Last checked at 27 Jul 2023 16:11
27 July 2023
Pod Point Group Holdings PLC
("Pod Point" or "the Group")
Updated 2023 guidance
Following the appointment of Andy Palmer as interim CEO on 6 July 2023, a detailed review of the Group's operations is being undertaken. While this work is ongoing, it has become clear that the outcome for the financial year ending 31 December 2023 will be materially different from the current guidance, with lower revenue and a larger adjusted EBITDA loss.
The market has remained volatile and uncertain, with particular weakness in the private BEV market. The Group has seen shortcomings in product offer, and delays in product and app launches that have impacted revenues. Some of our sales channels are also seeing slower conversion to revenue. These themes are expected to impact our performance in the second half.
Consequently, the Group is updating revenue guidance for 2023 to at least £60m. Adjusted EBITDA loss for 2023 is now expected to be no greater than £17m. The updated guidance includes the impact of lower revenues, and an expected £5m of costs related to transformation plan initiatives and growth investments identified as part of the ongoing strategy review and non-cash charges.
Our balance sheet remains in a strong position with net cash as at 30 June 2023 of £58.8m.
Alongside our interim results to be released on 31 July, we will provide further details on our transformation plan to improve operational and financial performance, the actions required to urgently address priorities and how Pod Point is positioning itself for long term growth.
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:
Pod Point Plc
Andy Palmer, interim Chief Executive Officer
David Wolffe, Chief Financial Officer
Phil Clark, Investor Relations phil.clark@pod-point.com
Numis (Joint Corporate Broker)
Jonathan Wilcox / Andrew Coates +44 (0)20 7260 1000
BofA Securities (Joint Corporate Broker)
Marcus Jackson / Mitchell Evans +44 (0)20 7628 1000
Media
Mark Burgess / Matt Low / Arthur Rogers (Teneo) +44 (0)20 7353 4200 PodPoint@teneo.com
About Pod Point Group Holdings plc
Pod Point was founded in 2009 by entrepreneur Erik Fairbairn. Driven by a belief that travel shouldn't damage the earth, Pod Point has over 210k smart communicating charge points on its network and is an official charge point supplier for major car brands.
Pod Point installs a broad range of products from smart domestic charge points to high power rapid chargers and load balancing systems. Pod Point works with a broad range of organisations and customers to offer home and commercial charging solutions with customers including major retailers, hotels, restaurants and leisure venues.
Pod Point is admitted to trading on the London Stock Exchange under the ticker symbol "PODP."
For more information, visit https://pod-point.com/