Micro Focus full year pretax profit up by 39%, CFO quits

Micro Focus full year pretax profit up by 39%, CFO quits Micro Focus International Plc announced that its pretax profit grew by around 39% for the full year ended April 30, 2010. Micro Focus said that the full year profit was mainly attributable to a 57% growth in its revenue for the year. On the other hand, Micro also announced that its chief financial officer, Nick Bray has decided to leave the company.

Shares of the company fell about 13% on the news of the surprise departure of Nick Bray. Micro Focus said in its preliminary results that its adjusted pretax profit was reported to be of $160.9 million for the year ended on April 30, increasing by 39% while it was reported to be $115.9 million in the previous corresponding period. Profit after tax was reported of $76.35 million for the full year, increasing by 15.6% while it was reported to be $66.03 million in the previous corresponding year.

Total revenue for the year increased 57% to $432.6 million from $274.7 million a year ago. Micro also announced the departure of its chief financial officer Nick Bray. Micro said that Bray has offered his resignation as a Director of the company. The board of the company has accepted the resignation of Mr. Bray. However, Micro also said that it will ask Mr. Bray to remain on gardening leave for an appropriate period.