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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 $23.1 million from $16.8 million in 2020. Revenue climbed to $89.9 million from $32.9 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 $325 million and $360 million. It expects to grow beyond that to over $500 million in 2024 and revenue of over $1 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 $30.7 million, Alphawave said.
Company shares were 12% lower at 141.40 pence each in London on Friday morning.
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