Micro Focus is lumbering at the bottom of the FTSE 100 this morning, with shares taking a 3 per cent knock after it warned of a decline in full-year revenues.

In a trading update, the software group said it expected earnings to fall by as much as 2 per cent in constant currency terms and revealed a decline in its third quarter revenues on the back of adverse exchange rate movements.

Shares were down 2.8 per cent at publication time to £21.78 and are on course for their worst day of the year so far.

Micro Focus, which announced it was buying up the software assets of Hewlett Packard Enterprise last year for $8.8bn, has seen shares climb nearly 50 per cent over the last 12 months.

Read more: Micro Focus/HPO – foraging for profits (Lex)

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