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Micro Focus Trading Inline With View; Appoints Brian McArthur-Muscroft As CFO

Software product group Micro Focus International plc (MCFUF.PK,MCRO.L) announced Monday that its trading for the twelve months ended October 31 has continued in line with the Board's expectations with an improved revenue trajectory in the second half of the year.

As a result, constant currency revenue will be around the better end of the guidance of -6% to -9% for the 12 months.

Trading has also been consistent with the Group's Adjusted EBITDA margin guidance of approximately 37% at the midpoint of that revenue range.

The company will announce preliminary results for the 18 month period to October 31 on February 14, 2019.

Further, the company announced the appointment of Brian McArthur-Muscroft as Chief Financial Officer and to the main Board of the Group. He will join as an employee this month and will assume his executive duties in the first quarter of 2019, at a date to be announced.

Chris Kennedy will be leaving Micro Focus in the first quarter of 2019 to join another FTSE company. Micro Focus said its Board has asked Kennedy to finalise the accounts for the 18 months ended 31st October 2018 and ensure an orderly transition.

McArthur-Muscroft has held a variety of senior management positions, including the role of Chief Financial Officer at TeleCity Group plc and most recently as Chief Financial Officer of Paysafe Group plc.

Further, Micro Focus announced that it intends to recommence its buy-back programme of ordinary shares. The Extended Programme, when initiated, will cover an additional tranche of shares to a combined total value of up to $400 million, inclusive of those already repurchased.

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