Highlights:

•  Recurring revenue rose 15% to $55.7 million (H1 FY20: $48.3 million) as a result of growing wholesale revenue
•  EBITDA increased 16% to $19.6 million (H1 FY20: $16.9 million)1
•  Phone numbers up 24% to 5.1 million (H1 FY20 4.1 million) due to strong organic growth
•  Net Revenue Retention (NRR)2 rate across top 10 customers was 115%
•  Underlying NPAT-A increased 30% to $8.4 million (H1 FY20: $6.5 million) 3
•  Trials have commenced with customers in Singapore marking a major milestone in MNF’s offshore expansion strategy
•  Strong financial position with net cash of $22 million and cash conversion of 107%
•  Earnings per share up 62% to 7.83 cents per share (H1 FY20: 4.83 cents) supporting a 32% increase in dividends to 3.30 cents per share fully franked (H1 FY20: 2.50 cents)

Disc: I hold