Avast completes sale of family mobile safety business as revenues rise

Avast, the consumer-facing cyber security firm, reported revenues up 10% to $237.1 million (£143 million) for the first quarter on Tuesday as its chief executive said he is confident about 2021 prospects.

The company, whose software protects more than 435 million devices, said it completed the sale of its Family Safety mobile business to Smith Micro Software last week - a move reported to have fetched $66 million.

Avast said that the sell-off "will be modestly earnings dilutive" and that the firm now expects to deliver the upper end of its 6-8% organic revenue growth guidance.

The company, which has around 140 office-based staff in London, also said that last month it completed both a $480 million and €300 million loan to refinance prior facilities, and extended the group's loan maturity to March 2028.

Its board has recommended the payment of a final 2020 dividend of 11.2 US cents per share.

Chief executive, Ondrej Vlcek, said: "Avast has made a good start to the year with continued demand for the company's security, privacy and performance solutions.

“The business is trading in line with expectations as we successfully execute on our stated goals to drive customer engagement and monetisation. We look forward to the remainder of the year with confidence."

Shares were up 2.7%, or 13p, to 485p, on Tuesday morning