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Avast lifts guidance on revenue amid ongoing momentum in Q1

Tue, 20th Apr 2021

Cybersecurity provider Avast lifted its guidance on annual revenue growth following the sale of its family s mobile business and continued demand seen in the first quarter of the year. For full year 2021, the group now expected to deliver at the upper end of the 6-to-8% organic revenue growth guidance, with the consumer indirect segment revised to low single-digit percent growth. Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, margin percent was expected to remain broadly flat versus 2020. The sale of the family safety mobile business on 16 April, would be modestly earnings dilutive, benefiting reported growth rates over the balance of the year, the company said. The updated guidance comes as revenue in the first quarter of the year, was boosted by strong demand for its cybersecurity products. For the first quarter ending 31 March 2021, revenue grew 10.5% to $237.1 million. The company recommended the payment of a final 2020 dividend of 11.2 US cents per share. 'The business is trading in line with expectations as we successfully execute on our stated goals to drive customer engagement and monetisation,' the company said. 'We look forward to the remainder of the year with confidence.' Story provided by StockMarketWire.com

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