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Enterprise software group Micro Focus International narrowed annual losses due to lower impairment charges, though its sales and underlying earnings both fell.
Pre-tax losses for the year through October amounted to $517.8 million, compared to year-on-year losses of $2.94 billion that included an impairment charge of $2.80 billion.
Revenue fell 3.4% to $2.90 billion and adjusted earnings before interest, tax, depreciation and amortisation fell 12% to $1.04 billion, based on constant currency comparatives.
Micro Focus said it was on track to deliver goals of a 2023 financial year exit with a 'flat or better revenue trajectory' and a cost base of around $1.5 billion to $1.6 billion, down from $1.9 billion.
'We made good progress in the 2021 financial year as we continued to reposition the product portfolio to focus on growth opportunities, restructured the go-to-market organisation and implemented a single platform across the group,' chief executive Stephen Murdoch said.
'These customer-centric investments started to deliver meaningful improvements in sales and operating performance, and the sale of the Digital Safe business demonstrated the underlying value of our assets.'
'In addition we announced the refinancing of $1.6 billion of our debt on attractive terms as we continue to reposition and invest in the portfolio.'
'These results provide a good foundation from which to deliver the strategic priorities that we announced at the end of last year.'