Tuesday 20 April 2021 7:46 am

Cyber firm Avast lifts guidance as revenue growth continues

Cybersecurity firm Avast today hiked its forecasts for the full year after posting a strong rise in profit for the first quarter.

The London-listed company booked revenue of $237m (£170m) in the first three months of the year, up 10.5 per cent on last year.

Adjusted earnings before interest, tax, depreciation and amortisation also rose 10.3 per cent to $134m.

Avast said its consumer direct division had continued to deliver growth, while its small business unit also maintained “positive momentum”.

Last month the company renewed its contract to promote Google’s Chrome web browser with the distribution of its consumer antivirus products for the next year.

It has also refinanced a $480m and €300m senior secured term loan, which it said would extend its loan maturity to March 2028 and reduce interest costs.

Following the sale of its Family Safety mobile business, Avast said it now expects to post full-year revenue growth at the upper end of its six to eight per cent guidance.

Avast, which has benefited from higher demand for cybersecurity services during the pandemic, previously announced a 2020 dividend of 11.2 US cents per share.

The company is set to pay out the dividend in June and publish its half-year results in August.

“Avast has made a good start to the year with continued demand for the company’s security, privacy and performance solutions,” said chief executive Ondrej Vlcek.

“The business is trading in line with expectations as we successfully execute on our stated goals to drive customer engagement and monetisation. We look forward to the remainder of the year with confidence.”