Microfocus share (LON:MCRO) skyrocketed above 20% as the group confirmed the FY20 revenue margin was “towards the upper end of management expectations.”
In a trading statement, the Software Group said its revenues fell by about 9% compared to the second half of the previous year.
This is a 2% improvement in revenue trajectory compared to the first half of the fiscal year. Contrary to the context of the ongoingly challenging market situation, “this performance is encouraging,” the group said in a statement.
Chief Executive Stephen Murdoch said:
“We are in an extraordinary time as a result of Covid-19, and we must take this opportunity to express our sincere appreciation for how our employees are adapting to the challenges presented and continuing to focus on serving our customers.
“We are currently nine months into the Group’s three-year turnaround plan and are pleased with progress in both overall operational effectiveness and delivering key strategic objectives, but we do a lot. Cash generation and working capital management remain strong, the investments we make encourage early results, and we continue to see the ongoing customer needs for our solutions and approaches to digital transformation.
“We are confident that we are making changes and building the foundations we need to continue to deliver our plans.”
Microfocus share (LON:MCRO) is up 27.46% at 346,30 (1018GMT).
