Raspberry Pi's shares jump 8% after revenues surge

(Image credit: Getty Images)

published 24 September 2024

Shares in Raspberry Pi rose by as much as 8% on Tuesday after the British microcomputer maker said revenues were up by almost two-thirds to $144 million in the first six months of the year.

The affordable computer supplier, which only listed on the stock exchange in June, said underlying profits had also increased by 55% to $20.9 million compared to the same six-month period last year. The company said this was aided by "strong uptake" of its Raspberry Pi5 single-board computer.

The rise comes after the Cambridge-based firm was promoted to the FTSE 250 earlier this month, just three months after its IPO.

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The group said: "Having previously expected performance to be weighted towards the second half of the year, this is no longer the case, with profitability in the first half ahead of internal expectations."

Raspberry Pi now anticipates higher unit volumes for the second half of this year on the back of new product launches.

Eben Upton, chief executive of Raspberry Pi, added: "In continued pleasing trading in the first half, we saw strong uptake of our latest flagship single board computer, Raspberry Pi5, the launch of the Raspberry Pi AI Kit, and the successful ramp to production of RP2350, our second-generation microcontroller platform.

"We have an extraordinary team, a world-class product set backed up by an exciting future road map, and a loyal and engaged customer base that we can continue to grow."

Shares in the company are now trading in the region of 375p, well above the initial price offering of 280p.

Raspberry Pi's IPO a victory for the London market

Raspberry Pi’s IPO has been cited as an important win for the London market, which has suffered from a number of UK-listed firms being bought out or moving abroad.

Paddy Power-owner Flutter, for example, has shifted its main stock market listing to New York, while German-owned Tui signed off a plan to delist from London in February.

Before Raspberry Pi’s IPO, London’s stock market has struggled to attract interest from high-growth technology firms, which have shown a preference to list in New York. Indeed, the London Stock Exchange lost out to the US last year when UK chip maker Arm Holdings chose Wall Street over London for its stock market return.

Upton said at the time: "The quality of the interactions during the marketing process has underlined our belief that London has the right calibre and sophistication of investor to support growing, ambitious technology businesses such as Raspberry Pi."

Chris is a freelance journalist, and was previously an editor and correspondent at the Financial Times as well as the business and money editor at The i Newspaper. He is also the author of the Virgin Money Maker, the personal finance guide published by Virgin Books, and has written for the BBC, The Wall Street Journal, The Independent, South China Morning Post, TimeOut, Barron's and The Guardian. He is a graduate in Economics.