MP1 +27.61%: communication technology provider surged briefly to 18-month highs today on the back of strong profitable growth despite facing some headwinds. In the 2Q update today, the company added 39 new customers, 192 Ports (to 10,291) and 1,060 services (to 32,250) in one of their best quarters in recent years including a key data centre client win. Despite facing some foreign exchange headwinds, Revenue for the half of $95.1m was a ~2% beat, and EBITDA at $30.1m was a ~15% beat as their focus on the cost base pays off. They will now turn to the North American market for growth with a full sales team now on the ground. The company maintained FY Revenue & EBITDA guidance, though lowered Capex guidance which was received well.
MM remains cautiously bullish MP1, although we’re unlikely to own it
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