Pod Point Warns of £8m Adjusted EBITDA Miss in FY2024 Results
Why we think this is bad
The RNS announcement indicates that Pod Point's adjusted EBITDA loss for FY2024 will be around £8m worse than market guidance, primarily due to a bad debt provision and additional non-cash items identified during the audit process. This negative news is likely to be viewed unfavorably by investors, as it represents a significant miss versus expectations.
Key Points
- Adjusted EBITDA loss will be around £8m worse than market guidance of £14m
- Bad debt provision and additional non-cash items identified through audit process
- No impact on previously reported net cash position of £5.3 million at 31 December 2024
- Debtor collection process now operating normally
Summary
Pod Point Group Holdings PLC (PODP) has provided an update on expectations for its FY2024 results, ahead of the full announcement. The company notes that adjusted EBITDA loss will be around £8m worse than market guidance of £14m, primarily due to a bad debt provision and additional non-cash items identified through the audit process. There is no impact on the previously reported net cash position of £5.3 million at 31 December 2024. The company has made progress on collections, with the debtor collection process now operating normally.