UK's Pod Point hits record low after outlook cut

Pod Point group

28/07/2023 09:36

** Shares of Pod Point  PODP.L  down as much as 10% at
29.6p; hit record low
    ** Peel Hunt cuts target price to 50p from 120p
    ** Stock top pct loser on FTSE small cap index  .FTSC 
    ** Co flags lower revenue, larger adjusted EBITDA loss in
FY23  
    ** Cites shortcomings in product offer, and delays in
launches
    ** Co says market "volatile and uncertain," especially weak
in private BEV segment
    ** Adds, some sales channels seeing slower conversion to
revenue
    ** "Whilst we expected market challenges to impact FY23
performance, the suggestion of wider operational issues is
slightly concerning" - Peel Hunt
    **  Shares down ~46% this year, as of last close


    
   


($1 = 0.7826 pounds)

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