Avast revenue up 10.5% during Q1
Avast (LON:AVST), the cybersecurity company, raised its guidance for the year after it posted an increase in its profits during Q1.
The company, which listed in London in 2018, confirmed revenue of $237m during Q1, a rise of 10.5% from the year before.
Avast‘s adjusted earnings before tax, interest, deprecation and amortisation also jumped by 10.3% to $134m.
The company said in its trading update released on Monday its small business unit had maintained “positive momentum”, while its consumer direct division had continued to deliver growth.
In March Avast renewed its contract to promote Google’s Chrome browser with the distribution of its antivirus products for the next year.
Avast 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.
Having sold its Family Safety mobile business, Avast is now expecting to release its revenue growth for the year towards the end of its 6%-8% guidance.
During pandemic Avast benefited from raised demand for cybersecurity services, and has previously announced a dividend for 2020 of 11.2 US cents per share.
The firm will pay its shareholders in June and will 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.”