Software vendor Micro Focus is embarking on a strategic review after announcing it will miss its revenue guidance.
In a trading update, Micro Focus said that it would not hit constant currency guidance of a year-on-year decline of between four and six per cent in its financial year.
CEO Stephen Murdoch said: “Following the recent disappointing trading performance, we have determined that it is appropriate to accelerate the undertaking of a strategic review of the group’s operations to determine where performance can be improved and how the business can be better positioned to optimise shareholder value.”
He said that while the review was taking place, management will continue to drive previously targeted improvements in business performance and execute the operational initiatives.
The software firm said the strategic review would focus on what is required to “optimise the value of our broad portfolio of products and it will consider a range of strategic, operational and financial alternatives available to the company”.
Micro Focus has endured a troubling couple of years since it completed the acquisition of Hewlett Packard Enterprise’s software division.
