TOP NEWS: Micro Focus Hire New CFO As ITV Poach, Extends Share Buyback

LONDON (Alliance News) - Micro Focus International PLC on Monday it plans to extend its share buyback programme amid buoyant annual revenue forecasts.

Meanwhile, the business software products firm said Brian McArthur-Muscroft will replace Chief Financial Officer Chris Kennedy, who will be leaving in the first quarter of 2019 to join ITV PLC.

ITV - a FTSE 100-listed broadcaster - expects Kennedy to join at the beginning of February. Kennedy currently serves as a non-executive director of hospitality company Whitbread PLC. Prior to that, he was CFO at computer chip designer ARM Holdings and airline easyJet PLC.

"I am really pleased to be working with Chris again as CFO," said ITV Chief Executive Officer Carolyn McCall who served as boss of easyJet between 2010 and 2018.

"He will play a huge role in helping us deliver our new More Than TV strategy and I know he will work really well with the senior leadership team of ITV", McCall continued.

ITV Chairman Peter Bazalgette added: "Chris was the stand out candidate in a very strong short list and the board are really pleased that he will bring his experience and expertise to ITV".

Meanwhile, Micro Focus said McArthur-Muscroft will join the company in October and will assume his executive duties in the first quarter of 2019.

McArthur-Muscroft is currently a senior independent director at recruitment firm Robert Walters PLC. Previously he has served as CFO at telecom firm TeleCity Group PLC and online payments company Paysafe Group PLC.

Paysafe was delisted from London Stock Exchange in December last year after a takeover by Pi UK Bidco Ltd. The deal valued the company at GBP2.96 billion.

"I'm looking forward to working with Brian. He brings us a highly relevant mix of operational experience together with a history of delivering significant value creation," said Micro Focus Chief Executive Stephen Murdoch.

In addition, Micro Focus highlighted that it traded in line with the board's expectations in the year to the end of October, as it saw revenue improvements in the second half.

On a constant currency basis, the company expects revenue to come in better end of the guidance of 6% to 9% reduction.

Micro Focus will announce preliminary results for the 18 month period to the end of October on February 14.

The company also announced its intention to recommence its share buyback programme, with any shares bought back to be held in treasury.

From August 29 to October 24, Micro Focus bought back 9.9 million shares for USD171 million. The extended share buyback programme, when initiated, will cover an additional tranche of shares for up to USD400 million, inclusive of those already repurchased.

Shares in Micro Focus were 1.8% higher at 1,254.00