Cybersecurity provider Avast said on Tuesday that underlying earnings had dropped in the six months ended 30 June as margins contracted and revenues remained broadly flat year-on-year.
Avast posted a first-half adjusted EBITDA of $249.7m, down from $270.2m at the same time a year earlier, while adjusted EBITDA margins fell 4.4 percentage points to 52.9%, and adjusted revenues ticked up by 0.2% to $472.0m.
Adjusted fully diluted earnings per share dropped 14.1% to $0.17 per share and Avast also declared a conditional interim dividend in respect of 2022 payable of 4.8 cents per share.
Net debt increased 23.3% to $649.7m but Avast said it still had a “resilient” balance sheet, with $378.0m of cash and available liquidity.
Looking ahead, Avast stated it would not provide any forward guidance at this time.
Reporting by Iain Gilbert at Sharecast.com
