Micro Focus unveils proposal for 60p-a-share return

15th Aug 2013 07:07

Software developer Micro Focus International, has announced its plan to return 60p per share to stakeholders, despite continued warnings that exchange rates will have a negative impact on reported revenues for the current year. The proposed return, which was equal to a total of around £90m in cash, was to be done by way of a share scheme that would allow shareholders to have a choice between receiving the cash in the form of either income or capital. The group continued to warn that if the exchange rates experienced in the year to date were to continue for the remainder of the year, the comparative revenues for the 12 months ended April 30th 2013 would reduce from the reported $414.0m to $406.7m on a constant currency basis.Both revenue and adjusted EBITDA for the period ended July 31st were in line with the company's expectations, with full year revenues still expected to be in the range of 0% to +5% on a constant currency basis compared to those reported for the year ended April 30th 2013. The group reported a decline in its net debt position from $177.7m at the end of April to $145.7m at the end of July. NR