(Alliance News) - Alphawave IP Group PLC on Friday affirmed its yearly guidance after reporting record first-quarter bookings, though it announced its shares are to be suspended as it expects to report audited 2022 results later than permitted.

Shares in the connectivity technology provider slumped 13% to 103.60 pence each in London on Friday morning.

London-based Alphawave said that while "audit procedures are substantially complete", its external auditor has asked for "more time to complete its internal oversight and assurance processes". This is now expected to be published on or around May 12, which falls outside of a Financial Conduct Authority deadline.

Its stock will be suspended from May 2 until it publishes audited results.

Alphawave, a provider of items such as chiplets and silicon products to customers in the data centers, autonomous vehicles and computing spaces, does not expect its audited report to differ from preliminary numbers reported on Friday.

These showed revenue in 2022 more doubled year-on-year to USD192.4 million from USD89.9 million. Pretax profit improved 6.7% to USD24.6 million from USD23.1 million.

"In 2022 we delivered another set of strong results, doubling our revenue year-on-year while investing to support our growing pipeline and future revenue growth. During the year, we welcomed almost 400 employees from the acquisitions of Precise-ITC, OpenFive and Banias Labs. In 2023, we will consolidate our vision for the business and will set the foundations from which we can continue to deliver growth," Chief Executive Officer Tony Pialis said.

Alphawave said it has achieved "several exciting new wins" during the first quarter of 2023.

It reported "record quarterly bookings" which topped USD100 million for the first time. They surged to USD103.1 mullion from USD25.0 million a year prior.

It left 2023 guidance unchanged, still expecting revenue of USD340 million to USD360 million, potentially up around 87% from 2022's level.

"Despite the uncertain macroeconomic environment, our growing pipeline reflects positive secular 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 confidence in our future," Alphawave said.

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.