REG - Pod Point Group Hdgs - FY2024 Update and Notice of Results

Pod Point groupAnnouncement

15/04/2025 07:02

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250415:nRSO9910Ea&default-theme=true

RNS Number : 9910E  Pod Point Group Holdings PLC  15 April 2025

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:

 Pod Point Plc                                                                                             phil.clark@pod-point.com

 Melanie Lane, Chief Executive Officer

 Mike Killick, Interim Chief Financial Officer

 Phil Clark, Investor Relations

 Panmure Liberum (Joint Corporate Broker)                                                                  +44 (0)20 3100 2000

 Edward Mansfield, Amrit Mahbubani

 Canaccord (Joint Corporate Broker)                                                                        +44 (0)20 7523 8150

 Bobbie Hilliam, Harry Pardoe

 Media                                                                                                     +44 (0)20 7353 4200 4200 PodPoint@teneo.com (mailto:PodPoint@teneo.com)

 Matt Low / Arthur Rogers
 (Teneo)

 

 

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."

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTBZLLFEZLZBBK