Telecity shares fall on euro fears Shares in Telecity Group reversed their recent upward march after investor fears of a further slip in the value of the euro weighed on the data centre provider. Over the past year Telecity has ridden the wave of growth in cloud computing, benefiting from a move by many companies to outsource data hosting as a cheaper alternative to managing it in-house. But shares in the data centre group - which have risen almost 50 per cent over the past year - on Tuesday slipped back 5 per cent to 762p after the group's first-quarter results highlighted its exposure to the single currency. Telecity earns more than half of its revenues in euros and Swedish krona, and investors appear to have been spooked by events over the weekend with Greece's political turmoil dragging on and French voters electing a new president. William Shirley, analyst at Liberum Capital, estimated that the weak euro would knock about 3 per cent from Telecity's 2012 earnings per share, assuming an average exchange rate of €1.23 against sterling over the year. That compares with an average of €1.17 in the 12 months leading up to the elections last weekend. But Europe's largest data centre provider by revenues shrugged off the concerns, and said: "This is a long-term business and we have a long-term focus. We don't react to short-term currency fluctuations. Telecity said it had increased its capacity by 7 megawatts in 2012 to 75MW, and has plans in place to increase this to 124MW over the next few years. The group, whose customers include Amazon, Toys R Us and Spotify, operates from 28 locations in the UK and Europe, and is poised to increase its total with the opening of a hub in Manchester later this year. The growth of cloud computing - where data are accessed remotely through the internet - has been bolstered by the increase in mobile data usage, and Telecity has attributed much of its growth to securing city centre locations that allow easier access to communications networks.