29th Jan 2025 10:29
(Alliance News) - Raspberry Pi Holdings PLC on Wednesday said inventory levels normalised in the second half of 2024, and is targeting gradual growth in the year ahead.
The Cambridge, England-based maker of personal-use computers and modules debuted on London's main market in June.
The firm's monthly shipments hit a low in the summer, but "recovered steadily" in the second half of the year, Raspberry Pi said.
The firm expects to report adjusted earnings before interest, tax, depreciation and amortisation not less than USD36 million in 2024. This would be a 17% drop from USD43.4 million the year prior.
Cash balance at December 31 was around USD45 million, up from USD42.2 million at the 2023 year-end.
The firm's shares fell 3.0% to 718.06 pence each on Wednesday morning in London.
Raspberry Pi anticipated seeing "the full benefit" of 2024's new product launches in the coming year.
The firm also noted talks about possible "major" contracts with original equipment manufacturers.
"Looking ahead, Raspberry Pi expects demand to build gradually through the year," the company said.
"Medium-term fundamentals remain extremely positive. The company has a sufficient supply of memory to meet expected demand into Q3 of this year, giving it confidence in its unit economics for 2025."
Chief Executive Eben Upton added: "We are proud of the group's performance in our first year as a PLC, achieving significant milestones, including listing the company on the London Stock Exchange, our inclusion in the FTSE-250 index, and the successful launch of key products, against a backdrop of challenging end-market demand."
By Holly Munks, Alliance News reporter
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