Raspberry Pi has cemented its status as one of London’s most successful stock market listings of recent times as it posted a bumper set of profits.
Shares in the Cambridge-based computer business – which floated in June at 280p each to much fanfare – surged 6.6 per cent, or 23p, to 371.2p yesterday.
The rally came as the group revealed profits hit £16million in the first six months of the year, up 55 per cent from the same period the year before.
Booting up: Shares in the Cambridge-based computer business Raspberry Pi – which floated in June at 280p each to much fanfare – surged 6.6%
Revenues also climbed 61 per cent to £108million – exceeding analysts’ expectations.
Raspberry Pi, founded in 2012, designs products used by enthusiasts to make computer servers or retro games consoles.
It became one of the few companies to join the London stock market in the first half of this year, valued at £542million.
Shares have since climbed 33 per cent – making it one of the most successful London listings of the past few years.
The company, which joined the FTSE 250 this week, is worth £720million.
Raspberry Pi’s success will be seen as a much-needed shot in the arm for stock exchange bosses and others in the City, who will be hoping it will help encourage others to join the London market.
It is also a sharp contrast to the ongoing exodus from the stock market as companies are taken over by foreign buyers or list their shares elsewhere.
Raspberry Pi co-founder Eben Upton said the decision to list in the UK was the right one.
Amid concerns that British investors are anti-tech stocks, he said there was a lot of ‘smart money’ in the UK that understood technology.
Raspberry Pi makes single-board computers (SBCs), which are small and affordable and have built-in microchips and memory. It recently introduced a machine-learning product, which helps firms use artificial intelligence.
Mark Crouch, market analyst at investment platform eToro, said the company is not built on hype and ‘has a loyal customer base that is growing’.
Neil Shah, analyst at Edison Group, said ‘the potential for growth is vast’.
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