Half Year Results 

Micro Focus: glimmers of hope

Micro Focus: glimmers of hope

Micro Focus’s (MCRO) half-year numbers need context, not only in that the infrastructure software group has moved its year-end from April to October, but also that the figures bear the imprint of the ongoing integration of Hewlett Packard’s (HPE) software arm, which was acquired for $8.8bn (£6.6bn) in 2017. In March, we learnt that the process was proving challenging. Management cut its full-year sales guidance, and chief executive Chris Hsu, who had joined from HPE, resigned - and the market value duly plummeted.

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