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March 3, 2021, 3:01 a.m. EST

Avast sees further growth as profit, revenue rise

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By Adria Calatayud

Avast PLC said Wednesday that pretax profit and revenue rose in 2020, and that it expects further organic revenue growth despite uncertainty caused by the coronavirus pandemic.

Pretax profit for 2020 was $436.7 million, compared with $400.1 million for 2019, the FTSE 100 cybersecurity company said.

Revenue for the year increased to $892.9 million from $873.1 million. On an organic basis, revenue grew 7.9%, driven by double-digit growth in its consumer direct desktop business, it said.

Adjusted billings grew 7.1% on an organic basis and 1.2% at actual currency rates, the company said.

Avast's adjusted earnings before interest, taxes, depreciation and amortization was up 2.6% at $495.5 million.

Analysts had expected Avast to report revenue of $891.9 million and adjusted Ebitda of $496 million, according to consensus numbers provided by FactSet and based on estimates by 14 and nine analysts, respectively.

The company said it expects organic revenue growth of between 6% and 8% for 2021, and that adjusted Ebitda margin is forecast to remain broadly flat versus the previous year.

The board declared a final dividend of 11.2 cents a share, up from 10.3 cents in 2019.

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