Raspberry Pi has exceeded profit expectations following its flotation on the London Stock Exchange earlier this year.
- The company raised £178.9 million during its initial public offering in June, marking a significant achievement for the London Stock Exchange.
- A strong performance was reported in the first half of the financial year, with revenues surging by 61% to £107.9 million.
- The introduction of the Raspberry Pi5 and a new AI Kit contributed to the impressive financial results, exceeding initial forecasts.
- Production at the Sony UK Technology Centre in South Wales has been pivotal, with Raspberry Pi selling over 60 million single-board computers.
In its first financial update since going public, Raspberry Pi announced stronger than expected profits, reflecting a robust market performance. Following its successful initial public offering that raised £178.9 million, Raspberry Pi’s share prices increased significantly amidst a lack of new listings on the London Stock Exchange. The company’s debut positively impacted the FTSE 250 index, evidencing its substantial market influence.
Raspberry Pi reported a remarkable 61% increase in revenue, totaling £107.9 million for the first half-year ending June 30, compared to the previous year. The accelerated revenue growth was largely fueled by the strong demand for their latest product, the Raspberry Pi5. The firm noted, “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.”
Eben Upton, Chief Executive of Raspberry Pi, highlighted the successful launch of the Raspberry Pi AI Kit and the production ramp-up of the RP2350 microcontroller platform as key contributors to its positive financial outcome. He stated, “In continued pleasing trading in the first half, we saw strong uptake of our latest flagship SBC (single board computer), Raspberry Pi5.” The company anticipates further volume increases in the second half of the year, driven by upcoming product launches.
The unwinding of high inventory levels since the IPO, alongside the sustained demand for Raspberry Pi’s innovative products, suggests a positive outlook for the company. Upton noted the company’s extraordinary team, world-class products, and devoted customer base as pillars of its continued growth strategy.
Manufacturing at the Sony UK Technology Centre in South Wales has been instrumental to Raspberry Pi’s success, since shifting production from China in 2012. The centre employs over 500 individuals and has seen Raspberry Pi sell more than 60 million single-board computers thus far.
Raspberry Pi’s impressive financial performance post-IPO highlights its strategic market position and the robust demand for its innovative products.
