Pod Point Group Holdings PLC on Tuesday said losses had narrowed in the first half as the company reoriented its focus away from non-core activities.

The London-based electric vehicle charging solutions company said in the first half that ended June 30, pretax loss narrowed to £18.7 million from a restated £32.8 million the previous year.

Revenue declined 8.3% to £28.1 million from £30.6 million, while operating loss fell 42% to £19.2 million from £33.2 million.

Chief Executive Officer said: ‘We are in the early stage of our transformation and our financial performance in H1 2024 was in line with our expectations...2024 will be a year of transition as we exit some non-core parts of our business and adjust our cost base; however, in the first half, we have delivered underlying growth in our core Home segment and delivered significant positive momentum in our Energy Flex segment.

‘Powering Up, Pod Point’s transformation plan, builds on the group’s core strengths in its brand, leading market share and broad partnerships. This strategy prioritises the Home and Workplace segments and developing an Energy Flex recurring revenue stream to build customer lifetime value, combined with a significant cost out programme.’

The number of Pod Point Home units installed has risen to 16,215 from 15,525 at the same time last year and the company is on track to launch in Spain and France later this year.

As the company exited from non-core activities, in the Commercial segment revenue fell 30% to £7.5 million from £10.7 million, while Distribution revenue decreased by 8.8% to £3.1 million from £3.4 million.

Full-year guidance remains unchanged with revenue expected around £60 million, down 6.0% from £63.8 million.

Meanwhile, adjusted earnings before interest, taxes, depreciation, and amortisation losses are forecast to narrow to £14 million from £15.3 million.

The company anticipates it will finish the year with around cash at £15 million, down 69% from £48.7 million, and £30 million available from a credit facility.

Pod Point shares were down 8.7% to 19.00 pence each in London on Tuesday afternoon.

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