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FD’s wife snaps up Micro Focus shares

(SHARECAST) – The wife of Micro Focus International finance director Mike Phillips has taken advantage of the weak share price to invest £90,000 in the software provider’s shares.

Josephine Phillips has bought 29,139 shares at 308.86p each. That takes her stake to 69,139 shares.

The shares were trading at more than 400p each prior to 15 February when Micro Focus issued its second profits warning in six months.

Revenues in the three months to January 2011 were below management expectations, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were also lower than anticipated.

Full-year revenues are now anticipated to be in the range of $432m to $442m (£266m to £272m). Underlying earnings are forecast in a range of $159m to $167m, a reduction of about 10 percent on previous guidance.

The company has instigated a major cost-cutting programme and will take a restructuring hit of between $14m and $18m in the final quarter of this year.

 

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