MEGAPORT'S REVENUE GATHERS PACE

MEGAPORT (ASX: MP1) has provided a market update, revealing its monthly revenue is up 25 per cent from December.

The Brisbane-based elastic interconnection provider took in $247,601 for the month to March 31, up from $220,543 for the month to December 31.

All revenue was taken from the Asia Pacific region during the quarter, while the majority of the North American network was deployed over this period too.

Number of locations has increased from 46 to 59, ports from 504 to 641, and customers from 253 to 283.

Due to rapid expansion, the company is holding less cash, with $18.7 million in the till at March 31.

Megaport CEO Denver Maddux says this puts the company in a good position to execute its remaining pipeline of work.

Europe is now the focus, as well as revenue and staffing. 

"We are deeply focusing on business development efforts with critical cloud service providers which we expect will drive strong uptake in ports and Virtual Cross Connects (VXCs) within the enterprise vertical," says Maddux.

Megaport has added 20 new locations since 31 December 2015 and now operates out of 66 data centre locations.

All of the planned North American locations have been completed and services are now available in the eight metropolitan areas listed in the prospectus lodged November 2015. Rollout has also commenced in the 13 planned European locations, and Perth was the first Australian location to be activated on April 12, with others scheduled for launch on May 31.