The European arm of GoDaddy, a leading US internet domain registry and web hosting firm, has bounced back into profitability after a loss of nearly $70m (£52.6m) the previous year.
The Nottingham-based division has posted a pre-tax profit of $4.2m (£3.15m) for 2024, a significant recovery from the $68.2m (£51.2m) loss in 2023, as reported by .
According to newly filed accounts with Companies House, GoDaddy's turnover also increased from $118m (£88.6m) to $141.7m (£106.5m) over the same period.
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The European arm's substantial loss in 2023 was attributed to several key factors, including the sale of certain assets, which resulted in a net pre-tax loss of $16.8m.
Founded in 1997 and headquartered in Arizona, US, the wider GoDaddy group is listed on the New York Stock Exchange as an S&P 500 member.
GoDaddy returns to profit as it cuts costs
A statement from the board noted: "The company's business strategy is dependent on the parent entities' market focus on selling business application internet-related products and services to customers in the United Kingdom and European region.
"The market focus on this region was evident in the 34 per cent growth in third party revenue year over year.
"This is due to an increase in business applications sales to $106m (2022: $79m).
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"The intracompany revenue has decreased by nine per cent compared to 2023.
"The gross profit margin is down by seven per cent year over year due to increased cost for business application and higher charges from related parties.
"The administrative expenses are lower by $3.6m mainly due to lower marketing spend by $3.3m which was offset by increased indirect tax charges to expense by £1.7m and lower salaries and other personnel costs by $1.8m including a decrease in stock compensation expense."