Shropshire Star

Pod Point revenue falls 11pc

Electric vehicle charging group Pod Point saw revenue drop 11 per cent to £63.8 million in 2023.

Pod Point has electric vehicle chargers at some Tesco sites

The group's pre-tax loss worsened from £19.9m in 2022 to £83.2m, but 25.3 million charging sessions were delivered in 2023 – up by 12 per cent compared to 22.5m in the previous year.

It has charging points across the Black Country, Shropshire, Staffordshire and Worcestershire including at supermarket sites.

Andy Palmer, interim chief executive of Pod Point, said: "I am pleased that Pod Point has shown positive momentum during the second half of 2023 and that has been maintained so far in 2024."

He said that the group's cost savings programme was on track.

"Our balance sheet is robust and we are excited about our future opportunities," he added.

The year saw the installed base of communicating devices rise to 226,000 units, up 16 per cent compared to 2022.

Pod point said the fall in revenue was largely due to the removal of the OZEV grant that boosted 2022 performance.

Second half revenue was up 11 per cent on a year earlier.

New contract wins in the year included Barratt, Taylor Wimpey, Redrow, Roadchef, Group 1 and Knight Frank. The Group extended agreements with partners including Mercedes Benz, JLR, and Lex Autolease.

The restructuring programme's first phase is complete and the second phase has started. It is on track to deliver £6m of annualised savings by the end of 2024.

The appointment of new chief executive Melanie Lane starts on May 1.

Sorry, we are not accepting comments on this article.