Irish unit of open source software developers Red Hat sees profits jump – Irish Times

A Cork-based subsidiary of open source software specialist Red Hat reported a sharp rise in revenues and profits last year, recently lodged accounts show.

Red Hat Ltd, whose parent acquired Irish software firm Feed Henry for 63.5 million in September 2014, recorded a pretax profit of 33.2 million for the 12 months ending February 2016. This compares with a profit before tax of 26.6 million a year earlier.

Turnover for the company, which also has offices in Dublin and Waterford, the latter a result of the Feed Henry acquisition, rose to 430.7 million from 341.2 million a year earlier.

Distribution costs increased to 362.5 million from 289.5 million as administrative expenses rose to 35.8 million from 25.8 million.

The Irish unit employed 98 people during the reporting period with staff costs totalling 17.4 million, as against 13.4 million in the preceding year.

Red Hat Limited is a wholly owned subsidiary of Round Pond, which is incorporated in Ireland. Its ultimate parent is North Carolina-base Red Hat Inc, which reported revenues of 2.05 billion for the year ending February 2016.

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Irish unit of open source software developers Red Hat sees profits jump - Irish Times