Pod Point Group Holdings PLC Trading Statement (9867G)
November 21 2022 - 2:00AM
UK Regulatory
TIDMPODP
RNS Number : 9867G
Pod Point Group Holdings PLC
21 November 2022
21 November 2022
Pod Point Group Holdings plc
(the "Group")
Trading update
The long-term market for Plug-In-vehicles (PIVs) continues to be
attractive as the industry grows towards electrification in the UK
by 2030.
However, growth in the second half of 2022 has slowed markedly,
which has been driven by supply chain challenges in car
manufacturing causing reduced deliveries into the UK. Automotive
companies continue to report long lead times for customers wishing
to place orders.
SMMT data demonstrates that the growth rate of PIVs from 2020 to
2021 was 76% year on year. The growth of PIVs in the first half of
2022 of 26% has since slowed to 7% in the four months to 31st
October 2022. These continued trends indicate the total market for
PIVs will be circa 350,000 in 2022 and circa 375,000 in 2023.
As noted in the interim results, our first half 2022 market
share in the Home segment (calculated as number of Home installs
divided by new PIV registrations) benefitted from customers
scheduling their installs in advance of vehicle delivery ahead of
the cessation of the Government funded OZEV home grant on 31 March
2022. This scheduling change remains a factor in the current
market, and allowing for this, we expect full year market share in
the Home segment to stabilise around our long term historical
share.
As a result of these challenges the Group expects full year 2022
revenues to be approximately GBP70m with an adjusted EBITDA loss of
circa GBP7m.
The Group continues to benefit from a strong balance sheet with
year-end cash expected to be in excess of GBP70 million in line
with guidance provided at H1.
2023 outlook
Whilst it is today difficult to predict the outcome for 2023, we
are prudently assuming that these supply chain and macroeconomic
issues extend into 2023, and thus the Group expects full year
revenues for 2023 to be in the region of GBP85 to GBP90m.
This reduction in revenues will impact adjusted EBITDA,
delivering a mid-single digital adjusted EBITDA loss in 2023.
The Group is expected to maintain a strong balance sheet and to
end 2023 with around GBP50 million of cash, after required
investment. We will continue to invest in hardware and software
development to drive revenue growth, combined with further
investment in Owned Assets at a targeted and limited level.
In the longer term, the Group expects the UK to return to rapid
growth in PIV registrations as the supply chain restrictions and
general economy recover. We fully expect the UK to achieve its goal
of banning new internal combustion engine cars by 2030, and hence
foresee strong growth in demand for charging infrastructure over
the next decade and beyond.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Group's obligations under Article 17 of MAR.
ENDS
Enquiries:
Tulchan (Public Relations adviser to Pod Point)
James Macey White/ Mark Burgess/ Matt Low/ Arthur Rogers
+44 (0)20 7353 4200 / PodPoint@tulchangroup.com
BofA Securities (Joint Corporate broker)
Peter Luck, Marcus Jackson, Mitchell Evans
+44 (0)20 7628 1000
Numis (Joint Corporate broker)
Andrew Coates
+44 (0)20 7260 1000
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END
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