LONDON (dpa-AFX) - Micro Focus International plc (MCRO.L, MFGP) reported that its loss attributable to equity shareholders of the company for the year ended 31 October 2020 was $2.97 billion, compared to net income of $1.47 billion in the prior year.
Loss before tax widened to $2.94 billion from $34.1 million in the prior year.
Operating loss was $2.66 billion compared to an operating profit of $221.7 million in the previous year. The reduction was hurt by an impairment charge of $2.80 billion, which was recorded in the year. The impact of the impairment was partially offset by reduced spend on exceptional items as well as the multiple cost control program implemented in response to the year.
Annual revenue was $3.00 billion, represented a decrease of 10.4% from last year. The rate of decline includes a 0.4% decrease due to the strengthening of the dollar against most major currencies.
The company said that it is focused on delivering the objective of revenue stabilization as it exits fiscal year 2023 and continues to target incremental improvements in revenue trajectory annually in order to achieve this goal.
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