REG - Pod Point Group Hdgs - Updated 2023 Guidance

Pod Point groupAnnouncement

27/07/2023 16:15

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RNS Number : 4677H  Pod Point Group Holdings PLC  27 July 2023

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 (mailto:PodPoint@teneo.com)

 

 

 

About Pod Point Group Holdings plc

Pod Point
(https://protect-eu.mimecast.com/s/j-drCjRx8UNRGPTWhbxy?domain=pod-point.com)
 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/ (https://pod-point.com/)

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