By Millie Turner
Antivirus software giant Avast’s revenue and operating profit has sunk so far this year, as it looks set for a takeover by fellow cybersecurity heavyweight NortonLifeLock.
Revenue dipped 0.2 per cent to $470.3m (£389m) in the six months to 30 June, due to the disposal of its family safety mobile business in last year.
While operating profit plunged by $54.2m (£44.8m), from $226.7m (£187.6m) to $172.6m ($142.8m), which bosses said had been driven by higher exceptional and other costs.
Avast’s billings rose marginally by 0.2 per cent to $483.7m (£400.2m) in the period.
Shares in London-listed Avast climbed over 40 per cent last week, after the UK’s competition watchdog provisionally cleared NortonLifeLock’s $8.6bn (£7.1bn) acquisition of the firm.
The Competition and Markets Authority (CMA) said its investigation concluded that the deal does not raise competition concerns in the UK, stating that the supply of cyber safety software to consumers was a rapidly evolving space, both in the paid-for and free service sphere.
The watchdog found that a merged firm would continue to face significant competition, including from rivals like McAfee.
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