StockMarketWire.com - Enterprise software group Micro Focus International reported lower annual earnings that fell short of its expectations, after revenue slipped towards the deeper end of its guidance range.

The company also announced that chairman Kevin Loosemore would stand down on 14 February, after 15 years in the role, and be replaced by Greg Lock.

Profit for the year through October jumped 87% to $1.47bn after the company made a one-off gain from the sale of its SUSE business.

Adjusted earnings before interest, tax, depreciation and amortisation fell 2.6% on a constant currency basis to $1.36bn.

Revenue on a constant currency basis fell 7.3% to $3.35bn, in line with revised guidance of a 6-8% fall.

'This has been a challenging year for Micro Focus and our overall financial performance in the 12 months ending 31 October 2019 fell short of our expectations,' the company said.

'Whilst further progress on cost optimisation was made across the business this was not sufficient to fully offset the miss on revenue.'

Lock had previously served as chairman of Computacenter, Kofax and SurfControl. In the last five years he had also been a director of Informa and UBM.

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