Source - Alliance News

Pod Point Group Holdings PLC on Friday reported a double-digit rise in interim revenue but suffered a widened loss as expenses jumped.

Pod Point is a London-based manufacturer of electric vehicle charging solutions.

For 2022, the company reported a 16% rise in revenue to £71.4 million from £61.4 million a year earlier. In its Home segment, revenue was up 3% while revenue in the Commerical unit was up by 31%.

Pretax loss, however, widened to £19.9 million from £14.3 million, as adjusted loss before interest, tax, depreciation and amortisation widened to £12.3 million from £8.1 million a year earlier. The company said the loss was anticipated due to its continued investment in growth.

Administrative expenses jumped to £38.1 million from £29.4 million.

Chief Executive Officer Erik Fairbairn said: ‘This was an exciting year for Pod Point, as we completed our first full year as a listed company. We made excellent progress towards our goal of travel that doesn’t damage the earth and continued to invest in scaling the business in preparation for the UK ban of internal combustion engines in 2030.’

Looking ahead, Pod Point said 2023 has started broadly in line with expectations, adding that the market for new plug-in vehicles is showing growth but at lower levels than the average for the second half of 2022.

Pod Point shares were up 1.9% at 61.95 pence each at midday on Friday in London.

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