18th Oct 2018 09:38
LONDON (Alliance News) - Avast PLC said Thursday it delivered "good" growth in the third quarter, giving it confidence of meeting expectations for the full year.
In the period from July to the end of September, the FTSE 250-listed cybersecurity provider increased its adjusted revenue by 7.2% to USD209.8 million from USD195.7 million the year before. For the nine months ended September, Avast's adjusted revenue increased 6.0% to USD613.1 million from USD578.4 million.
Third quarter adjusted earnings before interest, taxes, depreciation and amortisation increased 5.5% to USD113.5 million. Year-to-date, adjusted Ebitda increased 8.8% to USD335.6 million.
The company, which joined the London Stock Exchange in May, said its adjusted billings in the third quarter followed a "similar trend" to the first half, where it increased 7.6%.
Avast reiterated its full year guidance for high single digit adjusted revenue growth, excluding foreign exchange and discontinued business.
"I'm pleased to report that Avast has delivered good growth in the third quarter, consistent with our expectations at the time of the half year results in August. We've also been successful in maintaining our market-leading levels of profitability, on account of the group's significant scale and operating leverage," said Chief Executive Vince Steckler.
"The group's cost-effective user acquisition model and large, global user base of more than 435 million users remain key competitive strengths for the business. We continue to execute our strategy with confidence, and our expectations for the full year remain unchanged."
The company will release its 2018 results on March 13, 2019.
Shares in Avast were up 1.9% Thursday at 290.65 pence each.
Related Shares:
AVST.L