Micro Focus proposes a final dividend of 58.33 cents, taking total dividend per share to 116.66 cents for the period. The Group's dividend policy remains unchanged at two times covered by the adjusted earnings of the company, of which one third will be paid as interim and two thirds as final.
The dividend will be paid in Sterling equivalent to 44.53 pence per share, based on an exchange rate of £1 = $1.31, the rate applicable on 03 February 2020, the date on which the board resolved to propose the dividend. Subject to approval by shareholders, the dividend will be paid on 7 May 2020 to shareholders on the register at 14 April 2020.
Other financial highlights include:
Revenue in line with the guidance of minus 6% to minus 8% issued on 29 August 2019, at minus 7.3% on a CCY basis for the 12 months ended 31 October 2019 compared to the 12 months ended 31 October 2018;
Adjusted EBITDA margin1 increased 2.0ppt to 40.7% on a CCY basis (12 months ended 31 October 2018: 38.7%);
Profit for the period of $1,469.1m for 12 months ended 31 October 2019 (18 months ended 31 October 2019: $784.1m);
Adjusted Diluted EPS from continuing operations up 4.5%;
Net debt of $4,338.5m at 31 October 2019 (31 October 2018: $4,253.5m), 3.2 times Adjusted EBITDA; Cash and undrawn facilities amounted to $855.7m as at 31 October 2019;
$2.5bn disposal of SUSE completed and $1.8bn of proceeds returned to shareholders, in addition to $540.0m of share buybacks in the period;
Comprehensive Strategic & Operational Review undertaken resulting in the detailed initiatives detailed further below.
Greg Lock will take up the role of non-executive Chairman on 14 February 2020. Greg has more than 45 years' experience in the software and computer services industry, including 11 years as Chairman of Computacenter plc, seven years as Chairman of Kofax plc and four years as Chairman of SurfControl plc. In the last five years he has also been a director of Informa plc and UBM plc. From 1998 to 2000, he was General Manager of IBM's Global Industrial sector. Greg also served as a member of IBM's Worldwide Management Council and as a governor of the IBM Academy of Technology.
