Megaport posts first-half profit after strong recovery
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The news: Information technology services provider Megaport has reaffirmed its full-year revenue and earnings guidance after swinging to a first-half profit.
The numbers: The company posted a statutory profit of $4.45 million for the six months to December 2023, compared to a $13.5 million loss a year ago. Earnings were up tenfold to $30.15 million, while revenue jumped 35% to $95 million. It did not declare any interim dividend.
It reiterated the full year earnings guidance in the range of $51 million to $57 million, and revenue guidance in the range of $190 million to $195 million.
Shares in the company, which had surged by nearly a third since its quarterly update last month, were down 3% to $13.39 in early trading on the ASX.
The context: The Brisbane-based tech firm attributed the gains to strong revenue generation after expanding its product offering and drastic cost-cutting. Megaport has recovered strongly since posting a net loss for FY23 and flagged a strong December quarter performance last month.
The source: ASX announcement
