Cybersecurity firm Avast boosted by increased working from home

Cybersecurity firm Avast has posted higher revenues after it was buoyed by the increase in people working from home.

The FTSE 100 company hailed a “strong” operational and financial performance through the outbreak as it was “aided by the work-from-home trend”.

It revealed that company revenues increased by 1.5% to 433.1 million US dollars (£331.9 million) over the first six months of the year.

However, it also saw statutory operating profits slip by 16.9% to 134.5 million dollars (£103 million) over the period.

Avast said higher numbers of people working from home provided a “strong tailwind” to its core business of protection for consumer desktops.

It said this helped to drive an increase in customer numbers, which rose by 5.1% to 13.26 million over the first half.

The company stressed that its performance over the first half of the year underpins a “strong full-year outlook”.

Avast said it expects revenue growth for the year to be at the “upper end” of its previously predicted range.

Ondrej Vlcek, chief executive of Avast, said: “Avast has demonstrated its business resilience during the Covid-19 outbreak.

“Despite the economic uncertainty, Avast remains well positioned.

“The business is resilient, strongly cash-generative, and has significant capacity to harness new growth opportunities as they emerge.”

Shares in the company moved 5.7% lower to 565.5p in early trading on Wednesday.