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Avast Turns To Profit In FY18; Names Ondrej Vlcek CEO - Quick Facts

Avast plc (AVST.L), a global cybersecurity provider, on Wednesday reported that its profit before tax for the year ended 31 December 2018 was $182.5 million, compared to loss before tax of $28.9 million in the prior year.

Net income for the year was $241.2 million, compared to net loss of $33.8 million in the prior year. Earnings per share were $0.25, compared to loss of $0.04 per share a year ago.

Excluding items, adjusted net income was $270.8 million, compared to $255.1 million in the prior year. Adjusted earnings per share were flat with last year at $0.28.

Adjusted EBITDA increased 6.7 percent to $447.7 million, resulting in adjusted EBITDA margin of 54.1 percent.

Revenue for the year grew 23.8 percent to $808.3 million from $652.9 million a year ago. Adjusted revenue excluding forex and discontinued business rose 8.3 percent.

The company's board has proposed a final dividend for the period 15 May 2018 to 31 December 2018 of 8.6 cents per share, in line with the dividend policy articulated at IPO.

Looking ahead to fiscal 2019, Avast said its expectation is high single-digit growth for Group adjusted revenue, excluding discontinued business and forex, and a stable EBITDA margin percentage.

Avast also said that Vince Steckler has notified the Board of his intention to retire in 2019, after 10 successful years with the Group. He will be succeeded as CEO by Ondrej Vlcek, currently President of the Consumer Business, and Vince's 10-year partner in driving the company's success.

Vince Steckler will step down from the board and as CEO on 30 June 2019. Steckler will remain available in an advisory capacity to the company until 30 June 2020 to ensure a smooth transition process.

Ondrej Vlcek has most recently served as President of the Consumer business, the largest unit of Avast. He was part of the executive team that took the company public on the London Stock Exchange in May 2018, and also led the successful integration of the consumer business after the acquisition of AVG in 2016.

In addition, Avast's board announce the appointment of Maggie Chan Jones and Tamara Minick-Scokalo as independent Non-Executive Directors, with effect from 13 March 2019.

Maggie Chan Jones holds an MBA from Cornell University and is currently the CEO of Tenshey, a leadership development startup with a mission to advance gender diversity through executive coaching.

Tamara Minick-Scokalo is an experienced Non-Executive Director Board member with a career spanning over 30 years specialising in FMCG and international markets.

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