The word awful actually means awe-inspiring or terrifying. Only the colloquial meaning is very bad or poor. The company name is derived from the first correct meaning of the word awful from above, and from the slang meaning of the word hack, meaning code cutter.

The word hack is abbreviated further to hak as it then makes the company name into a name or identifier that I've been using since the age of 15 when, thinking I was getting close to cracking Invasion of the Bodysnatchers on the Sinclair Spectrum, I found a small basic program that began with the line

    LET Awfulhak = Awfulhak + 1

I ran a company called Awfulhak Limited between 1993 and 2001. Unfortunately, the UK Labour government under Tony Blair made it impractical to run a small IT consulting business thanks to their IR35 legislation, so the company eventually crumbled and died.