Avast ups net profit to USD169.8m in H1

Prague, Aug 12 (CTK) - Cybersecurity company Avast raised its net profit by 14.5 percent to USD169.8m (Kc3.77bn at the current exchange rate) in H1, and its sales went up by 1.5 percent to USD433.1m (Kc9.62bn), with organic growth at 6.6 percent, the company said in a press release today.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 2.1 percent to USD241.4m (Kc5.36bn).

The company has proposed the interim dividend payable in October 2020 at 4.8 cents per share (Kc1.07), which is a 9.1 percent annual hike.

Avast saw a rise in demand for antivirus software amid the Covid-19 pandemic as people switched to working from home. The number of paying customers went up by 5.1 percent to 13.26 million in H1.

Avast's customers totalled roughly 435 million, with a majority using the free software versions.

The company expects its full-year organic sales growth to be at the upper end of the previously stated mid-single digit percentage range, CEO Ondrej Vlcek said.

Avast's localisation software helped the company achieve greater market penetration and raise customer numbers. Avast did well in target countries all over the world, including Brazil, Mexico, Argentina and Japan. Growth in traditional markets, such as the USA and the United Kingdom, also continues.

Avast extended the compatibility of its products, which resulted in higher sales of licences for multiple devices.

Avast Secure Browser user activity and search volumes remained robust despite a drop in advertising.

Revenues from indirect distribution were boosted by the successful renewal of the distribution agreement with Google Chrome in March.

Avast was founded in 1988 by Czech software engineers Eduard Kucera and Pavel Baudis, and is one of the trailblazers in computer security. In 2016, it bought rival Czech company AVG.

Avast is the world's second largest security software company by sales after Symantec.

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