Addition to the S&P/ASX 300 Index:As per September 2018 Quarterly Rebalance of the S&P/ASX Indices, MP1 stock is added to the S&P/ASX 300 Index, which will be effective from September 24, 2018. Megaport is a leading provider of elastic interconnection services and offers integration between the economics and cloud service model providing the ability to streamline the capacity by cranking bandwidth up and down in real time with flexible terms. The company has posted strong revenue for the full year 2018 with revenue coming in at $19.8 Mn, an increase of 85% from the previous year. Monthly recurring revenue was recorded at $2.0 Mn, up 63% YoY. Megaport activated 221 data centers in total and customer base increased 41% Y-o-Y to a total of 1,038. Average revenue per port also surged to $720 on the back of higher service adoption. In FY18, the company completed the $87.8 Mn capital raising activities and maintained the cash balance of $56.3 Mn. Net loss for the full year was recorded at $24.5 Mn, a decline of 18% from the previous year. Megaport has also inked consultancy agreement with non-executive director Peter Hase who will offer sales leadership and tactical assistance to the CEO on an interim basis.
Moreover, the group announced that Bevan Slattery would step down as an executive director of Megaport Limited. The company also published the allotment of 258 ordinary shares to director Vincent John English after which his total holdings rise to 27,740 fully paid ordinary shares (Direct) and 43,114 fully paid ordinary shares (Indirect).
In another release on the company website, the recent agreement between ST Telemedia Global Data Centers and Megaport Limited requires the latter to deliver SDN-enabled, elastic interconnection, and cloud exchange services in STT Tai Seng 1 data center in Singapore.
Going ahead, the company is keen to establish itself as the leading global Network as a Service provider (NaaS) by ramping up the next leg of data interconnection services.
Meanwhile, the stock has fallen 20.41 percent in the past three months as at September 12, 2018 and traded at close to 52-week high level of $4.560. The stock traded at a market price of $ 3.800 (up 8.3%) with the market capitalization of circa $ 414.1 Mn as of September 13, 2018.
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