Microfocus sounds a second warning

Microfocus, the software firm that supplies mainframe applications for everyone from Tesco to Boeing, issued its second profits warning in six months today.

It said there had been a shortfall of orders in the third quarter, particularly in the US. A major restructuring will cost $14 million (£8.7 million) and revenues and profits for this year will miss targets. The shares fell by almost a third, dropping 122.5p to 272.5p.