Record revenue for Megaport

Record revenue for Megaport

Improving the interconnection of data centres helped cloud technology company Megaport (ASX: MP1) record a 78 per cent surge in revenue in FY19.

The $35.06 million revenue result is a record for the Brisbane-based company, in a year that also ended with a record monthly recurring revenue (MRR) of $3.6 million in June with 1,490 customers.

At the end of FY18 the company had just 221 installed data centres in its arsenal, but in the 12 months that followed it took that number to 300 and through partnerships reached a total of 528 enabled data centres.

Megaport chief executive officer Vincent English (pictured) says reaching these targets is a testament to the team's ability to execute.

"Coupled with new features and the expanded reach of Megaport Cloud Router, Megaport is well positioned to address the global market demand for connectivity," he says. 

In the fourth quarter Megaport secured new partnerships with 365 Data Centers, Bluebird Network, Evoque, Digiplex, Ficolo and Telia.

"The combination of accelerating port sales and increased adoption of services across the platform, up 11 per cent from the previous quarter, enabled us to book a solid $3.6 million of MRR," says English.

"Our 36 installed data centres in the quarter are the result of recent new partnerships and our continued drive to expand to locations with enterprise demand for cloud connectivity.

"Several of these new locations have bolstered our footprint in Europe where, as a market, cloud adoption is accelerating."

MP1 shares were up 3.3 per cent this morning at $7.15 per share in early trading.

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

Business News Australia

Get our daily business news

Sign up to our free email news updates.

 
Unpacking equity: Finding your funding fit
Partner Content
Armed with a growing business and a great opportunity, a business owner’s next challe...
Australian Business Growth Fund
Advertisement

Related Stories

Ecofibre shareholders reject founder's nomination of Alex Keach to board

Ecofibre shareholders reject founder's nomination of Alex Keach to board

Shareholders in medicinal cannabis and hemp company Ecofibre (...

Former EML CEO Tom Cregan launches digital tipping fintech for hospitality

Former EML CEO Tom Cregan launches digital tipping fintech for hospitality

After leading EML Payments (ASX: EML) for a decade including a tumu...

Flight Centre heralds travel as an ‘outlier’ of the spending crunch as profit rebounds

Flight Centre heralds travel as an ‘outlier’ of the spending crunch as profit rebounds

Flight Centre Travel Group (ASX: FLT) founder and CEO Graham Turner...

Why are so many SMEs not growing from small to medium size?

Why are so many SMEs not growing from small to medium size?

I was recently asked by a defence industry executive why so many SM...