18th Apr 2019 07:58
LONDON (Alliance News) - Avast PLC on Thursday reaffirmed guidance for 2019 following strong revenue and earnings growth in the first quarter.
The cybersecurity provider said adjusted revenue in the three months to the end of March rose by 8.5% to USD209.1 million from USD192.7 million the year prior.
To reflect the underlying organic growth performance, figures exclude the impact of the Managed Workplace disposal made at the end of January.
For the first quarter, adjusted earnings before interest, taxes, depreciation, and amortization increased by 5.4% to USD117.5 million, resulting in an adjusted Ebitda margin of 55.5%.
"We have started the year well. Our first quarter performance has been strong, continuing the trading momentum seen in the second half of 2018," said Chief Executive Vince Steckler.
Looking ahead, Avast reaffirmed its annual outlook for high single-digit adjusted revenue growth, excluding currency impact, and a broadly flat adjusted Ebitda margin.
"Our market-leading levels of profitability and strong cash generation mean we continue to execute our growth strategy with confidence, and group expectations for the full year remain unchanged," added Steckler.
Avast intends to report its interim results on August 14.
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