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Raspberry Pi makes affordable single-board computers that can be found anywhere from smoke detectors to electric vehicle chargers. They are power efficient and adaptable, which gives them a range of potential uses.

This summer, the company listed on the London Stock Exchange, a move that generated a lot of attention given the recent exodus of tech companies. Last month, it reported its first half-year results, which showed strong growth. Revenue increased 61 per cent to $144mn, while adjusted cash profit (Ebitda) was up 55 per cent to $21mn.

The business sells its computers directly to customers and original equipment manufacturers. It is now also licensing its designs so other companies can build the computers, which is driving growth. In the six months to June, unit sales through licensing increased 144 per cent to 1.3mn, while direct unit sales were up just 4 per cent to 2.4mn. Overall, unit sales rose a healthy 31 per cent.

In the first half, management said profit was ahead of expectations. However, growth has slowed in the second quarter and inventories more than doubled, which meant operational cash flow swung from an inflow of $11.5mn last year, to an outflow of $22.7mn.

Raspberry Pi expects this inventory to normalise by the end of the year. Its house broker Peel Hunt agrees and believes there could be some softness in the second half, but expects growth to pick up again. In the long run, the broker thinks “edge computing will do to Raspberry Pi what the desktop did to Microsoft”. Given this optimism, it is unsurprising Peel Hunt has Raspberry Pi trading on an expensive-looking forward PE ratio of 33.

However, despite these growth prospects chief commercial officer Mike Buffham, chief technology officer James Adams and co-founder Elizabeth Upton, the spouse of chief executive Eben Upton, have all recently sold shares. Buffham sold £570,000-worth, Adams £193,000 and Upton £248,000. Raspberry Pi said this was part of their “financial planning”. 

If Raspberry Pi does go on to dominate edge computing, these sales will prove to be poorly timed. However, there is a long way to go before we know the accuracy of that forecast.

New M&C Saatchi bosses buy in 

M&C Saatchi is used to turbulence. The advertising agency was set up by brothers Maurice and Charles in 1995 after they were ousted from their original creation, Saatchi & Saatchi, by dissatisfied shareholders. A quarter of a century later in 2019, an accounting scandal hit the group, prompting a boardroom overhaul and another dramatic departure by Lord Maurice Saatchi (Charles had cut ties several years earlier). 

Now, more changes are afoot. Zaid Al-Qassab, former chief marketing officer for Channel 4, has taken the reins as chief executive and Zillah Byng-Thorne, fresh from magazine publisher Future, is chair. Simon Fuller, former finance head at newspaper group Reach, has also started as chief financial officer. 

Amid the latest upheaval, however, M&C Saatchi has been finding its feet again. Its interim results last month revealed a significant uptick in organic sales growth, helped by stronger demand for advertising in the US, the Middle East and Europe. Meanwhile, the new management team is making good headway on costs — staff costs fell by 13 per cent in the first half of 2024 to £86.6mn and the property footprint has been scaled back. The shares have risen by 16 per cent since January as a result, and are up almost 40 per cent year-on-year. 

The new directors also appear to be feeling confident. Al-Qassab has bought more than 50,000 shares for £1.87 each, or a total of £100,000. Meanwhile, Fuller has bought 36,000 shares for £1.80 each, or a total of £65,000. Their overall shareholdings remain relatively small, however; Al-Qassab’s beneficial interest in the group sits at 0.04 per cent, while Fuller owns 0.03 per cent. 

MARTIN Lewis’ Money Saving Expert has named Nationwide and Lloyds among the top bank accounts paying free cash.

Banks often offer incentives to attract new customers, usually in the form of a cash bonus.

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And five major banks, including Nationwide and Lloyds, have launched new schemes to allow customers to pocket free cash when they move current accounts.

All you need to do to get it is switch your current account using something known as the Current Account Switching Service (CASS).

There are also some requirements, like setting up a certain number of direct debits, or paying in a set amount of money, though this will depend on each offer and varies from one bank to the next.

Lloyds revealed that current account holders who switch to its Club Lloyds account can receive a whopping £200, the largest bonus on offer right now.

Nationwide Building Society is offering customers £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.

Switching bank accounts has never been easier thanks to the Current Account Switch Service (CASS), which will move you withing seven days and handles most of it for you (see more on how it works below).

Make sure to check all the terms of the switch and full eligibility criteria so you don’t miss out on the bonus.

Plus you’ll want to check that the account suits your needs too, for example if you need an overdraft that it offers one, or that the bank has a nearby branch if you prefer to do your banking in person.

Here is the full list of banks offering the best switch offers.

Lloyds

Lloyds has confirmed that customers who switch to it Club Lloyds account can get £200.

Both new and existing customers can take advantage of the free cash offer available for those who switch between October 2 and December 10.

Those who switch to the Club Lloyds account can expect the £200 to be paid within three days of the switch completing.

Though this is the highest bonus being paid now, be aware that the account comes with a £3 a month fee unless you pay in £2,000 a month.

To do the switch, customers can either scan the QR code available on the bank’s website or use the mobile app.

New customers can get the bonus, and so can existing Lloyds customers if they don’t already have a Club Lloyds account and open a new one.

Those who already received a switch bonus since April 2020 from Lloyds, Halifax or Bank of Scotland (all part of the same group) won’t be eligible.

The Club Lloyds also offers a range of perks, including a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.

But remember you pay a fee for the extras, so work out if it’s worth paying the fee to get these.

Here are the details and costs of the Lloyds’ account.

• £3 monthly fee, waived each month that you pay in £2,000 or more.
• Earn credit interest on balances up to £5,000,  when you pay out two different direct debits each month.
• Choose a yearly benefit from: 12 months of Disney+, six x cinema tickets at ODEON or Vue cinemas, An annual Coffee Club and Gourmet Society membership, An annual magazine subscription.

The same bonus is also available when switching to the Club Lloyds Platinum Account and Club Lloyds Silver Account but these comes with a £22.50 and £11.50 a month fee, respectively, on top of the £3.

Nationwide Building Society

Nationwide Building Society has launched a new offer of £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.

To get the free money, you must switch through the Current Account Switch Service (CASS).

It’s worth noting that the FlexPlus account does charge a monthly fee in return for benefits such as insurance and breakdown cover.

Currently it’s £13 but that will increase to £18 per month from December.

Once again it’s worth checking that these are worth paying for.

You’ll need to have at least two direct debits coming out of the account and pay in at least £1,000 within 31 days of making the switch.

You’ll also need to pay for something with your debit card, but there are some transactions like gambling that won’t count.

First Direct

First Direct has confirmed that it has relaunched its popular cash switch incentive for anyone who opens a 1st Account.

Customers can receive a payment of up to £175 by using the Current Account Switch Service (CASS).

Users have to switch at least two direct debits or standing orders within 30 days of opening the account to qualify for the cash.

Switchers also need to add at least £1,000 into the account, register and log on to internet banking and use the debit card at least five times within 30 days of opening the account.

Customers who meet the criteria should expect the free bonus in their accounts by the 20th of the following month.

The bank revealed that new customers switching to their current account to first direct can expect several extra perks, including a £250 interest-free overdraft.

You won’t qualify for the switching incentive if you have previously held a First Direct product or opened an HSBC current account on or after January 1, 2018.

Customers moving across to the bank will also get access to a regular savings account paying 7% interest, one of the best deals around, as well as a 0% overdraft on the first £250.

Co-operative Bank

The Co-operative Bank has announced eligible customers could receive up to £150.

The first £75 is given when a customer completes a switch to the bank.

Then, the bank is offering three monthly instalments of £25 – another £75 – to make up the £150.

Both new and existing customers can apply to switch to a current account to make themselves eligible for the payment.

Like any good offer, there are a few boxes to tick off before the big payment comes in.

Customers must apply for a Standard Current Account or Everyday Extra account.

To be eligible, customers must not have benefited from a switch incentive at The Co-operative Bank since November 1, 2022.

And to receive the first £75, customers need to follow a series of rules.

They are:

• Deposit a minimum of £1,000 into their new account (this includes balances transferred as part of the switch).
• Have 2 active Direct Debits.
• Make a minimum of 10 debit card or digital wallet transactions (pending payments will not count toward the fulfilment of this criteria).
• Register for our online and/or mobile banking service.
• Set up the debit card in a digital wallet (Apple Pay, Samsung Wallet or Google Pay).

That leaves the three £25 instalments – and there are some rules to claim them too.

Bankers need to deposit at least £1,000 into their account, have two direct debits and make a minimum of 10 debit card transactions.

How to switch current accounts

Switching bank accounts can in most cases be done via the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are signed up, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.

The full list of participating banks and building societies is on the CASS website.

All you have to do is apply for your desired new current account and the new bank will tell your existing one that you’re making the switch – then they will do the rest of the legwork.

Any direct debits are moved across for you, but there are a few things you can do before applying.

This includes choosing the date you switch and transferring any old bank statements to your new account.

You can get these by asking your existing bank.

The death knell for the British pub has been sounded many times. Pub numbers have dwindled from around 75,000 at the start of the 1970s to 45,000 now. Myriad pressures are behind the closures, including soaring costs, rising taxes, competition from supermarkets and lower levels of alcohol consumption among younger age groups.

A new government proposal to ban smoking in pub gardens, with stronger rights for workers, has alarmed publicans who argue the outdoor smoking plan will trigger another industry call for last orders.

Labour’s motivation is public health, echoing the Cameron-Osborne government’s soft drinks sugar levy in 2016 which was designed to tackle issues around childhood obesity. That forced soft drinks manufacturers to reformulate their products (or whack their prices up), and it helped cut sugar levels in children’s diets.

But publicans argue the measure will put a dent in profits, not smoking rates, and are pleading with the government to rethink the planned measure. While the smoking ban is a tricky new challenge, Britain’s listed pub companies are not in bad shape, with most reporting good momentum in food and drink sales.

If anything, they are evidence that a tough market can help incumbents grow stronger as newcomers are deterred, and that solid propositions can trump adversity. Young’s offers an appealing mix of beer and bedrooms, Mitchells & Butlers manages well-known restaurant and pub brands, Marston’s has sloughed off its brewing business to focus on its pubs, while Wetherspoon’s commitment to low prices means its customers keep coming back. 

HOLD: JD Wetherspoon (JDW)

JD Wetherspoon announced its first dividend in five years after a strong year from the pub chain, writes Christopher Akers.

Site disposals helped adjusted pre-tax profits rise by almost 75 per cent.

Like-for-like sales were up 7.6 per cent against last year, as bar sales rose 8.9 per cent. Sales came in 16 per cent ahead of pre-pandemic levels, while robust post-period growth of 4.9 per cent over the nine weeks to September 29 was nicely ahead of the 2.9 per cent managed-pub sector growth reported in the latest CGA RSM hospitality business tracker. 

Adjusted operating profit rose 30 per cent to £140mn, supported by lower depreciation and amortisation charges, while the margin improved by 130 basis points to 6.9 per cent. 

Wetherspoon sold 18 pubs in the year and terminated the lease on a further nine sites, which resulted in a cash inflow of £8.9mn. The company thinks it has the potential to operate about 1,000 UK pubs, compared with 800 sites at the year-end. 

Statutory profits fell by a third on a combination of higher operating costs and lower finance income. Inflationary cost pressures were evident in the 7 per cent increase in wages and salaries, while the £81.6mn drop in finance income was due to movements related to the company’s interest rate swaps.

Debt (excluding lease liabilities) sat at £660mn at the year-end, up around £20mn from the previous year but almost £150mn down on the pre-pandemic position. Higher-than-usual spend on the existing pub estate was evident in the movement in investment from £47mn to £83mn year on year. 

Chair Tim Martin, never one to shy away from comment, turned his ire towards media reports of potential licensing law reform and a “slightly daft” academic proposal that pubs should sell beer in two-thirds of a pint to reduce alcohol consumption. 

In the view of Shore Capital analyst Greg Johnson: “It is difficult to reconcile why Spoons should command such a premium rating to its pub peers”, given the context of the company being “a net seller of pubs, a normalising in LFL sales trends and leverage ratios arguably higher than optimal”. 

The shares trade at 14 times forward consensus earnings, half the level of the five-year average but pricier than the ratings on offer at listed rivals such as Mitchells & Butlers. Management guided, rather vaguely, for “a reasonable outcome for the current financial year”. 

BUY: Volution (FAN)

Ventilation specialist Volution has had many reasons to celebrate in the 10 years since its IPO, but its shares retreated from a multiyear high even though its annual results were in line with market expectations, writes Maisie Grice.

Ultimately, the group registered an 11.7 per cent rise in adjusted operating profits to £78mn on a 120 basis point increase in the underlying margin. This was achieved despite slowing demand for new-builds in the housing market and high interest rates across several countries.

Operational progress is reflected in the cash conversion rate of 107 per cent rate, which enabled Volution to bring its net debt leverage to the lowest ratio since admission, while developing awareness of black mould and tighter regulations for social housing saw the UK residential business deliver its strongest growth to date, increasing by 17.1 per cent to £105mn.

Volution maintains confidence in the UK market’s future, as it expects the Labour government’s new laws surrounding social housing to have a material impact. However, the strains in the original equipment manufacturing (OEM) market were evident throughout the year.

Organic growth in continental Europe was broadly flat, with faltering demand in Germany a reflection of the challenges facing the region’s largest economy. By contrast, the outlook for the ClimaRad subsidiary in the Netherlands remains positive due to rising demand for low-carbon refurbishment.

Momentum in Australasia decreased due to softer demand in New Zealand, as the performance of the DVS business (acquired in August 2023) fell short of expectations. The scale of the regional business will change dramatically upon completion of the post-period end deal to acquire the Fantech Group for AUD$280mn (£144mn).

The forward rating of 20 times consensus earnings suggests the market is up to speed, but we believe the tightening regulatory framework and housing market stimulus will eventually underpin growth opportunities.

BUY: Netcall (NET)

Netcall’s low-code platform is supposed to break down the barriers between software engineers and the rest of a company, writes Arthur Sants.

Its Liberty Create platform gives customers the ability to harness software solutions without needing a lot of coding experience.

The commercial argument for lots of software companies was that when interest rates went up and costs needed to be managed more stringently, businesses would increasingly look for software solutions. This hasn’t quite played out for everyone, but Netcall’s flexible platform has been in demand due to its flexibility.

In the year to June, revenue increased by 9 per cent to £39.1mn, driven by the cloud services revenue, which was up 19 per cent to £19.8mn. Meanwhile, total annual contract value rose by 15 per cent to £32mn.

In the year, adjusted cash profit (Ebitda) rose by 5 per cent to £8.4mn, which meant an Ebitda margin of 22 per cent. This was despite a 14 per cent increase in R&D spending to £5.7mn, which shows it continues to invest in the product.

This profit is also efficiently being turned into cash flow, which has helped fund the acquisition of three businesses, including an AI document processing business, Parble. Two businesses were acquired after the period for around £20mn, but with £34mn cash on the balance sheets this isn’t a problem.

There is not much to dislike about Netcall, so it is unsurprising it is trading on a forward price/earnings (PE) ratio of 23. But there aren’t many businesses with its profitability metrics and a free cash flow yield of 7 per cent.

TESCO has issued an urgent one-week reminder to shoppers saving for Christmas as they may be able to get a bonus payment.

It relates to the supermarket’s Clubcard Christmas Saver scheme which is designed to help shoppers maximize their savings for the holiday season.

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It works by allowing you to save your Clubcard vouchers throughout the year.

Then, in November, Tesco sends you your vouchers for the value of what you saved, which you can now spend over the busy Christmas period.

You can also receive a bonus for making the savings with Britain’s largest supermarket.

The smallest bonus is worth £1.50 when you save between £25 and £49.50, and the biggest is £12, which you get when you save between £200 and £360.

The deadline to top-up your Clubcard Christmas Savers account is 11.59pm on October 17.

Shoppers should then expect to bank their bonus in their November statement.

You can redeem your bonus vouchers on the Tesco website, in store, or on petrol.

A Tesco Spokesperson said: “Our Clubcard Christmas Savers scheme helps customers to save their Clubcard vouchers throughout the year so they can use them for their big Christmas shop.

“Customers can now top-up their Christmas Savers account online, and manage their account through our website or app, making it easier than ever to earn bonus vouchers to spend at Tesco.”

In order to save your vouchers, ensure you have opted in to the scheme via the Tesco app or online.

You’ll then need to scan your Clubcard at the checkout whenever you shop, and Tesco will hoard your vouchers until the yearly deadline.

This comes after a change to the scheme earlier this year left shoppers worried that it had been axed for good.

On April 1, Tesco stopped customers from being able to make any cash top-ups.

This meant that members could no longer receive a bonus of up to £12 on top of the Clubcard vouchers added to their Christmas Saver.

At the time, Tesco told The Sun that the scheme wasn’t being axed and that it had only paused the ability for customers to make cash top-ups in-store.

However, The Sun can now reveal that cash top-ups for Clubcard Christmas Savers are back for good.

This means those who top up £25 in their account will get a £1.50 bonus voucher.

Those topping up £50 will get £3 back and those topping up over £100 will get a £6 bonus voucher.

To get the full £12 bonus voucher, you must top up your savings to over £200 – up to a maximum of £360.

How does Tesco’s Christmas Savers scheme work?

With the Christmas Savers scheme, Tesco looks after the vouchers you collect when shopping at the supermarket throughout the year and then sends them all in November, before Christmas.

In addition to collecting points, you can top up your Christmas Saver account with up to £360 in cash.

This is optional but can help you save even more and you’ll be rewarded with a bonus voucher worth up to £12.

The supermarket sends statements throughout the year to allow customers to keep track of their savings.

To sign up for the scheme, you need to create a Tesco account and access the Vouchers Scheme by visiting https://secure.tesco.com/clubcard/christmas-savers.

You’ll then need to scan your Clubcard at the checkout whenever you shop, and Tesco will hoard your vouchers until the yearly deadline.

The final opt-in and top-up date for the Clubcard Christmas Saver is October 17.

In November, you will receive all your saved vouchers, including any bonus vouchers, in one go.

This lump sum can help cover the cost of Christmas shopping, making the holiday season more affordable.

However, it’s important to note that Clubcard and top-up vouchers are valid for two years, and bonus vouchers are valid for three months.