Avast raises guidance following strong first half

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Avast raises guidance following strong first half

The cybersecurity firm, which floated on the London Stock Exchange in May, saw adjusted earnings rise 11% in the six months to June.


Avast listed in the City in May (PA)
Avast listed in the City in May (PA)

Cybersecurity firm Avast has raised its full-year margin guidance after posting solid revenue and profits growth in the first half.

Avast, which floated on the London Stock Exchange in May, saw adjusted earnings rise 11% to 222.1 million US dollars (£170 million) in the six months to June.

Adjusted revenue, excluding the impact of currency and discontinued business, rose 8.5% to 394.3 million US dollars (£305 million).

It came off the back of strong billings growth in the period.

Avast boss Vincent Steckler said: “I’m pleased to report our first set of results since our initial public offering earlier this year that indicate the group is performing strongly with sustained high growth, in line with market expectations, and with slightly higher EBITDA levels.

“Looking ahead, we are confident that we can continue to execute the strategy we outlined at IPO and we are on track to deliver on full-year guidance of high single-digit revenue growth, with slight EBITDA margin improvement.”

Revenue at Avast’s consumer desktop business rose 12.6% to 281 million US dollars (£217 million) and the firm said its earnings margin for the half stood at 55.1%.

The company increased previous guidance for its full-year margin, which it said would see a “slight improvement” and come in flat year-on-year.

Customer numbers rose 2.6% from December to 11.7 million and average products per customer increased 3% to 1.4.

Average revenue per customer was up 3.5% to 46.92 US dollars.

Avast shares were trading 3.5% higher at 238p each.

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