Shares in Pod Point Group Holdings PLC (LSE:PODP) dropped 34% in early trading after the electric vehicle (EV) charging solutions provider announced weaker-than-expected revenues and cash reserves for 2024.
Turnover for the year is anticipated to reach £53 million, below guidance of £60 million, due to ongoing weakness in the private EV market, particularly in home charging sales.
Net cash at year-end was £5.3 million, significantly lower than the £15 million guidance, as shifts in business mix and challenges with a new ERP system led to an expansion in working capital and slower cash collections.
While the company delivered on most operational targets, including launching its Solo 3S product and exceeding £500,000 in Energy Flex revenues, it warned that 2025 results would likely fall below market expectations.
Pod Point is set to draw on a £30 million credit facility from majority shareholder EDF to support operations in the near term.
In early trading, the shares fell 5.63p to 11.16p.