Months after it was taken over by an Italian industrial giant, Wirral refrigeration specialist Brooktherm Refrigeration sees surge in revenues to £17.3m and a rise in profits. Tony McDonough reports
Wirral refrigeration specialist Brooktherm Refrigeration has seen an immediate boost from a takeover of the firm with a significant rise in both revenues and profits.
Accounts just posted on Companies House reveal the Wallasey-based firm saw turnover rise 22% to £17.3m for the year to March 31, 2024. Pre-tax profits came in at £1.3m, around 17% higher than in 2023.
Established in 2000, Brooktherm is a leading UK provider of industrial refrigeration and air conditioning services. In late November owners and directors Jamie Keating and Daniel Keating agreed to sell the business for an undisclosed sum.
Italian industrial giant Daikin Applied Europe bought Brooktherm via its UK subsidiary Daikin Applied (UK).
Daikin Applied Europe has an annual turnover of around £370m and owns a number of businesses across Europe. It, in turn, is a subsidiary of Japanese multinational Daikin Industries.
Employing more than 96,000 people at 100 production sites, serving customers in more than 170 countries, Daikin Industries generates annual revenues of more than £20bn.
Following the takeover deal Jamie and Daniel have remained with the business as it looks to grow its footprint across the UK. Customers have included the Cammell Laird shipyard in Birkenhead and global dairy company Arla.
According to the accounts Brooktherm paid dividends of just over £1m to an intermediate parent company, Brooktherm Holdings. During the year the business employed 79 people and directors’ remuneration totalled £83,435.
Following the takeover last year, Jamie Keating said: “The acquisition by Daikin Applied is an important step for Brooktherm Refrigeration.
“It will provide the investment needed for significant expansion and growth across the UK. We are excited about this new chapter in our company and are eager to combine our skills and strengths for the benefit of our customers.”
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Also speaking at the time of the deal, Claudio Capozio, CEO of Daikin Applied Europe, added: “The Brooktherm acquisition is an important progression that complements and strengthens Daikin’s established applied sales and service organisation within the UK.
“Brooktherm has a wealth of knowledge in service, maintenance and turn-key installation projects, and brings a high level of technical expertise across all HVAC areas.
“We look forward to this acquisition enhancing our ability to support our customers with the premium service that both Daikin and Brooktherm are renowned for.”