Megaport (ASX:MP1) lifts revenue as customers grow

Company News

by Lauren Evans

Megaport's (ASX:MP1) revenue grew 42 per cent over the half year to $51.2 million, driven by increased usage of services with 170 new customers added. 

Monthly recurring revenue for the half was $9.2 million, an increase of 23 per cent. The business generated a profit after direct costs of $30.9 million, an increase of 69 per cent.

Megaport reported a net loss for the half year period of $20.2 million. The company’s cash position ending December 31 was at $104.6 million.

“In addition to strong service uptake across the board, the team drove Megaport Cloud Router sales to surpass 600 installed MCRs globally,” said chief executive officer Vincent English.

“With the increased adoption of multicloud architectures, Megaport customers use MCR to enable cloud-to-cloud connections with ease and bill nearly double for Megaport services compared to port-only customers.”

Shares in Megaport (ASX:MP1) are trading 1.6 per cent higher at $13.46. 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.