Whilst there is a great deal to do, we are encouraged by our progress and remain committed to delivering revenue stabilisation and sustainable cash flow generation for our shareholders." As a business, we continue to monitor the impact of COVID-19 on our workforce, with particular focus currently on supporting our colleagues in India. I am proud of the resilience, flexibility and professionalism of our teams across the organisation. Our recovery programme and specifically our systems transformation are progressing as planned despite the challenges of executing this within the constraints of a global lockdown. "We are pleased with a period of further solid progress in most areas of our business. The product investments and operational changes we are making are beginning to deliver performance improvements, and our value propositions are resonating with customers and partners, as demonstrated by the signing of the significant, long term commercial agreement with AWS. Stephen Murdoch, Chief Executive Officer, commented:
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% Adjusted EBITDA margin (versus CCY comparatives)Īdjusted Diluted Earnings per Share ("EPS") - continuing operationsīasic and Diluted EPS - continuing operationsġ The definition and reconciliations of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS, Net Debt, Adjusted Cash Conversion, Free Cash Flow and Constant Currency ("CCY") are in the "Alternative Performance Measures" section of this Interim Statement. Matt Ashley joins the Board as Chief Financial Officer from 1 July 2021.Īlternative performance measures from continuing operations 1Īdjusted EBITDA (versus CCY comparatives).Strategic partnership with AWS, and good progress across the product portfolios including key partnerships announced with Microsoft Azure, Snowflake, Dell EMC and others.Given the complexities of executing this transition during COVID-19, we will continue to run with a level of duplicate costs until the system is fully operational. Significant milestone reached on digital transformation with employees recently transitioned to our new, single IT platform.Cash generated from operating activities of $468.1m for H1 21 (H1 20: $560.4m), which after exceptional items resulted in Adjusted Cash Conversion 1 of 124.5% (H1 20: 131.5%).The Group generated a statutory operating loss from continuing operations (after exceptional items and amortisation of purchased intangibles) of $154.8m (H1 20: Operating loss of $906.7m, including a goodwill impairment charge of $922.2m).Adjusted EBITDA margin of 36.4% (H1 20: 37.7% CCY) reflecting the strong licence revenue performance and cost savings from back-office simplification, largely funding the planned product investment.The Group continues to target a meaningful improvement in the rate of CCY revenue decline in FY21 when compared to FY20, in line with current revenue consensus.
The H2 weighting of prior year revenue due to COVID-19 was also a factor.
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Micro Focus International plc ("the Company" or "the Group", LSE: MCRO.L, NYSE: MFGP), the international software product group, announces unaudited interim results for the six months ended 30 April 2021 ("H1 21"). Interim results for the six months ended 30 April 2021
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