UK-based budget computer manufacturer Raspberry Pi has announced that its profits exceeded expectations in its first update since its initial public offering (IPO) on the London stock market earlier this year.

As a result, the company's shares experienced an uptick in early trading on Tuesday.

The Cambridge firm raised £178.9 million during its IPO in June, marking a significant boost for the London Stock Exchange after a period of limited new listings.

Earlier this week, Raspberry Pi was included in the FTSE 250 index.

The newly public company reported a 61% increase in revenues, reaching 144 million US dollars (£107.9 million) for the six months ending June 30, compared to the same timeframe last year. This growth was attributed to the "strong uptake" of its Raspberry Pi5 product.

Consequently, the company stated, “Having previously anticipated that performance would be more pronounced in the latter half of the year, we have adjusted our outlook, with first-half profitability surpassing internal expectations.”

Raspberry Pi also indicated that it expects increased unit sales in the second half of the year, driven by new product launches.

Eben Upton, the chief executive of Raspberry Pi, remarked, “In a strong first half, we experienced significant demand for our latest flagship single board computer, the Raspberry Pi5, alongside the launch of the Raspberry Pi AI Kit and the successful ramp-up to production of RP2350, our second-generation microcontroller platform.”

The elevated customer and channel inventory levels observed during the IPO have been gradually decreasing, with indications that this process will be completed by the end of the year.

“Our team is exceptional, our product offerings are top-tier, supported by an inspiring future roadmap, and we have a dedicated and engaged customer base that we can further expand.”