Megaport (MP1) +7.33%: A good 1H update from MP1 today with all key growth metrics heading in the right direction. Revenue was up 39% yoy with monthly reoccurring revenue up by 11% on the half. Customer numbers +11% and ports which is key +16%. EBITDA was a touch light however that’s not the main game for MP1. They outlined their ‘pathway to profitability’ saying they’re on track to achieve EBITDA breakeven on an exit run rate basis in FY21, or in other words, if current momentum is maintained.
We remain bullish MP1, holding in our Growth Portfolio
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