Pre-tax profits at data centre builder, Winthrop Technologies have this year increased almost six fold to €86.17 million.
New 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.
This followed revenues surging by 55% from €685.24 million to €1.06 billion in the 12 months to April of this year.
The directors state that the firm "has a strong order book for 2024 and beyond and a strong cash generating capability".
The group recorded post tax profits of €73.32 million after paying corporation tax of €12.84 million.
The directors state that the results for fiscal 2023 were "ahead of expectation" and they expect to see "continued strong growth in future years".
They state that this forecast is based on the depth, visibility and quality of pipeline opportunities and the ongoing positive dynamics in the sector.
The directors' report also state that the group has enjoyed further exceptional growth during the year "a testament to the continued timely delivery of high quality turnkey data centre projects for its pillar customers".
The directors state that during the year, the company completed its final, legacy non-data centre projects.
On the company website, it shows that the company is currently constructing five separate data centre projects in Dublin including one for a 'US hyper-scale’ client.
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 state that the business continues to expand across Europe with key strategic clients and now operates in multiple locations.
The directors state that the group's underlying post tax profits of €95.7 million which is a 71% increase on the underlying profits of €56 million in fiscal 2022.
The business is controlled by founder and majority shareholder, Barry English while former Ryanair deputy ceo and chief operating officer, Michael Cawley was appointed as a director in January 2022 and chairs the board.
The business is led by ceo and shareholder, Anne Dooley.A mechanical engineer, Ms Dooley joined Winthrop Technologies in 1997 during Winthrop’s start-up phase.
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 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 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.
Reporting by Gordon Deegan
