Avast secures revenue boost from work-from-home rise
CYBER security company Avast reported an uptick in first-half revenues yesterday, buoyed by the increase in people working from home.
The Prague-headquartered company, which provides free to use and subscription cyber security tools, re- ported revenues of $433m (£332m) in the first six months of the year, up 1.9pc. Adjusted earnings increased 2.1pc to $241m.
Avast said its board was keeping staff working from home until at least January 2021 amid the pandemic.
The cyber security firm, which was London Stock Exchange’s largest ever tech listing when it floated in 2018 at a £2.4bn valuation, operates on a “freemium” model, offering free antivirus software which can be upgraded with other tools. It has more than 435m free users and has increased its paying user base to 13m. It also sells products such as virtual private networks for anonymous browsing and anti-tracking tools.
Ondrej Vlcek, Avast’s chief executive, said he expected the company’s final year revenues to be at the upper end of its previous guidance – a mid single digit increase.
The company said the ongoing workfrom-home trend was expected to continue to boost business. It added it had donated $25m to science projects during Covid-19.
Mr Vlcek said: “Our overall operational and financial performance has been strong, aided by the work-fromhome trend that has driven an increase in online consumer activity and product engagement.”
He added that while Avast had been concentrated on organic growth, it was now on the lookout for mergers and acquisitions.
Avast shares, which have risen by nearly 30pc this year, closed down 3pc at 582p.