Raspberry Pi shares soar as profits rise: British computing firm is one of London’s top listed companies of recent times

Raspberry Pi has cemented its status as one of the most successful companies of recent times on the London Stock Exchange, posting a series of bumper profits.

Actions Shares in the Cambridge-based computer business, which floated in June at 280p each to great fanfare, rose 6.6 per cent, or 23p, to 371.2p yesterday.

The recovery came after the group revealed that its profits hit £16m in the first six months of the year, up 55 per cent on the same period a year earlier.

Revenue also rose 61 per cent to £108m, beating analysts’ expectations.

Raspberry Pi, founded in 2012, designs products used by enthusiasts to build computer servers or retro gaming consoles.

It became one of the few companies to join the London Stock Exchange in the first half of this year, valued at £542m.

The shares have since gained 33 percent, making it one of the most successful London listings in recent years.

The company, which joined the FTSE 250 this week, is valued at £720m.

The success of Raspberry Pi will be seen as a much-needed shot in the arm for stock exchange bosses and others in the City, who hope it will encourage others to join the London market.

It also stands in stark contrast to the continuing exodus from the stock market as companies are acquired 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 turning away from tech stocks, he said there was plenty 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 that helps businesses harness artificial intelligence.

Mark Crouch, a market analyst at investment platform eToro, said the company does not rely on advertising and “has a loyal customer base that is growing.”

Neil Shah, an analyst at Edison Group, said the “growth potential is huge.”