LONDON (ShareCast) - (Sharecast News) - Shares in Alphawave IP Group tumbled on Friday after the UK chipmaker asked for trading to be suspended over delays to its audit.
The firm, which posted a 114% surge in annual revenues on Friday, said the audit was "substantially complete" and that it did not expect any changes to the preliminary results.

But after the company made a series of acquisitions last year, Alphawave - which trades as Alphawave Semi - said its auditor had requested more time to complete its internal oversight and assurance processes before issuing the formal audit opinion.

As a result, publication of the audited numbers is now scheduled for 12 May, after the deadline imposed by City rules. It is therefore asking for its shares to be suspended from 2 May, with trading set to resume once the audited results are published.

As at 1300 BST, shares in Alphawave had tumbled 17% to 99p.

The update overshadowed otherwise strong results for the year 31 December alongside "record'" bookings in the current quarter.

Annual total revenues came in at $192.4m, after Alphawave invested $439m cash in acquiring three companies: Precise-ITC, OpenFive and Banias Labs. Earnings before interest, tax, depreciation and amortisation rose 44% at $56.3m. Net debt was $24m, while its headcount swelled by 366%.

John Lofton Holt, executive chair, said: "2022 has been an important year for Alphawave. We made a substantial investment in three acquisitions and make great progress in our vision for the business."

Looking to current trading, Alphawave said bookings had exceeded $100m in the first quarter, for the first time. Tony Pialis, chief executive, said: "We started the year with record quarterly bookings. We also achieved several exciting new wins...and our pipeline is as strong as it has ever been. We are excited about the year ahead and the long-term growth potential of our business."

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