Wednesday 14 August 2019 4:47 pm

Shares in Avast rise as it lifts forecast on growing demand for privacy tools

Shares in cybersecurity firm Avast rose more than eight per cent after it lifted forecasts for full-year revenue to the upper end of its guidance.

The London-listed company posted an 8.3 per cent increase in revenue to $422m (£350m) in the first half, while adjusted net profit rose 14 per cent to $148m.

Read more: Cybersecurity firm Avast reports boosted revenue growth

Avast has enjoyed a period of rapid growth since its float last year, as it cashes in on businesses looking to bolster their cybersecurity defences.

The Prague-based cyber firm said the half-year growth had been driven by booming demand for products such as VPN and Antitrack, which protect online privacy.

Avast’s secure browser, which automatically blocks ads and hides personal information, also enjoyed a strong uptick in users over the period.

The browser is currently only available on Windows, but Avast said it expects further growth when it expands to platforms including Android and Apple’s iOS. 

Avast said it expects full-year revenue growth to be at the upper end of its previously-stated high single-digit percentage range.

The half-year results were the first test for new chief executive Ondrej Vlcek, who took over last month following the retirement of longstanding boss Vince Steckler.

Read more: Avast posts revenue and profit boost as chief executive steps down

“The strategic advantage of our global consumer platform model shows clearly in these results, with strong revenue growth driven by cross-sell promotions within the installed user base,” said Vlcek. 

“I am delighted to see Avast reap the benefit of its investment in innovation and the customer experience.”

Main image credit: Getty