Net debt doubles at IT company Micro Focus International

21st Feb 2013 07:34

In an interim management statement for the period from October 31st to February 21st, the company reported that trading had been "in line with management expectations". Nevertheless, net debt rose to 193.9m dollars on January 31st from 96.2m dollars at the end of the preceding quarter at software and information technology business Micro Focus International.The company explained that the return of value to shareholders of 50p per share, totalling $130m, together with the interim dividend of 7.4p per share, at a cost of $18m, accounted for the rise in its net debt position to $193.9m at year-end versus the $96.2m of a year ago.Further, Micro Focus claimed that this was a reflection of its capacity to generate good operational cash during the period. Lastly, management's expectations for the year ending April 30th 2013 are that on a constant currency basis revenues will be as guided at the interim results and that adjusted EBITDA will be in line with current market expectations.MF