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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
Distribution costs increased to 362.5 million from 289.5 million as administrative expenses rose to 35.8 million from 25.8 million. <\/p>\n
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. <\/p>\n
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. <\/p>\n
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