Avast Trades Strongly In Third Quarter, Confirms Annual Guidance

(Alliance News) - Cybersecurity firm Avast PLC reported "good" third-quarter growth on Friday, ...

Alliance News 18 October, 2019 | 8:07AM
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(Alliance News) - Cybersecurity firm Avast PLC reported "good" third-quarter growth on Friday, with all guidance for 2019 reaffirmed.

For the three months to September, Avast posted adjusted earnings before interest, taxes, depreciation, and amortisation of USD121.9 million, 8.7% higher year-on-year. For the nine months, adjusted Ebitda grew 6.6% to USD358.5 million.

Avast's adjusted revenue climbed 5.0%, or 6.6% excluding foreign exchange, to USD220.3 million. Removing forex and discontinued business, the figure was up 9% to USD218.3 million, though with currency movements climbed 7.3%.

For the nine months to September, Avast's revenue from continuing operations rose 7.9% to USD640.1 million, and was up 9.1% excluding forex. Including discontinued business, it climbed 5.5% to USD647.1 million, rising 6.7% excluding forex.

"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," said Chief Executive Ondrej Vlcek.

"We continue to successfully execute our growth strategy, underpinned by our platform distribution model and our global installed base of more than 435 million users."

Looking ahead, Avast has reaffirmed 2019 guidance of adjusted revenue growth at the upper end of high single-digits, excluding foreign exchange and discontinued operations.

Avast shares were up 1.9% at 376.60 pence each in London on Friday morning.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Avast PLC 523.00 GBX -0.38 -

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