Micro Focus International plc ("Micro Focus", "the Company" or “the Group”, LSE: MCRO.L) announces preliminary results for the year to 30 April 2008. All figures are in US$.
Key highlights
- Revenue up 33% to $228.2m (2007: $171.6m)
- 15% organic revenue growth at constant currencies for the full year
- Adjusted EBITDA* up 36% to $88.5m (2007: $65.3m)**
- 38.8% Adjusted EBITDA margin, up from 38.0% last year
- Adjusted operating profit* up 36% to $86.6m (2007: $63.5m)
- Adjusted profit before tax* up 34% to $88.6m (2007: $66.2m)
- Adjusted earnings per share* up 32% to 32.08 cents (2007: 24.38 cents)***
- Cash generated from continuing operations $96.2m (2007: $58.2m)
- Cash balance as at 30 April 2008 of $92.4m (30 April 2007: $85.0m)
- Final proposed dividend of 9.4 cents per share; total dividend for the year up 30% to 13 cents per share (2007: 10 cents per share)
Statutory results
- EBITDA** $80.7m (2007: $59.6m)
- Operating profit $74.8m (2007: $57.3m)
- Profit before tax $76.8m (2007: $60.0m)
- Basic earnings per share 27.67 cents (2007: 21.96 cents)***
*In assessing the performance of the business the directors use “Adjusted EBITDA”, “Adjusted operating profit”, “Adjusted profit before tax” and “Adjusted earnings per share”, being the relevant statutory measures, prior to exceptional items, amortisation of purchased intangibles and share based compensation. Exceptional items, share based compensation and amortisation of purchased intangibles are detailed in note 6.
** EBITDA and Adjusted EBITDA are reconciled to operating profit in note 6
*** Earnings per share and Adjusted earnings per share are detailed in note 8 Stephen Kelly, Chief Executive Officer of Micro Focus, commented: "I am delighted to report strong financial results for the year, where we have once again successfully executed ahead of our initial expectations and furthered our strategic aims, with progress achieved in all geographies. In addition, we completed and successfully integrated the acquisition of Acucorp in the year.
Micro Focus benefits from having a business model with a high proportion of predictable and recurring revenue. Our solutions reduce cost, minimise risk, and provide clear and compelling returns on investment for our customers. Whilst we recognise the current uncertain macro economic conditions, the defensive characteristics of our business model, combined with the relevance and compelling nature of our solutions lead us to view 2009 with confidence. Our ambition is to achieve double digit organic revenue growth, at constant currencies, over the longer term, whilst maintaining our EBITDA margin.
A robust and sustainable market exists to support our growth strategy. Our key focus remains on organic growth although we continue to review the potential for further acquisitions to enhance the value of our business as evidenced by the recent acquisition of NetManage in June 2008.”
Over Micro Focus Micro Focus, lid van de FTSE 250, levert innovatieve software die ervoor zorgt dat bedrijven de waarde van hun bedrijfsapplicaties kunnen vergroten. Micro Focus Enterprise Application-software voor modernisering en beheer zorgt ervoor dat de applicaties van klanten snel zijn aan te passen aan marktveranderingen. Tevens ondersteunen Micro Focus-oplossingen moderne architecturen die lagere kosten en minder risico met zich meebrengen. Voor meer informatie:
www.microfocus.com.
Voor meer informatie en/of het volledige persbericht:
Lammers van Toorenburg Benelux PR Anja Breunis
Tel.: +31 (0)30 656 50 70
E-mail:
anja@lvtpr.nl