief Executive Stephen Murdoch said.

Reporting by Kate Holton, editing by James Davey

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