Solid Result for MP1 for the half.

Loss narrowed from 38.42m to 20.23m although the foreign exchange contribution for the half comparative to 2020 $21,763m .

Costs clearly were ramped in the half up across the board which you would expect to deliver results moving forward in 2022 and beyond.

Looking through some of the detail liking the move into latin America from March 2022 based on the EBITDA margins being equal to that of Asia.

Asia EBITDA margins are 52% versus Europe 25% and North America 9% . North America is the largest market in terms of revenue followed by Asia and Europe.

I suspect this reflects the competitive environment in the North American markets.

Balance sheet solid with over $104m cash and short term debt $12,147m .

A long term buy and hold in real life and on SM.

Bullish on the prospects of MP1 for a couple of years now and have accumulated 11% positin in portfolio.

The growth of the sector in combination with MP1 position in the market and string balance sheets presents nice long term upside.

Looking at the growth of Amazon AWS and Microsoft Azure in most recent quarterly results as well the development of Virtual edge further adds the outlook.

Confirming cashflw positive on Tuesday 10th August will be important as this was a committment provided 12months ago.

Interested to obtain views on valuation as MP1 is trading today at 30X sales but growing strongly ?