Pretax profits at data centre builder Winthrop Technologies increased almost six fold to €86.17 million this year. Newly-filed consolidated accounts for the Dublin-headquartered Winthrop Technologies Ltd show the business achieved the sharp increase in profits as revenues topped €1 billion for the first time.
Revenues surged 55 per cent from €685.24 million to €1.06 billion in the 12 months to April of this year.
The directors said the firm “has a strong order book for 2024 and beyond, and a strong cash-generating capability”.
The group recorded profits after tax of €73.32 million after paying corporation tax of €12.84 million.
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The firm is controlled by founder and majority shareholder Barry English. The business is led by chief executive and shareholder Anne Dooley. Numbers employed by the group last year increased from 598 to 654 as staff costs dipped marginally from €69.74 million to €69.1 million.
Pay to the firm’s six directors almost doubled from €609,794 to €1.15 million, made up of emoluments of €991,838 and pension contributions of €167,593.
The firm’s shareholder funds at the end of April this year totalled €102.6 million, while the group’s cash funds increased more than seven fold from €18.5 million to €130.86 million.
The directors stated the results for fiscal 2023 were “ahead of expectation”, and they expect to see “continued strong growth in future years”. The forecast is based on the depth, visibility and quality of pipeline opportunities and the ongoing positive dynamics in the sector, they added.
The group has enjoyed further exceptional growth during the year which is “a testament to the continued timely delivery of high quality turnkey data centre projects for its pillar customers”.
The directors said that during the year the company completed its final, non-data centre projects.
The company is currently constructing five separate data centre projects in Dublin, including one for a “US hyperscale” client, according to its website.
The directors state that revenues increased “primarily as a result of the increased volume and magnitude of projects in the turnkey data centre sector”.
They said the business continued to expand across Europe with key strategic clients and now operated in multiple locations.
Underlying profit after tax increased 71 per cent to €95.7 million.
