Raspberry Pi says positioned strongly despite annual profit fall
Raspberry Pi on Wednesday reported a decline in annual earnings, but expects a ‘steady build-up in demand’.
The Cambridge, England-based maker of personal-use computers and modules debuted on the London Main Market in June last year.
Raspberry Pi shares were 9.9% higher to 517.24 pence each on Wednesday morning in London, giving it a market capitalisation of £990.8 million. They are up 85% from their 280p initial public offering price.
Pretax profit fell 57% to $16.3 million in 2024 from $38.2 million in 2023, as revenue declined 2.4% to $259.5 million from $265.8 million. The company said channel and end-market demand improved through the final quarter and continued to strengthen.
Chief Executive Officer Eben Upton said: ‘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.’
Raspberry Pi declared no dividend, with the medium-term expectation being that ‘cash generated will be reinvested into the business’.
‘With channel inventory now normalised, Raspberry Pi anticipates a steady build-up in demand throughout the year, positioning us strongly despite ongoing macroeconomic and geopolitical uncertainties,’ it said. ‘The projected pace of market recovery, coupled with the timing of embedded design wins, strengthens confidence in solid and sustainable sales growth in full-year 2025.’
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