Micro Focus moved back into profit this year after several years of losses, with growth fuelled by demand for Year 2000 products.
For the fourth quarter, ended 31 January 1998, the Cobol tools supplier saw turnover increase 39 per cent to $52 million. Net profits increased to $5.3 million from $1.8 million in the same period last year, after a $500,000 non-recurring charge.
For the full year, Micro Focus saw revenues grow by 36 per cent to $167.3 million. Net profits rose to $14.6 million compared with losses of $14.7 million last time.
At the same time as filing its results, the company announced it had hired Richard Van Hoesen, former chief financial officer (CFO) and vice president of finance at Wall Data, as senior vice president and chief financial officer.
Van Hoesen replaces acting CFO Loren Hillberg, who will return to his post as vice president, general counsel and secretary. Hillberg stepped in to cover the gap left by Tony Miller, who left the company in January.
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