Avast pushes up guidance after working from home boost
Avast said that a “strong performance” had seen it trade in line with expectations in the first half of 2020 despite the coronavirus pandemic.
The cybersecurity firm said that it expected revenue for the full year to be at the top end of previous guidance, boosted by widespread working from home requirements.
Shares in the firm dropped 1.3 per cent as markets opened.
The figures
Revenue at the company rose 1.5 per cent to $433.1m in the period, up from $426.8m the year before.
Core earning also rose 2.1 per cent to $241.4m, ahead of analyst expectations of $237.3m.
Statutory operating profit dropped 16.9 per cent, falling from $161.9m to $134.5m in the period.
However, the chief reason for this was a $25m donation the company made to a number of institutions to help combat coronavirus.
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Avast paid out a final dividend in June worth 10.3 cents per share, for a total yearly dividend of 14.7 cents per share, up 8.1 per cent.
It also said that it had increased its unlevered free cash flow by 4.7 per cent to $241.2m.
Avast also said that it increased its customer base by 640,000 in the first half, giving it a total 13m paid users.
What Avast said
Ondrej Vlcek, the firm’s chief executive, said: “Avast has demonstrated its business resilience during the Covid-19 outbreak.
“Our overall operational and financial performance has been strong, aided by the work-from-home trend that has driven an increase in online consumer activity and product engagement.
“Avast’s mission to provide online safety and privacy for all is more relevant than ever.
“Despite the economic uncertainty, Avast remains well positioned. The business is resilient, strongly cash-generative, and has significant capacity to harness new growth opportunities as they emerge.”