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Micro Focus reports good first-half results, trading outlook in line

Last updated: 04:49 09 Dec 2008 EST, First published: 05:49 09 Dec 2008 EST

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Micro Focus International PLC said the trading outlook for the group remains in line with management expectations as it reported record revenue and profits for the first half, driven by organic growth and acquisitions..

Revenue in the first half to October 31 2008 rose 24 percent from the previous first half to US$135.6 million, generating pretax profit of US$44.11 million, up from US$32.64 million a year earlier. It is raising the interim dividend by 25 percent to 4.5 cents a share.

In a statement, the business software group warned that, after such a positive start to the year, and given the prevailing currency headwind, it is appropriate to assume that second half-year revenue from the core business will remain broadly similar to the first half, even though Micro Focus’s second half revenue is traditionally stronger than the first.  

Chief executive Stephen Kelly said: “While we continue to monitor the macroeconomic situation, we are encouraged by progress achieved to date and are currently well positioned for continued growth. We continue to benefit from having a business model with a high proportion of predictable and recurring revenue.

“I am pleased with the strength of the balance sheet and our cash position remains strong with US$42.8 million generated from continuing operations during the first half,” Kelly added.

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