(Alliance News) - Pod Point Group Holdings PLC on Monday said revenue was down in the first half as its loss widened due to skyrocketing administrative expenses.

The London-based electric vehicle charging infrastructure provider reported revenue of GBP30.6 million in the first half ended June 30, down from GBP41.6 million the year prior. The company noted that despite the decrease, it did see growth in its commercial business segment, with revenue at GBP12.7 million, up from GBP12.1 million.

The firm said pretax loss was GBP32.8 million, widening from GBP7.5 million a year ago.

Pod Point said administrative expenses more than doubled to GBP43.0 million, compared to GBP18 million in 2022. The increase was largely due to a goodwill impairment loss of GBP18.6 million on its acquisition of Pod Point Holding Ltd in 2020.

Looking ahead, Pod Point said it expects 2023 revenue to be GBP 60 million down form a range of GBP85 million to GBP90 million, while adjusted loss before interest, tax, depreciation and amortisation is expected to be no more than GBP17 million. The firm had previously forecast a loss in the "mid-single digits million".

The company said it is focusing on improving its near-term operational performance, noting that it has made three large contract wins with Barratt Developments PLC, Bellway PLC and Taylor Wimpey PLC.

Chief Executive Andy Palmer said: "The first half of 2023 has been complex, and we have faced numerous challenges, both internally and externally, including the well documented inflationary pressures and cost of living crisis. Pod Point has lots of reasons to be pleased with progress made during the period, including several high-profile contract wins with large UK housebuilders and our first grid load management contract, significant improvements in our supply chain and a big step-up in our recurring revenues.

"Following my appointment as interim CEO, we are reviewing areas of improvement that will strengthen our foundations for long-term future success and growth."

Pod Point shares rose 6.8% to 31.93 pence each on Monday morning in London.

By Harvey Dorset, Alliance News reporter

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