UK's Pod Point gains after HY EBITDA loss comes below expectations

Pod Point group

31/07/2023 09:36

** Shares of Pod Point  PODP.L  up as much as 4.3% at 31.2p
    ** Among top pct gainers on FTSE small caps index  .FTSC 
    ** The electrical components provider posts HY adj EBITA
loss of 6.8 million pounds ($8.74 million), below expectations 
    ** Says overall HY gross margin of 30%, jumps 500bps from
25% due to improved supply chain, product savings, pricing and
margin mix improvement
    ** HY revenue of 30.6 mln pounds, down 26% against a strong
comparative
    ** "We are reassured by the assessment of the near-term
challenges facing Pod Point and the action plans being rapidly
assembled" - Peel Hunt
    ** Sees improvement in gross margin to continue in second
half
    ** PODP on Friday had cut FY outlook due to shortcomings in
product offer and delays in launches affecting revenue
    ** Shares down ~51% YTD, as of last close


    
   


($1 = 0.7783 pounds)

 (Reporting by Anchal Rana in Bengaluru)
 ((Anchal.Rana@thomsonreuters.com; +91 9915609050;))