A great year for POD Point
We’ve had a great year at POD Point, working towards our vision of a POD Point everywhere you park for an hour or more.
We have now shipped a total of 20,000 charge points since the company started, and supplied over 10 million miles of EV motoring.
On the financial side, we grew from £4.5m (FY 13-14) to £6.5m (FY14-15) and have now posted a net profit two years running*.
Since June ‘14, we have grown our team from about 25 people to over 50 people, and even found time to move into our new office near Old Street.
We’ve also been working hard on our products, having launched our next generation public network - POD Point Open Charge, and we are about to launch our new workplace charge system specifically for our larger corporate customers.
*source: unaudited management accounts
The Plug In Vehicle market is growing nicely:
Over the past 18 months, we have also seen the Plug In Vehicle market grow significantly - Plug in vehicles were around 0.2% of new car sales in May 2014, and are now almost 1% of new car sales. In terms of volumes, YTD 2015 there have been 20,000 plug in vehicles sold, up from 8,800 in the same period last year.
Our next funding round:
We are now about to launch our next round of funding to help POD Point continue its expansion. Specifically, we are planning to spend £1m on our sales and marketing function, £250k on continuing hardware development, and £250k on software development.
As an existing POD Point shareholder, you have a form of priority access to new investment rounds called "Pre-Emption Rights". Pre-Emption Rights give you the option, but not the obligation, to subscribe for new shares in POD Point whenever we raise another round of investment.
You have the right to subscribe for sufficient shares to hold your percentage ownership of the company constant, but we have decided not to limit the number of shares you can subscribe for - indeed we would be very pleased if you choose to follow on and invest further during this round.
Our target for this round is £1.5m funds raised, and we are placing a cap of £3.5m on this round.
We hope you will be pleased with the growth in our share price since you made your initial investment. When you invested last, we had a share price of £8.53 per share. We are launching our next fund raising round with a share price of £12.74 - which is a share price increase of almost 50%.