March 19, 2018 / 7:17 AM / a month ago

Micro Focus downgrades 2018 revenue forecast, CEO steps down​

LONDON, March 19 (Reuters) - Britain’s Micro Focus International warned its annual revenue would fall more than expected due to lower licence income and problems stemming from its purchase of Hewlett Packard Enterprise assets, prompting its CEO to quit.

The FTSE 100 company said Chief Executive Chris Hsu would step down immediately and be replaced by Stephen Murdoch, currently Micro Focus COO.

It said revenue for the year ending 31 October 2018 was now expected to fall between 6 percent and 9 percent, compared with a previous forecast for a 2-4 percent top-line decline.

Reporting by Kate Holton; editing by Sarah Young

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