Pod Point Group Holdings PLC on Monday said revenue was down in the first half as its loss widened due to skyrocketing administrative expenses.
The London-based electric vehicle charging infrastructure provider reported revenue of £30.6 million in the first half ended June 30, down from £41.6 million the year prior. The company noted that despite the decrease, it did see growth in its commercial business segment, with revenue at £12.7 million, up from £12.1 million.
The firm said pretax loss was £32.8 million, widening from £7.5 million a year ago.
Pod Point said administrative expenses more than doubled to £43.0 million, compared to £18 million in 2022. The increase was largely due to a goodwill impairment loss of £18.6 million on its acquisition of Pod Point Holding Ltd in 2020.
Looking ahead, Pod Point said it expects 2023 revenue to be GBP 60 million down form a range of £85 million to £90 million, while adjusted loss before interest, tax, depreciation and amortisation is expected to be no more than £17 million. The firm had previously forecast a loss in the ‘mid-single digits million’.
The company said it is focusing on improving its near-term operational performance, noting that it has made three large contract wins with Barratt Developments PLC, Bellway PLC and Taylor Wimpey PLC.
Chief Executive Andy Palmer said: ‘The first half of 2023 has been complex, and we have faced numerous challenges, both internally and externally, including the well documented inflationary pressures and cost of living crisis. Pod Point has lots of reasons to be pleased with progress made during the period, including several high-profile contract wins with large UK housebuilders and our first grid load management contract, significant improvements in our supply chain and a big step-up in our recurring revenues.
‘Following my appointment as interim CEO, we are reviewing areas of improvement that will strengthen our foundations for long-term future success and growth.’
Pod Point shares rose 6.8% to 31.93 pence each on Monday morning in London.
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