Cyber-security firm Avast gets stronger as high-profile hacking increases

NEWLY Listed cyber-security firm Avast impressed with maiden results today as high-profile hacks throw attention on the market.

Shares gained more than 3% or 7.75p to 237.35p — valuing the firm at £2.2 billion — as it also flagged up higher profit margins for the full year after a decent first half. Billings for its tech rose 12% to $421.2 million, while underlying profits gained 11% to $222.1 million.

Chief executive Vincent Steckler said data breaches of the type suffered by Dixons Carphone and most recently Superdrug had prompted big spending by companies.

“Legislation and high-profile data breaches have led to an increased focus on privacy concerns and security risks among both consumer and business customers who are responding appropriately and we continue to see double digit increases in global spend,” he said.

Avast first tried to float on Nasdaq in 2012, a bid that was aborted due to “tough market conditions”. Shares are still below the 250p float price.