Avast PLC (LON:AVST) have seen their earnings climb in 2019, as their annual results met expectations.
The software firm noted that full year performance had remained within expectations, as the firm reported double digit profit growth.
Across 2019, the firm saw its revenues climb 7.8% to $871.1 million from $808.3 million, as adjusted billings also increasing 5.7% to $911 million from $862.1 million.
On a better note, pretax profit surged 18% from $339.3 million to $400.1 million.
Looking at customer numbers, Avast also saw an increase of 3.5% to 12.6 million from 12.2 million. Average revenue per customer also edged 3.6% higher $51.02 from $49.24.
As a result of these strong results, the firm lifted its full year dividend by 8.1% to 14.7 cents per share.
Ondrej Vlcek, Chief Executive of Avast, said:
“I’m pleased to report another year of good performance for Avast in 2019, with results in line with the Board’s expectations. Group Adjusted Revenue was $873.1m, with organic growth of 9.1%1, driven by double-digit growth in our Consumer Direct Desktop business. We also sustained a high level of profitability with Adjusted EBITDA margin2 at 55.3%.
“The core of the Avast business and our fundamental strengths remain unchanged. Our focus on cross-sell and upsell, our localisation strategy, and new product releases continue to drive good growth. There is an exciting pipeline of product launches for the year ahead. We continue to expect healthy growth in 2020 and remain confident in the long-term prospects for the business.
“For the full year 2020 we expect Group mid-single digit organic revenue growth, and a stable EBITDA margin percentage.”
Avast build from strong consecutive performances
In October, the firm posted its third quarter results – which also saw a rise in total sales.
The cyber security firm said revenue rose 9% year on year for the quarter ending in September. Revenues were totaled at £170 million. For the nine months, adjusted Ebitda grew 6.6% to £358.5 million.
The results achieved were consistent with expectations laid out in its half year results results back in August.
The global cyber security firm stated its guidance for adjusted revenue to be at the higher end of single digit growth.
Avast have enjoyed strong demand for VPN’s and privacy software amidst the battles of Brexit, and are one firm who do not seem to be phased by Britain’s status within the European Union.
The firm also published impressive figures of EBITDA growing by 6% to $385.5 million.
Shares in Avast trade at 403p (-2.28%). 26/2/20 12:05BST.
