Cybersecurity firm Avast reports boosted revenue growth

Cybersecurity firm Avast reported year-on-year revenue growth of 6.1 per cent in the first quarter of 2019.

Adjusted revenue for the first three months of this year was $211.8m, up 6.1 per cent from $199.6m in the first quarter of 2018.

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The firm said adjusted revenue excluding discontinued business, foreign exchange and the sale of managed workplace, was up 9.1 per cent from $192.7m to $209.1m.

Adjusted earnings also increased 5.4 per cent to $117.5m.

Last month, the group paid down $200m of debt using cash on the balance sheet, Avast said today.

Avast chief executive Vince Steckler said: “We have started the year well. Our first quarter performance has been strong, continuing the trading momentum seen in the second half of 2018.

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“The group’s cost-effective user acquisition model and large, global user base of more than 435m users remain key competitive strengths for the business.

“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.”

Last month the firm announced that Steckler will retire at the end of June after 10 years at the firm. Steckler will be succeeded by Ondrej Vlcek, who is currently president of Avast’s consumer business.