The company, which said goodbye to its chief executive Vincent English recently and installed tech entrepreneur Bevan Slattery as interim CEO, said it expected to produce a normalised EBITDA “materially above market consensus of $9 million in 2023 and $30 million in 2024”.

“The company is expecting to report normalised EBITDA in full year 2023 in the range of $16 million to $18 million and normalised EBITA in full year 2024 in the range of $41 million to $46 million,” it said.

The upgrade follows a dramatic slump in the company’s share price this year. It has fallen from $7.49 to $3.98 before this morning’s announcement. It jumped almost 40 per cent when the market opened this morning.

This morning the company said an organisational review would mean a more simplified and streamlined operation but would mean the loss of 50 jobs.

“This would reduce workforce costs by $10 million in an annualised basis commencing in May 2023, driving improved operating leverage and provide a better balance of revenue growth, profitability and cash generation,” it said.

The sackings would have a one-off cost of $3 million.

“These changes, while challenging, were required to strongly position Megaport for the future and balance the many interests of all stakeholders,” it said.

For its third quarter, Megaport said revenue from customers was up 14 per cent from the second quarter, but its costs also increased by 35 per cent as it decided to make consistent, on-time monthly payments to suppliers, some of which related to invoices received in the second quarter.

Slattery, who founded Megaport, would stay in the CEO role until Michael Reid joins the company on May 15.