29th Apr 2022 11:10
(Alliance News) - Alphawave IP Group PLC on Friday posted a higher annual profit and revenue, boosted by an increase in customers.
Pretax profit in 2021 grew to USD23.1 million from USD16.8 million in 2020. Revenue climbed to USD89.9 million from USD32.9 million. Citing its growth strategy, the firm does not aim to pay dividends in the short or medium term.
Looking ahead to 2023, the London-based designs and licences chip technology expects a revenue of between USD325 million and USD360 million. It expects to grow beyond that to over USD500 million in 2024 and revenue of over USD1 billion by 2027.
The firm added it had 20 customers compared to 11 by the end of 2020. Bookings in its first quarter were up 20% to USD30.7 million, Alphawave said.
Company shares were 12% lower at 141.40 pence each in London on Friday morning.
By Tom Budszus; [email protected]
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