Megaport's US operations take off in the first half of FY19

Megaport's US operations take off in the first half of FY19

The last six months have turned out to be particularly big for Brisbane's Megaport (ASX: MP1).

The cloud technology company has seen particular success in North America since June 2018, with monthly recurring revenue up 80 per cent in the six months to the end of December 2018.

In total, 1HFY19 revenue in North America was up from $0.55 million in June 2018 to $1 million in December 2018.

The company's CEO Vincent English (pictured) says these results are a major growth milestone for Megaport, with monthly recurring revenue in North America doubling in the last eight months.

"This is a fantastic result that we believe validates the continued substantial investment we have made in the North American market," says English.

"Our investment in North American sales resources, as well as the continued expansion of our network footprint, has enabled us to greatly accelerate our monthly recurring revenue in the first half of Fiscal Year 2019."

"We are delighted with the performance in North America and Megaport is committed to capturing the massive opportunity for cloud interconnection within this key market and globally."

US expansion was a dominant theme for the company in 2018, contributing to the company's first quarter revenue surge by almost a fifth back in October.

During the half Megaport deployed its software defined networking service in 13 new locations, nine of which were in the US.

The Bevan Slattery-founded company hopes to have a presence in 300 different locations by mid-2019.

Shares in Megaport are up 8.42 per cent to $3.99 per share at 10.54am AEDT.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Golden handshakes to departing ASX100 CEOs hit 12-year high

Golden handshakes to departing ASX100 CEOs hit 12-year high

Around one in every six CEOs of ASX100 companies left their job&nbs...

Maggie Beer Holdings CEO Kinda Grange resigns just 16 months into the job

Maggie Beer Holdings CEO Kinda Grange resigns just 16 months into the job

The revolving door of leadership at Maggie Beer Holdings (ASX: MBH)...

Dreamworld owner reports improved ticket sales despite severe peak season storms

Dreamworld owner reports improved ticket sales despite severe peak season storms

The owner of Gold Coast theme parks Dreamworld and WhiteWater World...

Peter Farrelly's action comedy Balls Up starring Mark Wahlberg to be filmed in QLD

Peter Farrelly's action comedy Balls Up starring Mark Wahlberg to be filmed in QLD

The Australian film industry continues to attract Hollywood product...