Pre-tax profits of €111.8 million reported at Winthrop Technologies

BALLYMOUNT company Winthrop Technologies has reported pre-tax profits of €111.8m for the year.

Excluding exceptional items, the data centre engineering company reported an increase in underlying profits of 71 per cent.

Anne Dooley, the group chief executive, said the “outlook for the coming year and beyond is positive and we expected continued expansion of the sector.”

She added that the dynamics in the sector were positive, as a result of continuing demand for data and cloud services “on the back of AI, gaming and commercial cloud use.”

Pre-tax profits were boosted to the tune of €25.6m thanks to the write-back of provisions made in the previous financial year.

The company made provisions for restructuring losses of €50m in 2022 because of the war in the Ukraine and its exit from legacy mechanical and engineering contractor activities.

Turnover rose 55 per cent to €1.06bn, as a result of a greater “volume and magnitude of projects on the turnkey data centre-sector.”

Winthrop operates in nine European markets, having expanded into Belgium.

It has identified opportunities in a further two markets.

It says it is the only European outfit focused exclusively on delivering turnkey data centres.

The company ended the year with cash balances of €130.9m.

It employs 654 staff and has a wage bill of €62m.

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