Pod Point Group Holdings PLC (LSE:PODP), the provider of electric vehicle (EV) charging solutions plans further investment across the business, expanding installation capability and software development to grow recurring revenue streams following strong revenue growth last year.
Revenues rose by 86% to £64.1mln in 2021, as the company installed and shipped over 66,000 charging points during the year.
It also highlighted a 99% growth in gross profit, with the margin increasing 2% to 27%.
The company, which listed on the London Stock Exchange last year and raised £120mln in its initial public offering, said it now has over 135,000 units installed which provide an “excellent base to expand recurring revenue products,” according to a statement.
The year saw key contracts won or renewed with Fiat, Jaguar, Mercedes and Nissan.
Looking forward, the company has maintained its gross margin guidance for the year despite expectations of downward pressure in the first half of 2022 owing to component shortages.
The company has also said that it has experienced a significant volume of orders received so far in 2022.
“The future is bright for Pod Point and, as electric vehicles become the norm rather than the exception, the market opportunity is clear. We can't wait to further accelerate our growth and continue our journey as the market leader,” said chief executive Erik Fairbairn.