AVAST PLC - Director/PDMR Shareholding, Half year results ended 30 June 2018

Director/PDMR Shareholding

The Company received notification on 29 August 2018 from Vincent Steckler (CEO of the Company) of his donation for no consideration of 321,502 ordinary shares in the Company to the University of California, Irvine Foundation.  Mr Steckler is an alumnus of the University of California, Irvine.

Following the donation, Mr Steckler is interested in 31,329,910 ordinary shares in the Company (excluding awards or options under employee share schemes) representing 3.29% of the Company's issued share capital.

On 10 May 2018, in connection with the Company's initial public offering, the Company, UBS Limited ("UBS"), Morgan Stanley & Co. International plc ("MS", and together with UBS, the "Joint Global Co-ordinators") and certain other parties, entered into an underwriting agreement. Under the terms of such underwriting agreement, Mr Steckler and certain other directors and shareholders agreed that, subject to certain exceptions, during the period of 360 days following admission of the Company's shares to trading on the London Stock Exchange, he would not, without the prior written consent of the Joint Global Co-ordinators dispose of any ordinary shares in the Company.  The Joint Global Co-ordinators have given their prior written approval to the disposal by Mr Steckler described above.

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HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018

Avast plc, together with its subsidiaries ('Avast', 'the Group' or 'the Company'), a leading global cybersecurity provider, announces its results for the six months ended 30 June 2018.

FINANCIAL HIGHLIGHTS

·      Good first half performance with full year expectations for the Group unchanged, except slight improvement to Adjusted EBITDA margin guidance

·      Adjusted Billings excluding FX¹ and Discontinued Business² up 8.2%, 12.0% in actual rates to $421.2m

·      Adjusted Revenue excluding FX and Discontinued Business up 8.5%, 9.8% in actual rates to $394.3m

·      Adjusted Revenue in Consumer Desktop excluding FX up 12.6%, 14.0% in actual rates to $281.0m

·      Adjusted EBITDA up 10.6% to $222.1m; Adjusted EBITDA margin at 55.1%, up 258bps

·      Adjusted Net Income up 16.7% to $130.2m

·      Adjusted fully diluted earnings per share ("EPS") up 12.4% to $0.14

·      Continued strong cash generation with Unlevered Free Cash Flow up 25.1% to $192.2m

·      Net debt / LTM ('last twelve months') Adjusted Cash EBITDA at 2.7x at period end and 3.0x on net debt to Adjusted EBITDA basis

·      On statutory basis, Revenue up from $294.0m to $388.6m, Operating profit up from $36.3m to $109.7m, Net Income up from $(51.6)m to $160.2m and statutory fully diluted EPS up to $0.17

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