Sales have surged at Raspberry Pi in the company’s first published results as a listed business following a successful IPO.

The firm reported revenues of $144m for the first six months of the year, a jump of 61% on the previous year, while pre-tax profits nudged up slightly to $10.8m.

But the computing business warned that sales were slowing down into the second half of the year, with demand ‘normalising’ for a number of its products.

CEO Eben Upton said: “We have an extraordinary team, a world class product set backed up by an exciting future roadmap, and a loyal and engaged customer base that we can continue to grow. In the second half, we have further planned product releases and a number of initiatives to further expand.”

But he cautioned: “The higher than usual customer and channel inventory levels which were evident at the time of the IPO have continued to unwind, and there is a growing sense that this will have concluded by the year end.”

Raspberry Pi shares rose 6.4% to 371p.

Total board sales volumes increased by 31% over the period, due to the growth in compute module sales and 1.1 million unit sales of Raspberry Pi5, launched in October 2023, while there was a decline in Raspberry Pi4 unit sales and the sales of legacy boards. The company said it had ramped up its R&D spend over the period, increasing the number of engineering staff from 46 to 61.

Shares Raspberry Pi soared by as much as 40% on its debut as a public company in June, in a much-needed boost for the London Stock Exchange, which has struggled to recapture the highs of the 2021 tech IPO boom.

Raspberry Pi priced shares at 280p for its IPO, giving it a market capitalisation of £514.6m. The successful IPO raised £178.9 million including £31.4m for the company.

The firm has since been admitted as a constituent of the FTSE 250, and has been awarded the London Stock Exchange’s Green Economy Mark based on the energy efficiency benefits of its computers.

Founded in 2012, Raspberry Pi creates single-board computers that are aimed at making computing more accessible to young people and hobbyists.