Avast (AVST)

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Share Price:
493.50p
Market Cap:
5,083m
Change Today:
7.80p
Sector:
IT Services

Avast lifts FY guidance as work-from-home drives interims

By Frank Prenesti

Date: Wednesday 12 Aug 2020

LONDON (ShareCast) - (Sharecast News) - Cybersecurity firm Avast said full-year organic revenue should be at the upper end of forecasts as it reported a strong first half driven by more people working from home during the Covid-19 lockdown.
Adjusted core earnings rose 2.1% to $241.4m as revenue increased 1.5% to $433.1m. Adjusted Billings of $469.1m were up 2.1% at actual rates, with organic growth of 9.2%.

The company lifted its interim dividend by 9.1% to 4.8 cents a share.

Avast said the increased number of people working from home during lockdowns globally provided a strong tailwind to its core consumer desktop business.

"The spike in demand for cybersecurity products was closely correlated with the imposition of lockdowns, both in terms of timing and intensity. As communities emerge from lockdown, Avast's install and conversion trends in most countries have largely returned to their pre-Covid levels," the company said.

"In light of these considerations, we maintain our previous full-year 2020 guidance for the group of organic mid-single digit revenue growth, albeit at the upper end of the range."

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Avast Market Data

Currency UK Pounds
Price 493.50p
Change Today 7.80p
52 Week High 600.00p
52 Week Low 420.00p
Volume 2,734,520
Shares Issued 1,030.01m
Market Cap 5,083m

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