Megaport's Strong Half-Year Performance

Megaport Limited (ASX: $MP1) has reported its half-year earnings to 31 December 2023, achieving a record performance with total revenue of $95.1M, EBITDA of $30.1M, and Net Cash Flow of $12.5M. The company's Annual Recurring Revenue grew to $191.7M, showcasing a significant improvement in financial metrics compared to the previous year.

Executive Commentary on Financial Performance

Megaport CEO, Michael Reid, expressed pride in the company's financial turnaround, highlighting the remarkable 785% increase in EBITDA to $30.1M and the substantial $40.8M improvement in Net Cash Flow to $12.5M. Reid also restated the company's revenue and EBITDA guidance for FY24 at $190-$195M and $51-$57M, respectively, emphasizing the strong financial foundation laid in the first half and the commitment to delivering profitable, efficient growth.

Summary of 1H FY24 Performance and Outlook

Megaport's 1H FY24 results demonstrate a remarkable financial turnaround, with substantial growth in revenue, EBITDA, and Net Cash Flow. The company's commitment to delivering profitable, efficient growth is evident in the restated revenue and EBITDA guidance for FY24. With a strong financial foundation and a poised go-to-market engine, Megaport aims to continue its growth trajectory in the second half, focusing on maintaining robust financial position and delivering efficient growth.