Merger success lifts shares 6pc

SHARES in Britain’s biggest tech firm soared yesterday after it revealed results for its newly acquired business.

Micro Focus said HPE Software, which it bought from Hewlett Packard Enterprises, had cut costs and increase profits.

It sent shares up 6.1pc, or 136p, to 2343p, with chairman Kevin Loosemore, 58, in line for a £100,000 payday, after he bought 49,000 shares at 2170p each in July.

Revenue at HPE Software for the 12 months to July was down 3pc, to £2.33bn. But the company said profit margins for the same period rose to 26.6pc, up from 23pc in the previous year. Overall revenue for the year to October was expected to be at least £2.22bn.