21st Sep 2022 12:02
(Alliance News) - Alphawave IP Group PLC on Wednesday reiterated its optimistic guidance as interim pretax profit increased 17-fold.
Alphawave IP is a London-based connectivity technology provider.
Pretax profit in the half-year to June 30 surged to USD22.2 million from just USD1.3 million a year prior. Revenue doubled to USD57.1 million from USD27.6 million.
Adjusted earnings before interest, tax, depreciation and amortisation rose 67% to GBP23.2 million from GBP13.9 million. The Ebitda margin fell to 41% from 50%.
Looking ahead, firm expects customer traction to gain momentum and anticipates "multiple IP design wins".
"Despite the uncertain macroeconomic environment, our growing pipeline reflects positive growth trends in data infrastructure markets and the continued investment in next generation connectivity solutions. This combined with our talented team and strong balance sheet give us continued confidence in our future."
Further, Alphawave reaffirmed the mid-term and long-term outlook it had provided in April. Back then, Alphawave said for 2023 it expects revenue of between USD325 million and USD360 million and for this to grow beyond that to over USD500 million in 2024. It expects a revenue run rate of more than USD1 billion per year by 2027.
Alphawave shares were 4.6% lower at 148.86 pence each in London on Wednesday morning.
By Tom Budszus; [email protected]
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