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Avast's first half boosted by high profile hack attempts

"Legislation and high-profile data breaches’ remain concerns both for individuals and businesses"
Avast
Avast has over 400mln free users

News of another potential high profile hack attempt, this time at chemist chain Superdrug, should add to momentum to cybersecurity group Avast PLC (LON:AVST).

Alongside interim results, Vincent Steckler, Avast’s chief executive said it was seeing double-digit increases in global spend.

READ: Host of bulge bracket investment banks kick off Avast research coverage with ‘buy’ ratings

"Legislation and high-profile data breaches’ remain concerns both for individuals and businesses," he said.

Avast acquired its main rival AVG in 2016 and aided by synergies from that deal underlying profits [EBITDA] rose by 11% to €222mln in the half year to June.

Underlying revenues were 8.5% higher at €394mln.

The company operates what is called a ‘freemium’ model where users can get the basic package for free but can pay for the premium version.

Paying customers rose 2.6% or 298,000 to 11.67mln with average revenue Per Customer up 3.5% to $46.92.

There was a strong performance in the core consumer desktop business, driven by growth in Utilities and VPN, said Avast.

Shares rose 4% to 238.2p.

Avast listed on the main market in May at 250p.

 

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