LONDON (Reuters) -Alphawave, the chip technology company whose shares have lost 60% since listing a year ago, said it had made a good start to the year, with bookings of over $30 million in the first quarter. However its shares, which have struggled since it floated in London in May 2021, reversed early gains to trade down 5% at 0908 GMT, as the company stuck to guidance issued last month when it announced the acquisition of OpenFive for $210 million. Alphawave reported revenue of $89.9 million for 2021 on Friday and adjusted core earnings of $51.8 million, ahead of forecasts by analysts at Jefferies.
London's bid to transform its stock market into a haven for fast-growing technology companies to compete with New York is facing obstacles as trading volumes slide and some big-ticket initial public offerings fall flat. Britain brought in new rules last week to make it more attractive for technology companies to list, tearing up the strict "one share, one vote" regulation and enabling founders to complete a premium listing - which gives access to the prestigious FTSE indices - while retaining significant control. Finance minister Rishi Sunak pledged earlier this year that the new rules would make London more competitive after Britain left the European Union and a number of companies floated on London's market in anticipation of a smoother listing process.