Avast secures strong growth in first results since listing

AVAST, the company behind the world’s most popular antivirus software, reported revenues of more than $400m (£310m) and growing earnings in its first set of results since it listed its shares on the London Stock Exchange in May.

Avast reported earnings before interest, taxes and amortisation of $222m for the first half of the year, up 10pc on the previous six months.

The cyber security and antivirus company saw revenues climb to just over $403m in the six months ended June 30, up 5.4pc from $382.8m.

It also increased its number of paying customers by 2.6pc, or 298,000, to 11.7m. Average revenue per customer was up 3.5pc to $46.92.

“Looking ahead, we are confident that we can continue to execute the strategy we outlined at IPO and we are on track to deliver on full-year guidance of high single-digit revenue growth, with slight Ebitda margin improvement,” said Vincent Steckler, chief executive of Avast.

Avast listed as a FTSE 250 company in May at the lower end of its price range, valuing the Prague-based company at $2.4bn. The float was a coup for the London Stock Exchange, which has struggled to compete for business in the market for technology initial public offerings recently. Rival exchanges such as the New York Stock Exchange have been winning much of the available business.

Avast provides free antivirus software, with its products used by around 435m people, giving it the leading market share of any antivirus company.

It also provides paid-for products and privacy software such as virtual private networks, which can shield computers on public Wi-fi networks.