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. 
 

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