Record revenue for Megaport
Written on the 23 July 2019 by Matt Ogg
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
Author: Matt Ogg