Red Hat year end turnover rockets

But net profit drops by almost 25 per cent year on year

Open source vendor Red Hat has revealed a 44 per cent increase in turnover for its year-end financials.

For the year ended 28 February 2007, turnover stood at $400.6m compared to £278m the year before.

However net profit decreased from $79.7m to $59.9m for the 12-months.

Charlie Peters, chief financial officer at Red Hat, said: “This past year was characterised by solid execution, rapid growth and global expansion. We have invested in people, systems and technology to continually add value to our customers.

“We are pleased with our ability to continue to generate strong cash flow and improve margins, while rolling out enhanced solutions such as the Red Hat Application Stack and Red Hat Enterprise Linux 5.0 to spur future growth.”