Micro Focus shares fall 15pc as it misses revenue targets after £7bn HPE acquisition
Shares in @Micro Focus plunged more than 15pc today after a “disappointing” trading update knocked the shine off its blockbuster £7bn takeover of @HPEnterprise’s software business. The company, which makes business applications, completed the acquisition in September, propelling itself towards the top of the FTSE 100 and becoming Britain’s largest software company in the process. But while the deal helped push its revenues up 81pc to $1.2bn (£900m) in the six months to Oct 31, sales in its existing business fell 2.7pc on a constant currency basis, below forecasts it would be broadly flat. And revenues from the acquired business were towards the bottom end of expectations.