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Pod Point Group Holdings PLC announced on 15 April 2025 an update on its FY2024 results expectations. The Group identified uncertain debtor balances from 2020-2024 requiring a bad debt provision, and additional non-cash items, resulting in an adjusted EBITDA loss for FY2024 around £8m below the £14m market guidance. This update has no impact on the previously reported net cash position of £5.3 million at 31 December 2024, and the debtor collection process is now operating normally.
| Date | 15 Apr 2025 |
| Time | 07:00:08 |
| Category | Trading updates |
| ID | 9910E |
15 April 2025
Pod Point Group Holdings PLC (Symbol: PODP)
(the "Group" or "Pod Point")
FY2024 Update and Notice of Results
Pod Point, a leading provider of Electric Vehicle ('EV') charging solutions in the UK, provides the following update on expectations for FY2024 results, ahead of completion of the audit and announcement of full results, due to be on 29 April 2025.
On the back of significant progress through the Group's year-end close and audit processes, the Group notes two areas that will adversely impact adjusted EBITDA for FY2024. First, the Group has identified debtor balances that it is no longer certain it will collect, related to years 2020 to 2024. The Group will take a bad debt provision to cover these debtors. Second, the Group has also identified additional non-cash items through the audit processes. Consequently, adjusted EBITDA loss will be below market guidance of £14m by around £8m, the majority relating to the bad debt provision. There is no impact on the previously reported net cash position of £5.3 million at 31 December 2024.
The Group previously disclosed that current debtors were higher than expected in Q4 2024. Since the start of the year, the Group has made good progress on collections, with additional recruitment into the credit collection team. The debtor collection process is now operating normally.
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014.
The person responsible for arranging the release of this announcement on behalf of Pod Point is Anita Guernari, Company Secretary.
Enquiries:
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Pod Point Plc Melanie Lane, Chief Executive Officer Mike Killick, Interim Chief Financial Officer Phil Clark, Investor Relations
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phil.clark@pod-point.com
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Panmure Liberum (Joint Corporate Broker) Edward Mansfield, Amrit Mahbubani
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+44 (0)20 3100 2000 |
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Canaccord (Joint Corporate Broker) Bobbie Hilliam, Harry Pardoe
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+44 (0)20 7523 8150 |
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Media Matt Low / Arthur Rogers (Teneo)
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+44 (0)20 7353 4200 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 30 November 2024 the company has an installed base of over 250k 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."