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Avast pre-tax profit up as more people work from home

Avast dividend up to 16 US cents per share

Avast (LON:AVST), the internet security application, confirmed an increase in its full-year profit and revenue as more people worked from home during the pandemic.

During 2020, the company’s tax before profit rose to $436.7m, up from $400.1m the year before. Avast’s adjusted revenue increased by 2% to $892.9m.

Adjusted revenues jumped by 10.6% to $699.7m in the consumer direct desktop segment. This came after a spike in installations as lockdowns came into effect.

Avast confirmed a final dividend for the year at 16 US cents per share, up 8.8% from the year before, while proposing a final dividend to be paid in June 2021 of 11.2 US cents per share.

At early morning trading, Avast’s share price fell by 1.77% to 456p per share. It is a continuation of the performance of the company’s share price year-to-date, which is down from 532.5p per share.

Ondrej Vlcek, chief executive of Avast, commented on the results:

“The Group delivered another strong year of top line organic growth, high levels of profitability and cash flow generation. Group Adjusted Revenue was $892.9m, with organic growth of 7.9%, driven by double-digit growth in our Consumer Direct Desktop business.”

“In a year when more people and businesses turned to technology to keep their lives and their work enabled, Avast has played a vital role in safeguarding our customers’ digital data and privacy. I am proud of the way the Company has met the challenge of the pandemic head on, putting our duty to act as a responsible business at the heart of our approach”

“The core of the Avast business and our fundamental strengths remain unchanged as we continue to effectively leverage the scale and sophistication of our platform in consumer and SMB markets. We are confident in our ability to unlock new growth opportunities, with a commitment to continued product and technological innovation, and a stronger-than-ever customer experience.”

“Underpinned by a strong prior year billings performance, we expect to deliver FY 2021 organic revenue growth in the range of 6 percent to 8 percent.”

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