Avast lifts FY guidance as work-from-home drives interims
By Frank Prenesti
Date: Wednesday 12 Aug 2020
(Sharecast News) - Cybersecurity firm Avast said full-year organic revenue should be at the upper end of forecasts as it reported a strong first half driven by more people working from home during the Covid-19 lockdown.
Adjusted core earnings rose 2.1% to $241.4m as revenue increased 1.5% to $433.1m. Adjusted Billings of $469.1m were up 2.1% at actual rates, with organic growth of 9.2%.
The company lifted its interim dividend by 9.1% to 4.8 cents a share.
Avast said the increased number of people working from home during lockdowns globally provided a strong tailwind to its core consumer desktop business.
"The spike in demand for cybersecurity products was closely correlated with the imposition of lockdowns, both in terms of timing and intensity. As communities emerge from lockdown, Avast's install and conversion trends in most countries have largely returned to their pre-Covid levels," the company said.
"In light of these considerations, we maintain our previous full-year 2020 guidance for the group of organic mid-single digit revenue growth, albeit at the upper end of the range."
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