Megaport released its FY2022 results; shares up over 7%.

Megaport Limited (ASX:MP1) has released its full year results for the period ended 30 June 2022.

• Monthly recurring revenue increased 43% to AU$10.7 million.
• The annualised revenue grew 43% to AU$128.3 million.
• Total customers grew 16% to 2,643.
• Total number of services increased from 21,712 in FY2021 to 27,383 in FY2022.
• Total Number of Ports increased 24% to 9,545 compared to the previous corresponding period.

Some Important Developments:

• On 16 August 2021, MP1 acquired 100% of the issued share capital of InnovoEdge. The integration of InnovoEdge with MP1 was also completed. The Company believes that integration would offer more orchestration as well as automation for more complete control of network & IT resources.
• Megaport Virtual Edge product went live on Cisco’s Global Price List following MP1’s inclusion on the Cisco GPL.
• Megaport declared an added three SD-WAN partners, Versa SASE, Aruba and VMWare. Thus, the count of providers available on the MVE platform increased to five.
• MP1 completed and launched the PartnerVantage programme. It will let indirect channel partners to sell and offer Megaport services on behalf of their clients.
• MP1 launched Megaport ONE in January 2022 to orchestrate, network, and allow connectivity plus cloud services.
• It also launched its complete suite of products and services in Mexico. It brought the Megaport platform available to 25 nations and 145 cities worldwide.

At AEST 11:01 AM, MP1 shares are trading at 8.780, up 7.334% from the previous close. 

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