Pod Point trades in line with FY expectations

(Sharecast News) - Electric vehicle charging solutions provider Pod Point said on Tuesday that its 2023 trading performance had been in line with expectations, while its net cash balance was ahead.

Pod Point stated group results were expected to be in line with previously announced guidance of revenue of at least £63.0m and an adjusted underlying loss of no greater than £16.0m.

Net cash, on the other hand, was £48.7m as of 31 December, slightly ahead of guidance for at least £47.0m.

Chief executive Andy Palmer said: "I am pleased that Pod Point has delivered an improved performance in the second half of 2023. We laid out our new strategy, Powering Up, in November 2023 and have made good progress against our key initiatives. Our balance sheet is robust and we go into 2024 excited about our future opportunities."

Separately, Pod Point named Melanie Lane to take over as chief executive officer, with effect from 1 May, succeeding Palmer, who has acted as interim CEO since July 2023.

Lane joins the group from Shell Recharge Solutions, having led the standalone unit following its acquisition by Shell in 2017. Palmer will step down from the group's executive leadership team and return to the board as chair designate, before taking on the role of non-executive chair following Pod Point's annual general meeting on 5 June.

As of 1040 GMT, Pod Point shares were up 7.99% at 23.19p.

Reporting by Iain Gilbert at Sharecast.com