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Avast buoyed by first quarter revenue uptick

The FTSE 250 anti-virus software developer reported adjusted revenues of US$211.8mln, up 6.1% year-on-year, while adjusted billings had grown “slightly ahead” of revenue
Avast website
The company also reiterated its “high single digit” adjusted revenue growth target for 2019

Avast PLC (LON:AVST) shares were buoyed on Thursday by an uptick in revenues for its first quarter.

The FTSE 250 anti-virus software developer reported adjusted revenues of US$211.8mln, up 6.1% year-on-year, while adjusted billings had grown “slightly ahead” of revenue.

READ: Avast sinks as long-time CEO signals departure

Adjusted earnings (EBITDA), meanwhile, were up 5.4% at US$117.5mln, with a margin of 55.5%.

Avast added that in March, it had voluntarily paid down US$200mln of debt.

Looking ahead, Vast chief executive Vince Steckler, who is due to step down at the end of June after 10 years at the helm, said the group’s full-year expectations were unchanged.

The company is targeting “high single digit” adjusted revenue growth in its 2019 fiscal year, and a broadly flat adjusted EBITDA margin.

"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,” Steckler said.

Shares were up 2.8% at 292p.

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