Britain's Micro Focus International reported a higher-than-expected 11% dec...
) reported a higher-than-expected 11% decline in licence revenue in its first half on Tuesday, overshadowing progress in squeezing more profit from the legacy software it provides to companies.
The company reported a 5.3% fall in revenue to $1.657 billion , which it said was in line with its expectations, and reiterated its guidance for revenue to decline by between 4% and 6% for the year. Analysts at Citi said the results were broadly in line with expectations, with weaker licensing offset by better underlying maintenance performance.
Micro Focus maintains and upgrades the legacy software systems that underpin big businesses like banks and airlines, with a focus on improving the profitability of long-term contracts rather than growing the top line.
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