Micro Focus shares hit by departure of its CFO

Steve Dinneen
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SHARES in IT firm Micro Focus International fell 11 per cent yesterday as the departure of chief financial officer Nick Bray, nine months after former chief executive Stephen Kelly left, overshadowed better-than-expected results.

Micro Focus’ results were boosted by the acquisitions of two applications testing businesses last year, which helped profit rise 39 per cent to £113.4m, slightly better than analysts expected.

Revenue rose 57 per cent to £289m, but excluding recent acquisitions it rose just five per cent.