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Pod Point Group Holdings PLC provided a trading update on 20 February 2024 for its 2023 financial year. The Group expects 2023 revenue to be at least £63m and adjusted EBITDA loss no greater than £16m, aligning with previous guidance. As of 31 December 2023, Pod Point reported net cash of £48.7m, exceeding its guidance of at least £47m.
| Date | 20 Feb 2024 |
| Time | 07:00:03 |
| Category | Trading updates |
| ID | 6776D |
20 February 2024
Pod Point Group Holdings PLC
("Pod Point" or "the Group")
Trading update: 2023 in line with expectations, net cash ahead
Pod Point, a leading provider of Electric Vehicle ('EV') charging solutions in the UK, is pleased to announce the following trading update ahead of audited full year results for 2023 to be announced in April.
Group results are expected to be in line with previously announced guidance of revenue of at least £63m and adjusted EBITDA loss of no greater than £16m. At 31 December 2023, net cash was £48.7m, slightly ahead of the guidance of at least £47m.
The Group has made good progress on the strategic initiatives that were announced at the Capital Markets Day on 18 November 2023, including execution of the restructuring programme and is building strong momentum on Grid Flex revenues. More details on progress of the Powering Up plan will be provided at the full year results.
Andy Palmer, Chief Executive of Pod Point, said:
"I am pleased that Pod Point has delivered an improved performance in the second half of 2023. We laid out our new strategy, Powering Up, in November 2023 and have made good progress against our key initiatives. Our balance sheet is robust and we go into 2024 excited about our future opportunities."
Enquiries:
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Pod Point Plc Andy Palmer, Chief Executive Officer David Wolffe, Chief Financial Officer Phil Clark, Investor Relations
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phil.clark@pod-point.com |
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Numis (Joint Corporate Broker) Andrew Coates
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+44 (0)20 7260 1000 |
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BofA Securities (Joint Corporate Broker) Marcus Jackson
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+44 (0)20 7628 1000 |
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Teneo (Media) Matt Low / Arthur Rogers |
+44 (0)20 7353 4200 PodPoint@teneo.com |
About Pod Point Group Holdings plc
Pod Point was founded in 2009. Driven by a belief that driving shouldn't cost the earth, Pod Point is building the infrastructure needed to enable the mass adoption of electric vehicles and to make living with an EV easy and affordable for everyone. As at 31 December 2023 the company has shipped more than 226k charge points on its network in the UK and is an official charge point supplier for major car brands.
Pod Point works with a broad range of organisations and customers to offer home and commercial charging solutions.
Pod Point is admitted to trading on the London Stock Exchange under the ticker symbol "PODP."