Micro Focus appoints new CFO as sales back on track

Micro Focus has appointed Brian McArthur-Muscroft from Paysafe as its new chief financial officer, issued an upbeat trading statement and said it will restart its share buyback programme.

The software group said trading had improved in the second half of the year, to the effect that full year revenue will be towards the upper end of its previously guided range, meaning a decline nearer 6% than 9%.

EBITDA margins have remained at 37%, as previously indicated, at the midpoint of that revenue range.

The buy-back programme will cover an additional tranche of shares to a total value of up to $400m, inclusive of the $171m already repurchased.

McArthur-Muscroft, who previously worked at TeleCity Group, has been recruited to replace current CFO Chris Kennedy, who has jumped ship to join his old boss at ITV in the first quarter of next year.

Chief executive Stephen Murdoch said highlighted McArthur-Muscroft's mix of operational experience, history of "delivering significant value creation" and experience in leading "complex and international business transformations".

Shares in Micro Focus, having lost around two thirds of their value in the first quarter of the year and since risen 25%, were up 1.7% to 1,252.5p.