Megaport (ASX:MP1) up 35% in FY21 revenue

Company News

by Lauren Evans

Global network software Megaport (ASX:MP1), reports record performance for the period ending 30 Jun 2021 (FY21). Annual revenue reached 78.28 million, up 35 per cent from the prior year and customers grew 24 per cent to 2285.

Chief executive officer Vincent English said, "our revenue numbers were also bolstered by strong new customer growth as a result of investments made in our commercial team and focus in growing our channel.”

Enabled data centres at the end of June 2021 increased by 92 per cent from the prior year to 761 locations. Total services increased by 30 per cent to 21,712.

The business generated a profit after direct network costs to $42.1 million, up 43 per cent from the prior year.

Net loss for the full year was $55 million. At the end of June 2021, the company’s cash position was $136.3 million.

Vincent continued, “Our investment in innovation and products supported big growth. Megaport Cloud Router, our virtual routing
service that creates cloud-to-cloud connections on demand, grew 64 per cent in the period. MCR provides our customers the agility they need to power their digital transformation."

Shares in Megaport (ASX:MP1) are trading  2.1 per cent higher at $17.73. 

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