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"Micro Focus delights with a better than expected end to FY2015A. The company posts an across-the-board beat with revenue, EBITDA and Net Debt all ahead of expectations. As the shares were trading in line through the Q4 the performance suggests, to us, that licence sales had a strong finish to the year. Hats off to Micro Focus as underlying this is; (i) a better product narrative and as licence sales are the key forward looking indicator, we should see a decent pull-through for maintenance. (ii) Let’s not forget this suggests..." Panmure published a note on Micro Focus that was out this morning, it's available on Research Tree
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