INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS
16 February 2011 - Micro Focus International (LON:MCRO), the UK-based IT services provider, slashed yesterday its annual revenue and profit targets, which triggered a 26% plunge in its share price, the Financial Times reported.
Chief executive Neil Clifford gave as reason for the downward revision the cancellation or postponement of several large contracts due to financial difficulties encountered by the clients.
The new guidance features revenues of between USD434m (EUR321m) and USD442m for the fiscal year ending on April 30. Earnings before interest, tax, depreciation and amortisation are expected to come in at between USD141m and USD153m. The revised figures stand about 10% below those projected by analysts.
Micro Focus' shares closed at GBP2.91, down by GBP1.04.
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