Inventory issues drove down pre-tax profit by more than half in the first full-year of results for computer maker Raspberry Pi since its IPO last June.
The FTSE 250 firm reported profit before tax of $16.3m for the year ended December 2024, 57% down from 2023.
In part this was down to shortages of single board computers and compute models, originating from the pandemic. The company said it has now completed its supply recovery and anticipates a steady build-up in demand for 2025.
Raspberry Pi also noted increased administrative costs due to the additional requirements of being a public company. Total revenue over the period fell 2% to $259.5m.
Last year, the company listed on the London Stock Exchange in an IPO that raised £143.1m in an otherwise dry year for UK tech listings.
The share price has been somewhat volatile since then, peaking in January at £76.60 before tumbling more than 30% by late March. Raspberry Pi stock jumped as much as 10% on Wednesday.
“The IPO in June 2024 has undoubtedly extended awareness of Raspberry Pi’s value proposition from the engineering department to the C-suite at major OEMs,” said CEO Eben Upton.
“In the second half we released more products than in any prior full year, despite the potential distraction of the IPO, continuing to excite our enthusiast and embedded communities.”
Upton said he was “confident” the company would see “gradual improvements” in end-demand in 2025.
The first half of 2024 saw strong sales from the company, 61% higher than the same period in the previous year. But in the second half of the year, demand for its products normalised.
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