Profits at Dublin-based data centre developer Winthrop Technologies increased by 38% over its latest fiscal year to €118.6m on the back of increased volume and magnitude of projects.
The company is a dedicated turnkey data centre delivery partner in Europe which means it designs, constructs, and delivers ready to operate centres for their clients.
In the 12 months to the end of April, the company’s turnover increased by €219m to €1.28bn compared to the previous financial year. Profits before taxation increased by €32m, up 38%, from €86.2 to €118.6m.
At the end of the financial year, the company had assets of €416.5m, 54% year-on-year increase and liabilities of €211.2m, an increase of €44m. The company had €140.8m of cash at bank and in hand, as of the end of April.
This increase was driven by the ongoing profitability of the principal business of the Group and the strongly cash generative nature of its operations.
Chief executive of Winthrop Technologies Anne Dooley said their results reflect the “increasing growth and strength of the European data centre market” and the company’s “place at the forefront of the delivery sector”.
“In the past financial year, we have continued to build and add to our blue-chip customer base. We have a very positive outlook for the coming year and we are set for further significant expansion of our business across Europe as we continue to deliver high quality, turnkey data centres for our clients, on a repeated basis.”
A majority stake in the company, 50.7%, was purchased by US investment firm Blackstone in August with the existing shareholders retaining the remaining shares.
The company said this partnership would allow it to accelerate its growth trajectory as well as capitalise on the ongoing demand for data centres. The increased demand for data centres over the last few years has been driven by the continued move by tech companies towards AI as well as cloud-computing adoption.
Winthrop Technologies operates across eight European market. It said it is plotting further expansion into other European markets in the next 12 to 18 months.