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Pod Point Group Holdings PLC said on Monday that growth in the plug-in vehicle market slowed in the second half of 2022 due to supply chain issues causing reduced deliveries into the UK.
The London-based electric vehicle charging provider said the growth rate of plug-In-vehicles slowed to 7% in the four months that ended October 31, from 26% during the first half of 2022. The growth rate was 76% from 2020 to 2021.
It said automotive companies continued to report long lead times for customers wishing to place orders, while the first half of 2022 benefitted from customers scheduling their installs in advance of vehicle delivery and the ending of the government funded Office of Zero Emission Vehicles home grant on March 31.
‘This scheduling change remains a factor in the current market, and allowing for this, we expect full year market share in the Home segment to stabilise around our long term historical share,’ Pod Point added.
The company expects annual revenue of £70 million for 2022, though expects a swing to an adjusted loss before interest, tax, depreciation and amortisation of around £7 million, from an adjusted Ebitda of £58,000.
It added it expects supply chain issues to persist into 2023 amid the wider macroeconomic climate, tipping 2023 revenue in the region of £85 million to £90 million.
‘In the longer term, the group expects the UK to return to rapid growth in PIV registrations as the supply chain restrictions and general economy recover. We fully expect the UK to achieve its goal of banning new internal combustion engine cars by 2030, and hence foresee strong growth in demand for charging infrastructure over the next decade and beyond,’ said Pod Point in a statement.
Shares in Pod Point were down 8.1% to 70.02 pence in London on Monday morning.
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