Pod Point pre-tax losses widen as heightened costs offset revenue growth

Electric vehicle charging business Pod Point revealed on Friday that pre-tax losses had widened in 2022 as rising costs offset improved revenues.

Pod Point said pre-tax losses had widened from £14.3m in 2021 to £19.9m, while underlying losses grew from £4.2m to £12.2m.

The London-listed group's widened loss comes despite also reporting a 16% year-on-year improvement in revenues to £71.4m, ahead of Q4 guidance.

On a segment-by-segment basis, home revenues were up 3%, commercial revenues rose 31%, owned asset revenues surged 108% and recurring revenues shot up 107%.

However, overall gross margins dropped from 27% to 23%, predominately due to supply chain costs.

Chief executive Erik Fairbairn said: "Like many others, we were negatively impacted by a number of well-documented macroeconomic and geopolitical events; however, I am extremely proud of the team's performance.

"We shipped and installed 68,693 charge points, and ended the year with over 195,096 connected units on our network. We transferred 367 GWh of electricity across our network and as a result helped our customers avoid circa 278k tonnes of CO2e."

As of 0920 GMT, Pod Point shares were down 0.12% at 60.75p.

Reporting by Iain Gilbert at Sharecast.com