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Markets News

Micro Focus shares jump over 20% on higher margin outlook

Nov 18 (Reuters) - Shares of Micro Focus International surged 23% on Wednesday to the top of UK’s mid-cap index after the software firm forecast annual margins at the upper end of its expectations and said its turnaround plan was progressing well.

The company, which helps customers maintain and integrate legacy IT technology, said it expects adjusted core margin of about 39% on revenue of about $3 billion for the year ended Oct. 31 as it cut costs.

Reporting by Pushkala Aripaka in Bengaluru; editing by Uttaresh.V

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