Micro Focus slashes its revenue target

first_img KCS-content Micro Focus International was forced to slash its full-year revenue target after underlying growth stalled in the first quarter, with customers delaying contracts and low-value deals remaining weak.The firm’s shares fell 31 per cent to a 16-month low yesterday after the company, which upgrades legacy mainframe applications for companies like Boeing and Tesco, updated the market.The company said it now expected low single-digit like-for-like revenue growth in the year to the end of April 2011, instead of mid-single digit growth. However, it expected no change to earnings guidance after cost cuts helped margins.Analysts at Numis believe the market overreacted, adjusting their recommendation to “buy”. David Toms said: “Our view is that the underlying performance is fairly consistent. It was clearly a disappointment and has refreshed investor concerns but in our view these are overdone.”Chief executive Nigel Clifford said: “We still expect to meet our previous expectations for full year 2011 adjusted Ebitda and to achieve double-digit revenue growth over the medium term.” whatsapp Micro Focus slashes its revenue target Tags: NULL Share Wednesday 11 August 2010 8:22 pm Show Comments ▼ More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comConnecticut man dies after crashing Harley into live bearnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comPuffer fish snaps a selfie with lucky divernypost.com whatsapplast_img

Tags: , , , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments