Australia's Megaport hits 16-month high on higher FY24 earnings outlook

Megaport

22/08/2023 01:43

** Shares of Australia's Megaport  MP1.AX  rise as much as
14.3% to A$11.9, hitting their highest since April 2022
    ** Co expects FY24 EBITDA growth of around 152% to 182%
year-on-year
    ** The tech firm sees FY24 EBITDA in the range of A$51 mln
($32.69 mln) to A$57 mln
    ** Co expects to net cash flow positive for fiscal 2024 
    ** Co marks best intraday pct gain in over a month
    ** Megaport stock up 64.7% this year, as of last close 

   ($1 = 1.5601 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))