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Slattery's Megaport 'transformed', shares up 66 per cent this month

Business

In less than three weeks shares in Bevan Slattery’s Megaport have jumped 66 per cent and the company repaid the faith with what it called a “transformational” improvement in earnings.

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The tech company reported normalised fourth-quarter EBITDA of $11.8 million and a full-year result of $20.2 million, which was within its increased range guidance.

Shares in the company jumped 14 per cent today.

It followed comments from Slattery this week that Megaport earlier this year had “lacked focus, fiscal discipline and leadership” when it was the most shorted stock on the ASX.

That led to a change in senior management and Slattery stepped in to take over the day-to-day running of the company for a short period until Michael Reid arrived as chief executive.

“For the first quarter in its history Megaport has delivered a positive net cash result,” the company said in its announcement.

“Net cash at June 30 was $33.3 million, up $2.3 million over the quarter including payments to impacted employees as part of a reduction in (workforce) of $2.6 million.”

The company also scrapped a $25 million debt facility because it was no longer needed.

“Megaport is in a strong position and delivered full year 2023 normalised earnings in line with its upgraded guidance,” the company said.

It will release its full-year results on August 22.

 

 

 

 

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