Rathbones and L&G fund managers hit by Micro Focus crash

Rathbones and L&G fund managers hit by Micro Focus crash

Hsu has submitted his resignation in order to spend more time with his family and pursue another opportunity, the company said.

The impact of this on adjusted EBITDA margin percentage for the period is expected to be mitigated by the progress made in the cost reduction programme which is now tracking ahead of schedule.

Mr Hsu will be replaced by his predecessor. Stephen Murdoch, who serves now as the COO at Micro Focus will become the CEO. This programme is now running ahead of schedule.

The company said it now expects constant currency revenue for the twelve months ending October 31 to be minus 6% to minus 9% compared to last year's proforma revenues.

It expects its net debt position at year-end to be broadly in line with market forecasts.

Weaker revenue performance was primarily due to "lower than expected" licence income.

Micro Focus blamed "one-off transitional effects of the combination with HPE software" such as IT systems implementation, higher attrition of sales personnel and disruption of HPE global customer accounts.

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Micro Focus, which seeks to boost the margins on software that had been neglected by previous owners, completed the purchase of software assets from HPE in September 2017, using the $8.8 billion deal to catapult the British firm into the top tier of European tech companies.

Stephen Murdoch most recently served as the company Chief Operating Officer and will assume his new role as CEO effective immediately.

Micro Focus added it still believed the "fundamental thesis of the HPE software acquisition remains intact".

"The strategy remains the same", said Loosemore.

Software group Micro Focus International has warned over sales and seen its chief executive resign, sending shares crashing 54% on the London Stock Exchange.

"I would like to thank Chris for his steadfast leadership, tireless energy and enthusiasm over the past 15 months and wish him every success in the future", said Kevin Loosemore, Executive Chairman, Micro Focus.

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