Micro Focus prepares for private ownership, turnaround still WIP
Unaudited fiscal 2022 financial results for Micro Focus indicate that potential new owner OpenText still has some work to do to convert the app and infrastructure management software house into a growth engine.was down 7 percent – in constant currency, the only figure detailed – to $2.5 billion.
This includes the circa 1 percent impact of the company withdrawing from Russia and an impact from the strength of the US dollar versus the British pound. License turnover was down 9 percent, maintenance dropped 7 percent and consulting was down 3 percent. The only uplift in the business came from software-as-a-service, which grew 9 percent.
Earning before income tax, depreciation and amortization slipped to $900 million from $1 billion, despite the drop in revenues, because Micro Focus jettisoned some $200 million worth of expenses in the year. "In FY22 we continued to make significant progress against our strategic initiatives," said CEO Stephen Murdoch, who took over in 2018 following a brief stint whereHe said Micro Focus has morphed into being"increasingly customer centric," was"building growth in key portfolios," and"delivering cost savings and improving cash generation."
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