- Micro Focus International swung to a first-half loss, driven by problems integrating its purchase of HP's software division.

Pre-tax losses for the six months through April amounted to $68.5m, compared to a $83.1m profit a year earlier.

On a statutory basis, revenue almost tripled to $1.97bn, but on a pro-forma and constant currency basis, revenue slipped 8%.

Micro Focus's shares fell sharply in March when it warned revenue was falling faster than expected and replaced former chief executive Chris Hu with Stephen Murdoch.

The 8% fall in pro-forma and constant currency revenue beat its guidance delivered in March for a fall of 9-12%. However, the company reiterated its full-year revenue guidance for a fall of 6-9%.

Micro Focus said it had improved its pro-forma adjusted Ebitda margin during the first half to 36.0% from 31.8%, up 4.2 percentage points on-year.

The margin was expected to increase to around 37% for the full year, at the midpoint of its revenue guidance range.

Micro Focus left its dividend unchanged at 58.33c per share.

'I am pleased to report that since March there has been an improved momentum in the HPE Software integration process and a slowdown in the rate of revenue decline,' executive chairman Loosemore said.

'This has led to revenues for the period being at the better end of management guidance.'

'The Micro Focus strategy and proven operating model has seen us successfully acquire and integrate a number of transactions over recent years.'

'Management is now applying the Micro Focus operating model across the enlarged group fully and robustly after an initial period where the application had been inconsistent.'

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