Megaport to reach breakeven as Slattery starts ‘disruptor’ moves

Tech stock Midas Bevan Slattery may have revealed his plans for his privately-owned “disruptor” Capitalb after his listed company Megaport today posted a $38 million net loss for the half-year.

Feb 10, 2021, updated Feb 10, 2021
Former State Government minister, Kate Jones has joined Slattery's Capitalb (Photo: AAP Image: Jono Searle)

Former State Government minister, Kate Jones has joined Slattery's Capitalb (Photo: AAP Image: Jono Searle)

Megaport’s preferred result was a profit of $18.2 million after direct network costs, an increase on the $13.1 million for the prior corresponding period.

It also forecast it would achieve breakeven at the EBITDA (earnings before interest, tax, depreciation and amortisation) level this financial year.

“Our path to profitability remains firmly in focus, with all three regions now EBITDA positive,” chief executive Vincent English.

The result follows Slattery’s entry into the shareholder register of another tech start-up, The purchase of 10 per cent of the company by his privately owned Capitalb Asset Management at 5 cents a share saw RNT’s share price jump to 35 cents turning his $2 million investment into $14 million at its peak of 35 cents.

The stock has since dropped back to 28 cents. Slattery performed a similar feat last year with Perth start-up Pointerra.

Reports suggest Capitalb is gearing up for something big after a recruitment drive that has added former Queensland Government Minister Kate Jones to the payroll in an as-yet-undefined role. Evan Kilpatrick, a former QIC executive, has also been brought in as chief investment officer.

Capitalb’s describes itself as an investor in companies that are innovative and disruptors.

Its portfolio spans multiple industries with interests in telecommunications, real estate, marine operations and film and tv production services.

Megaport chief executive Vincent English said the company had continued to show strong revenue and investments were starting to pay off.

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