O'Grady takes extra role at Micro Focus
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.PAUL O'GRADY, chairman of Micro Focus, has taken on the additional role of chief executive at the computer software company after pre-tax profits and earnings in dollars flattened off in the first half, writes Topaz Amoore.
Mr O'Grady said he was determined to re-establish earnings growth in dollars as well as pounds at Micro Focus, which has been a highlight of the depressed electronics sector. The shares, which in February hit pounds 29.98, closed up 2p at pounds 18.12.
The company specialises in developing software in Cobol for main- frame-based computer users. The stock is traded in London and on New York's Nasdaq market and results are given in both currencies.
Calculated in dollars, profits before tax edged down from dollars 17.6m to dollars 17.4m in the six months to 31 July. Earnings were unchanged at dollars 0.80 on turnover up by 11 per cent. Its cash pile was unchanged at dollars 80m ( pounds 53m) but the company does not pay dividends.
In sterling terms, pre-tax profit rose by 21 per cent to pounds 11.6m because the pound was weak when compared with the same period in 1992.
'I feel we can boost sales by turning around our decision-making more quickly,' Mr O'Grady said. 'The management committee will report to me instead of the board. Our sales process is going to change. I would like to develop more intimate relationships at a higher level within companies concerned.'
Sales to computer manufacturers slowed down in Europe but perked up in Japan, with renewed interest from big customers such as Fujitsu, Mitsubishi and Toshiba.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments