Megaport ‘fit and focused’ for a break-even result this year

The global surge in demand for internet services means Brisbane’s Megaport would reach break-even by June this year.

Apr 22, 2021, updated Apr 22, 2021
Megaport chief executive Vincent English

Megaport chief executive Vincent English

The internet connection company, founded by tech guru Bevan Slattery, said its break-even would be on the basis of earnings before interest and other items and on a run rate basis.

The run rate refers to the financial performance of a company based on using current financial information as a predictor of future performance.

Chief executive officer Vincent English said the company was in an excellent position to drive substantial growth and a robust finish for the financial year.

However, its quarterly cash flow report showed receipts from customers for the third quarter was $20.2 million, down 22 per cent from its record high for the previous three-month period.

English has written to shareholders to tell them the forecast break-even would represent a $25 million turnaround.

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He said Megaport had already achieved a full quarter’s positive cash flow from operations early in the second quarter and delivered a 43 per cent increase in monthly recurring revenues.

“In the past 12 months, Megaport as a company, has become fit and focused while demonstrating its capability to generate strong cash flows from the existing platform,” English said.




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