Megaport's US operations take off in the first half of FY19
Written on the 9 January 2019 by Business News Australia
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.
Business News Australia
Author: Business News Australia