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Avast plc Full Year Results For The Year Ended 31 December 2020LONDON, March 3, 2021 /PRNewswire/ -- Avast plc (LSE: AVST), together with its subsidiaries ('Avast', 'the Group' or 'the Company'), a leading global cybersecurity provider, announces its results for the year ended 31 December 2020. Ondrej Vlcek, Chief Executive of Avast, said: 'The Group delivered another strong year of top line organic growth, high levels of profitability and cash flow generation. Group Adjusted Revenue was $892.9m, with organic growth1 of 7.9%, driven by double-digit growth in our Consumer Direct Desktop business. 'In a year when more people and businesses turned to technology to keep their lives and their work enabled, Avast has played a vital role in safeguarding our customers' digital data and privacy. I am proud of the way the Company has met the challenge of the pandemic head on, putting our duty to act as a responsible business at the heart of our approach. 'The core of the Avast business and our fundamental strengths remain unchanged as we continue to effectively leverage the scale and sophistication of our platform in consumer and SMB markets. We are confident in our ability to unlock new growth opportunities, with a commitment to continued product and technological innovation, and a stronger-than-ever customer experience. 'Underpinned by a strong prior year billings performance, we expect to deliver FY 2021 organic revenue growth in the range of 6 percent to 8 percent.' FINANCIAL HIGHLIGHTS
OPERATIONAL AND STRATEGIC HIGHLIGHTS
Statutory Results:
OUTLOOK We remain confident that the fundamental strengths of the business model and culture of driving performance will sustain our track record of delivering good growth and profitability. Underpinned by a strong prior year billings performance that will be supportive of revenue in the first half of the current year, we expect to deliver FY 2021 organic revenue growth in the range of 6 percent to 8 percent. Organic billings growth for the year is expected to be at the lower end of this range and heavily weighted toward the second half, due in part to the strong baseline comparison in the second quarter of last year. The Group's transition to 1-year subscriptions to increase customer lifetime value will also exert downward pressure on billings particularly in the first half. Adjusted Group EBITDA margin is expected to remain broadly flat versus FY 2020, despite an increase to operating costs from the Company's planned on-premises to cloud migration and higher wage inflation. The Group will sustain strong organic cash generation, with benefits to cash flow anticipated from reduced capex requirements on data centres, and lower interest costs following additional loan repayment last year. PRESENTATION OF RESULTS A live webcast presentation and conference call for analysts and investors will be held at 9:00 AM GMT today (3 March 2021). Please register for the call or webcast on the Company website at https://investors.avast.com. A Q&A facility will be available for conference call participants. PUBLICATION OF ANNUAL REPORT The Company today published its Annual Report and Accounts 2020. The document will be available to view on the Company website at https://investors.avast.com and is also being submitted to the National Storage Mechanism for inspection at www.morningstar.co.uk/uk/nsm. For full details of the release, please visit investors.avast.com ENQUIRIES Investors and analysts: Media: Tavistock View original content to download multimedia:http://www.prnewswire.com/news-releases/avast-plc-full-year-results-for-the-year-ended-31-december-2020-301239117.html SOURCE Avast |