Micro Focus swings to $1bn loss on impairment charge

Micro Focus (MCRO) was hit by an impairment charge of $922m (£739m), pushing the software company to a hefty pre-tax loss in the first half. Management said that the charge was attributable to heightened economic uncertainty due to coronavirus, which led to an increase in the pre-tax discount rate as well as disruption to sales activity and renewals.