Good morning, everyone. I'm Andy Palmer, Interim CEO of Pod Point, and today I'm joined by David Wolffe, our CFO. In terms of today's agenda, I'll run through key highlights from H1, my initial observations of the challenges that we face as a business, and some preliminary thoughts on how we'll address each of these topics. David will provide a financial review of H1, and I will conclude with some key priorities and outlooks. At the end, of course, there will be opportunities for questions. Let's turn to our key financial metric headlines, which David will cover in more detail during his financial review. Revenues for H1 was GBP 30.6 million, down 26% compared to H1 2022, and our home charge business was particularly challenged. On a positive note, gross margins were up 500 basis points. We delivered a 30% gross margin in H1. We see this positive momentum carrying into H2. Adjusted EBITDA loss was GBP 6.5 million, as the weaker trading performance was only partially offset by the improved gross margin. We're continuing to invest in our tech, in sales, and our support functions. Net cash remained healthily, or healthy, and we ended the first half with GBP 58.8 million of cash. Our cash position was helped by our disciplined approach to working capital management. Where do we stand, and what are we doing? I've now been in the role less than four weeks. You guys know this, there's a big difference between being on the board with governance oversight and running a business day-to-day. First off, I'm fully aware that these results are not what we wanted to report, and our guidance update, provided late last week, was a negative surprise. The results are frankly disappointing, and we must do better. Better in terms of our sales, our market share, and our costs. Yes, the market has been much more challenging than we'd expected at the start of the year, but I'm not gonna hide behind that. We are going to hear a straightforward and honest assessment of where we are and what we're doing to improve. There are some positives in the first half results, and some of our emerging revenue streams show momentum, and the gross margin of up 500 basis points is good as we benefited from improved supply chain conditions and new sourcing contract with Celestica. We have many of the core requirements to be successful, and our belief in the long-term opportunity remains completely unchanged. How have I spent the first four weeks in the role? I've kicked off a detailed diagnostic, working closely with the board and the executive team. This immediate diagnostic has identified some consistent themes that need urgent attention for Pod Point to fulfill its ambitions and its opportunities. Honestly, I don't have all of the answers for today. These will take more time, but I will share with you the early prognosis of the key areas we'll be addressing. The full review and our responses are being developed. We've engaged with consultants to help us complete this work. We've stood up an internal project management team that will support the emerging transformation plan. We're working at pace, we're focused, we broadly know what needs to be done. We'll come back to you in Q4 and host a Capital Markets Day, where we'll provide much more detail on our transformation plan and strategy, which incidentally, we're calling Powering Up. In terms of the immediate diagnostic, we have three critical areas of challenge that need an urgent response. First, growth. Market share and market conditions have clearly deteriorated over the last 12 months. Today's market is different to the one that we saw in H1 2022. Private EV registrations are down 12%, underlying demand is weaker still. Consumers are deferring charge point purchases, the removal of subsidies has hurt the market. Consistent with this, Autocar last week reported that demand is down 20%. However we look at it, our market share has, however, declined. We've been slow to adapt to the changing market conditions, and we've been over-reliant on our success in helping new customers through the OZEV grant process and leveraging our relationships with OEMs. Altogether, this means our sales growth has lagged the market in terms of new car sales since 2021. Combined with some product feature gaps, which I'll discuss in a moment, the results have been a clear decline in our market share. Our first priority is to steady the ship, return to growth, and regain lost market share. This is not gonna happen in the next couple of months, but I want to ensure we put all the all put in place the right structure and resources in the months ahead so that we see progress in 2024. Second, product innovation. Pod Point had a clear early lead in charge point technology. Our products are reliable, robust, easy to use, and offer great value. However, our feature set has been thin compared to the best-in-class products in our market. We've not had OCPP and OCPI compliant products, which increasingly has lost us large tender opportunities. OCPP is Open Charge Point Protocol, OCPI is Open Charge Point Interface. Both, both capabilities would make Pod Point interoperable with other software platforms and are prerequisites for going after new markets. I've kicked off. Oh, sorry. In a similar vein, installer experience has been mixed, and we have a solar integration gap compared to peers. Therefore, priority number two is to reshape and accelerate our product roadmap. In turn, I've kicked off a rapid response project to address each of these shortcomings, and they will be delivered in short order, in a manner with which I will hold the team accountable for quality, cost, and delivery commitments and targets. Third, profitability, costs, and ROI. I don't need to tell you this. We remain a loss-making business today, which is clearly unsustainable. H1 costs grew much faster than sales, and we've made significant investments in development spend, with sometimes an unclear return on investment. More fundamentally, we have not had a disciplined approach to thinking about ROI when spending operating expenses. Therefore, our third priority is to introduce an ROI discipline to the business, establish an investment committee, and ensure that investments that we make in growth initiatives and product innovation can achieve ROI hurdle rates. We face a very different market today than even 12 months ago, and this has had a negative impact on our business overall. On the face of it, SMMT data suggests a very strong PIV market in the first half of 2023. There are dramatic differences between private BEV, battery electric vehicle market, which is down 12%, and the overall PIV market, which is up 29%. Many of the fleet sales are renewals, where charging infrastructure already exists. A second dynamic that has been that as the electricity price has increased, PIV mix has shifted somewhat towards PHEVs, plug-in hybrids, where charging is unlikely to be required on a home charger. A third trend that we've witnessed has been the delay between the purchase of the new car and the installation of charging points. We think that this is connected to cost of living pressures and uncertainty over supply times for new cars. Since 2021, we've had a clear decline in our market share of chargers in relation to new plug-in car sales. There are several factors to play behind this decline. It's complex to unpick the move completely. Let me be clear, this is a poor performance. The market for private purchase has been soft, as I've discussed, an area of a relative strength for us, whereas the fleet market has been strong, an area of relative weakness for us. We've been slow to adapt. As we established at the full year 2022 results, the end of the OZEV grant has also distorted market share trends. Pod Point did a great job for customers in helping them through the grant application process. This was further strengthened by our strong OEM partnerships. What has become increasingly clear since the last set of results is that we've not been quick enough to replace this pipeline of business with new sales channels. I firmly believe that Pod Point has a lot of the right ingredients for long-term success and shareholder value creation. We've been a little guilty of not always using them. I'll spend the following slides running through each of these points. Firstly, brand. Pod Point has the highest score on purchase consideration across all of our competitors in the latest YouGov survey. bp pulse, our closest peer in the survey, has now exited the market. Our Trustpilot scores are strong, at over 4.3 stars, and we get consistently great customer feedback on reviews. The team just learned last week that we won the prestigious Best Home Charger award from What Car? This is something to build on. On our network, we now have over 212,000 charge points in the UK, giving us the largest network. This connected network is, in our view, critical for unlocking recurring revenue and grid management revenue opportunities over time. We will continue to grow our network at pace. With our current charge network, we have nameplate capacity similar to a nuclear power station. ESG. ESG is the reason that Pod Point was started. Our mission is clear. Our ESG framework is based on enable, encourage and eliminate. We've made solid progress on CO2 avoidance as our network was expanded, with over 163,000 tons of carbon avoided during the first half. That said, our ESG framework remains work in progress. We'll come back with a revised ESG strategy at the full year results. Pod Point has a breadth and depth of partnerships across many industrial groups that open multiple distribution channels for us. Our car OEM relationships are well established, working with most of the top 20 players, as are those with fleet and leasing players, although we remain under-penetrated with both. We're seeing great momentum with house builders, having signed key new commercial deal, deals with Barratt, Taylor Wimpey, and Bellway in the last few months. We expect this to become a significant distribution channel for the group over time. We have plenty of cash at the bank. Near GBP 60 million of net cash is a key asset for the group, and means that we are sufficiently funded to move to sustainably free cash flow generation. This is the perfect point for me to hand over to David, who's going to run you through the financial performance. David? Thanks, Andy. Starting with the P&L and working down, revenue at GBP 30.6 million is 26% down, a decline driven by a very strong first half in 2022 with the ending of the OZEV grant. Compared to the second half of 2022, we showed some sequential growth at 3%. The most significant issue is in the home segment at GBP 12.4 million, down 54%. Units installed were 58% down, mitigated by some RPU growth of 7%. In commercial, we have continuing positive growth, but at lower rates than in 2022, up 5% on the first half and up 8% on the second half. We've been seeing a mix shift towards lower price but higher margin supply-only product. Total units were up 9%, our direct wholesale units were actually up 16%, as one of our alternative routes to market for those home units on walls. We're continuing to see high growth in recurring revenue and owned assets, up 87% and 172%, respectively. Although volumes were down, we are delivering material improvement on gross margin percent, up by 500 basis points to 30%. This is driven by progress on a number of fronts, which I will come back to in more detail in just a moment. As a reference point, this margin is higher than where we were in 2021, at 27%, before the supply chain crisis. Margins improved across both key segments, with home up to 28% and commercial to 29%. The revenue volume reduction, combined with a higher overhead base, where we had explicitly invested in sales, marketing, customer service, and tech to drive future growth, takes adjusted EBITDA to a GBP 6.8 million loss, GBP 5.4 million adverse to the first half and GBP 1.2 million adverse to the second half of 2022. The loss before tax at GBP 32.8 million reflects a non-cash goodwill impairment charge of GBP 18.6 million. Looking directly then at that decline in adjusted EBITDA, the picture reflects increased spend on scaling the business, also significant reduction in profit contribution from our largest segment, home. Although operating profitability improved in three of our four segments across commercial, owned assets, and recurring revenue by around GBP 2 million combined, this was outweighed by a reduction of GBP 2.9 million in home, driven by the revenue decline, mitigated by that gross margin percent improvement. Combined with that, we increased spend by GBP 4.7 million across tech, customer service, software, sales, and marketing as we invest for growth. However, we're obviously not seeing the growth results coming through in 2023, and this clearly points to cost and efficiency as issues of high priority and central focus in the transformation program ahead of us. Moving on to gross margin percent and its evolution. Within that headline of 500 basis points improvement, as I said before, there are several areas of progress. Total gross margin moved from 25%-30%, and whilst a big driver of that was the elimination of the additional supply chain component sourcing costs, representing a margin uplift of 1.9%. We also saw bill of materials improvements as a full half of production was with Celestica, giving us a 70 basis points gain. We've driven a 2% uplift from price increases, which we implemented in Q4 of last year, and a shift in the revenue mix towards higher margin supply-only product also delivered a 50 basis points improvement. This overall margin improvement is very positive progress, and we're expecting to continue at least this level through the year. Looking at cash utilization in the half, we continue to demonstrate steady cash management. Closing cash sits at GBP 58.8 million, which is around the level it has sat at since April. We have cash use of GBP 15 million. The main component of that, after the GBP 6.8 million EBITDA loss, was the invested GBP 6 million in capitalized software development, where we've been working on product and software development, and to create the platforms that will lead to material recurring revenue growth. Owned asset investment was less than GBP 1 million. As we've indicated before, we're spending at lower levels than were planned at the IPO, which is in response to more challenging investment returns and a focus on tighter cash management and balance sheet strength. That cash management discipline comes through in the very limited cash consumption on working capital. We will continue to exercise careful cash management so that our strong balance sheet gives us the resources and time to execute the transformation program. Picking out the financial and operating highlights by segment. In home, whilst revenue declined by 54%, we've delivered that material gross margin improvement and 7% ARPU growth. In commercial, we saw continuing growth at 5%, improved gross margin, and higher growth in supply-only direct sale units, up 16%. Owned asset deployment took total units up 20% to 1,334 units, with a 172% revenue growth. Recurring revenue delivered that 87% growth, along with margin improvement, with our commercial communicating units up 27%. Along with home, that takes our total communicating units up to 212,000 at the half year, providing that growing platform for us to drive grid load management value and a recurring revenue stream from consumers. For the full year, the key themes are that in a tough macroeconomic environment, we expect market conditions to be weak and still volatile. Consumer ordering patterns for both EVs and charge points are a little in flux. This means we expect a continuation of the weak business performance of the first half. We're working on our transformation program, and we'll talk about this more later in the year, but we're reflecting the cost of that program in 2023, but with uplifts in operating performance unlikely before 2024. Looking longer term, we believe we are fixing the foundations of what we still see as huge value potential. Our updated guidance, which we released last week, follows a change in leadership and a dispassionate, fresh look at our markets, our current competitiveness, and our future product roadmap. The change in 2023 expectations breaks down broadly into three themes impacting revenue: slow progress on product features, weakness in our core home market segment, and in commercial, we've seen delays to revenue, which means some will fall out of 2023 into 2024. Specifically on the numbers, as we released last week, 2023 revenues are expected to be at least GBP 60 million, margins in line with the first half, and Adjusted EBITDA loss, no bigger than GBP 17 million, which includes a GBP 5 million impact in the year of the transformation program and non-cash charges. Continuing our tight cash management, we expect year-end cash to be around GBP 40 million-GBP 45 million, maintaining that balance sheet strength and ability to execute the transformation. Back to you, Andy. Thank you, David. As I laid out in my diagnostic of the problems facing Pod Point, we have three critical topics around growth, cost discipline, and product innovation. Today, we're launching the start of our transformation program, which we've called Powering Up, and we are firmly addressing our performance challenges at pace. I said we've engaged third-party consultants to help with the strategic review. This will be a full review of our growth opportunities, product innovation, customer opportunities, costs, driving free cash flow and profitability, grid and recurring revenues. We have many of the capabilities already in the business, but we will need some new skills. We'll be coming back to you all during Q4 with more precision and a crystal clear action plan. At the same time, we'll be providing more details behind the grid management and recurring revenue opportunities that I truly believe are available to Pod Point, and we'll provide clear financial and operating targets for you to allow you to track our performance, our progress, and delivery against that plan more easily. While we've hit a few bumps in the road over the past few months, we are still extremely positive about Pod Point's future. We're operating in a long-term structural growth market. The decarbonization of the economy is happening and will continue for multiple decades. Our car park will become fully electric over time. This creates a huge opportunity for our charging business. EV penetration continues to grow at pace in the new car market, and OEMs will be launching many new EV models in the next few years. Prices are coming down, the market is moving towards mass adoption. Charging infrastructure remains a critical unlock to driving faster penetration, Pod Point will capture as much of this demand as possible. In terms of our opportunities and what's going to drive shareholder value, there's a lot to be excited about. As we continue to build our charging network, more opportunities emerge around grid-related revenues. We can build recurring revenues on the back of our network. We're already doing this, rapid, rapidly growing our recurring revenue stream, albeit off a low base. We are far from happy about our performance in the first half. Wasn't good enough, while we can be relatively pleased with our gross margin and recurring revenue growth, far too much was below par. The management team and I are deep in our diagnostic of the business. We have identified already some key problems. We're taking immediate remedial action to fix some critical issues and set us up for future success. We are hitting the ground running. Our strategic review will take nothing off the table. All options will be considered. We'll take full advantage of our assets and be ambitious. We have plenty of the right ingredients, we just need to harness these with the right strategic plan and priorities. I'd love to have all of the answers today. I don't. I can't wait to share our full, fully formed strategic review with you all in Q4. On a personal note, in 2011, I launched the Nissan LEAF. I remain as committed to EV transition as I did back then as a pioneer. I believe the answer to affordable EVs includes the need for smaller batteries, and for this to be possible, we need a prolific charging network. I joined Pod Point as a non-executive in 2016 because I believe, I believed it had the capability to accelerate the deployment of EVs. Four weeks in as CEO, I passionately continue to believe in the mission of Pod Point and its capability to transform EV charging in the UK and in neighboring markets. With that, we'll open up to questions. Thank you. Thank you. Thank you. If you wish to ask a question at this time, please signal by pressing star one on your telephone keypad. If you wish to cancel your request, please press star two. Our first question comes from Martin Young from Investec. Please go ahead. Good morning to everybody. Two overarching questions, though the first one does have three sub-questions, you know, to it. You know, as you allude, the market has most definitely changed. You know, we have energy suppliers now more actively pushing EV charging installs, and the leaders who I would, you know, put as Octopus, OVO, and Centrica do not use Pod Point. On the integrated suite of products, you have the likes of myenergi, undoubtedly, it's a tough backdrop, and the product most certainly matters. The sort of the sub-questions on that are: Do you need a total revamp of the product, or can it be tweaked? Secondly, on the relationship slide, I didn't see anything about relationships with energy suppliers. Why is that the case, and how long do you think that the recovery will take? Then the second question is around the demand flexibility service that the ESO runs. What are your plans for this, for this coming winter? I note that you have a relationship with UKPN, but obviously, that pertains to a geographical region of the country. Just wondered if you've got greater ambitions to offer something this winter. Thank you. I kind of acknowledge your, your point about the relationships with Octopus and alike. We have a close relationship with EDF. It's a relationship that obviously has to be continued at arm's length, but nevertheless, they are a significant shareholder in our business. One of the key aspects of the plan that I'm putting together is to ensure that we leverage partnerships. Our great partnership is clearly with EDF, and we need to leverage it certainly in the UK and perhaps in other markets. I would say that that's one of the things that has been nascent so far and is a key part of the strategy moving forward. Obviously, the great advantage of EDF is that they're both a grid manager, but they're also a power generator, and they own a significant portion of, of UK market. That's just something that we'll continue to build on, leverage, and take advantage of. David, do you wanna take the second question? Yeah, let me just talk about flex. I mean, what we've announced in the deal with UK Power Networks is really just a very light scratching of the surface. Our plans for this winter are no more than proving that we actually do have value-creating capabilities in our network that will go a lot further. The reason I say this is just a scratching of the surface is that we've done one deal with, as you say, one regional DNO around one specific constraint management zone in one particular part of their geography. We see the grid load management revenue opportunity obviously going nationally across all DNOs. We also see value in national grid-level flex markets. There are multiple markets which we can bid into. We also see significant opportunities in flex, working with energy suppliers like EDF, in a half-hourly settlement world, will have significant wholesale cost reduction opportunities by working with asset managers like us in flexing their demand. This winter is merely a scratching of the surface of what we see long-term as a significant growth and a high-margin recurring revenue opportunity out of our growing network. Just putting some numbers on that. I mentioned in my presentation that we have, essentially, we manage the equivalent electricity supply of one nuclear power station. The ability to switch that on and off, i.e., grid load management, is obviously a significant value when you're talking about energy trading on stock markets. Okay, thank you. Now our next question comes from Alexandre Virgo from Bank of America. Please go ahead. Yeah, thanks. Good morning, Andy, David. I appreciate you taking my questions. I guess the first one would be just in, in identifying the issues you think are at fault here. I, and I appreciate you can't really preempt the, the conclusions of a, of such a deep and broad strategic review, but it, it strikes me that the first two things you identified in terms of growth and product are not easy or quick to fix. I'm, I'm wondering what you think timeframe is before you see some form of improvement. Whether, I guess building a little bit on that first question, there's something a little bit more structural in, in, in the product side of things that you need to address. Again, fixing that takes time. It's a question of overarching question of giving us a feel for how long you think it's gonna take to address this. Thank you. I'm, I'm taking, obviously, from now until our board meeting, and then the capital markets explanation in October to fully to fully complete the prognosis, to take the strategies that we've already identified as being needed to to be fixed or improved and deploying that. Obviously, we start deployment of some of those things from now. I talked, for example, in, in my presentation about the OCPP and OCPI. OCPP has already kicked off. It, it's not a problem with our current units in retail, but it is a disadvantage for us not having that capability in commercial. That also, of course, opens up the opportunity to to sell in overseas markets if that's what we choose to do within the plan. In, in timescale, it's very difficult to have a significant effect in 2023, and hence we've, we've made the guidance that we've made. But I would start to see I would imagine to see improvements starting to kick in, in 2024, particularly as we start to see those new product line and features coming to market. In short, we've identified the strategies. They, they cover product, they cover UK market recovery, they cover the efficiency and, and, and cost reduction. They look at the marketing programs that we need. They consider whether we should look at in other international markets. They most definitely look at cost management, that David has mentioned, at partnership engagements, as I've already mentioned, the opportunity around grid load management, and of course, the necessity to re-engage properly with the capital markets. That all fits into something that I would call a Hoshin Kanri from my Nissan experience, a policy deployment mechanism, and we'll use that to drive the recovery and reduce the possibility of any of those tactics failing. A very strong, logical plan that's deployed very logically in a Kaizen-like process, and you'll start to see effects in 2024. Great. Okay, thank you very much. David, I wonder what, just as a follow-up, for you, the GBP 5 million charge, you're taking now, can you give us an indication of the cash flow profile, I guess, of that? Then more broadly, is there is there any kind of indication of when you might now expect to be break even from an EBITDA standpoint or, or, or, or profitable breakeven from a cash flow standpoint as well? Sure. Firstly, on, on the GBP 5 million, to give you a bit of color around that. The GBP 5 million EBITDA impact we expect in this financial year breaks down into three broad categories. First is the cost of accelerating our product development, embracing the functionality that we need to deliver on solar integration, OCPP, better installer app, et cetera. Second is in the cost of driving the transformation program, whatever external support we need to get under the skin and, and develop those, those plans. Third is some non-cash recurring charges associated with, with all of the change that we're contemplating, and that, that latter part, around and up to GBP 2 million is, is the non-cash part of that GBP 5 million. On the looking longer term, obviously, we're not, not yet giving guidance beyond this year, but, you know, we would be expecting to be reducing EBIT or EBITDA losses next year and moving towards breakeven after that. Very helpful indeed. Thanks, gentlemen. Thank you. Thank you. Our next question comes from Ken Rumph from Goodbody. Please go ahead. Good morning, gentlemen. Two questions. Firstly, just on grid load management, whether you could say any more about the how we should think about the value? Should it be something that we consider per charge point, maybe only in charge points where the grid is stressed, or, you know, what are the kind of metrics of your business that make it valuable? Is it the total energy transmission? Is it particular points? Firstly, on that. Secondly, for Andy, the company is lucky in having someone who's able to step in as a very hands-on and active CEO. How does the transition to the hub, the search for and transition for a new CEO work when you're gonna have a kind of strategy being presented in October? Finally, I was just gonna ask a more general question. The UK chose to go with a 2035, 2030 phase out date for pure ICE engines, five years ahead of the rest of Europe. I think objectively didn't necessarily put the other pieces in place to achieve that, now that's looking less doubtful, less likely, perhaps. How do you feel that would affect the business? You know, are the things that are within your control sufficient to get you where you want to be? Thanks. Very good, comprehensive set of questions there. Grid load management, I think, will be at the heart of the transformation, and I think that we'll see some value coming at it out of it this year, albeit from a very small base. I think it is very much very much dependent on the number of units that you have. The stats that I have suggest that any given car is on average connected to the network, or charging from the network, I should say, charging from the network only 3% of the day. The rest of the time, it's basically stood idle or taking you backwards and forwards. If, if you can move that, if you have the control to move that 3% time around, such that you're meeting the customer's requirements to have a fully charged car, and the rest of the time the network can do what it, what it wants, that ability then to allow that excess capacity, and that excess, excess capacity is the equivalent of 1 gigawatt, is, is, is enormous because you're able to trade on the, on the spot market. The fact that we have a, a, a, a close relationship with, with EDF makes that even, even more profound. I've, you know, we haven't solved it, but we do have, and we have established a business unit explicitly aimed at grid load management. I, I think that that will become a core part of Pod Point as we, as we look forward. On the interim to full-time CEO, obviously, my mandate is as interim. I'll do that as long as is necessary. The mandate that I have is to manage the transformation process, agree with the board, the transformation plan, and start its implementation. Obviously, I'll assist with the recruitment of the new CEO. We have already appointed Korn Ferry as the headhunters to start that, to start that process. Of course, as soon as we find a suitable individual, we're, we'll onboard them. I'm here for as long as it takes for that process to be completed. If, if. Sorry, David. Go ahead. No, I was just gonna add, add a bit more color on grid load management, but I'll, I'll come in when you're done. Ken, Ken, just to come on to your point about what's the right way to think about the, the, the value number. The way we're thinking about the size of the opportunity is in recognition of some clear trends in the UK market. Household consumption is increasing. Bringing in an EV on, on a home charger doubles the electricity usage of the household. Heat pumps are going to increase that usage even higher. At the same time, the proportion of energy from renewables, with less predictability, is going to go up over time. As a country, we've got growing demands, less predictability, and therefore, increasing value structurally in flex services. We're thinking about them in two ways. One is turn up and turn down. We're starting with turn down, so you get significant flexibility from enabling charge points to be turned down, but there's also a lot of value in turning up to use up energy when there is excess available. Structurally, there are significant drivers of value, and that will increase over time. We are looking at four key areas of the value, the regional value from DNOs, which is, is the contract we've signed with UK Power Networks. National grid level, we're looking at working with energy retailers on providing them opportunities to manage their wholesale costs, and we're also looking at working with consumers on helping them to find the best value tariffs. We know from our research that the Pod Point brand stands up well, and that, the trust, right, in Pod Point as a brand relative to energy retailers who are not necessarily trusted on tariffs, gives us a real opportunity to be a strong player in this space. All of the work we've done so far revolves around the value per household, that metric, and we're doing a lot of work that we will update the markets on at the Capital Markets Day in Q4, around what range of values we see coming out of that work. It is essentially per, per, per household, and, as I said, more, more to come in Q4. Just wanted to, to address your last question, which is the U.K. government's intention to introduce plug-ins by 2030, versus, versus the EU and most of the rest of the world for 2035. U.K. has been quite aggressive in terms of that adoption process. However, it has been less aggressive around getting the necessary infrastructure in, in place, to, to support it and, and make the best opportunity from it. The current rhetoric around whether that will move is unhelpful, but unhelpful probably more for the carmakers than for us. What, what is clear is that the 2030 cutoff is for one of pure internal combustion engines. In, in other words, everything going forward thereafter will need to have a plug, and that for us is, is, generally speaking, the same. Whether it's, whether it's for BEV or whether it's plug-in PHEV, given that it's, it's likely to be a fairly significant amount of, of, of plug-in requirement that, that, that will be mandated. There will anyway be a, a, a move towards BEVs as we look forward. Obviously, the introduction of lower-cost BEVs, driven by the Chinese manufacturers, is worth, worth considering and worth being cognisant of, and that, I think, will drive down the size of batteries. That size of battery needs to be complemented by a more prolific network of chargers. What I can say is that from a home and work charging infrastructure point of view, Pod Point is, is, is able to address the demands of, of 2030. I think any slip beyond that is more of an issue towards carmakers and battery makers. Thank you. Our next question comes from Joe Brent, from the Berenberg. Please go ahead. Good morning, gents. Morning. Morning. Couple of questions, if I may. Firstly, you've identified the opportunity in the lease market, and you talked a little bit about product innovation. I appreciate it's early on, but could you share any other thoughts about how you can tackle the lease market, where you're clearly under indexed at the moment? Secondly, can I just ask on the cash, you very helpfully given some EBITDA loss target and also a cash target for the year. Are there any other items we should be thinking about in the sort of movement in cash over the year? I'll take the first one, let David take the second one. Yeah, lease market. One, one of the first things that I identified coming in, partly because of, you know, a study looking at other markets, also one that, that, that became apparent to our commercial market is, is this OCPP, OCPI, facility, this open architecture. We, we've historically used a closed architecture, which isn't bad, which has been a great advantage to us and has allowed us to be very, very good in, in terms of product reliability. It lacks, it lacks this interchangeability capability. Looking forward, we'll continue to offer both because both have, both have a place, a place in the market. Uh, our current architecture, um, obviously being super reliable, um, allows us to continue in the retail market, build our brand around one of trusted, uh, which is reflected in the What Car award and the Trustpilot, uh, ranking. Uh, but then being a little bit more front-footed in terms of the opportunity around the various features, and we, we've talked about OCPP, OCPI, uh, solar c-connectivity and, and some, some helpful, uh, technology around installation efficiency. So those are the areas that we'll continue to develop and will make a, I, I believe, a significant difference as we move into twenty twenty-four. One of the challenges in doing that has been the efficiency and effectiveness of our product development, and that's where a lot of my attention is going right now to make sure that we can develop new feature sets at pace, and so that we can really have a full year of effectiveness into 2024. David, on cash. Yeah, on cash, we've guided year-end cash to be around between GBP 40 million and GBP 45 million. As I look across each of the components of cash flow, I, I, I would indicate a very similar second half to the first half in every respect, apart from the additional up to GBP 5 million that we've signaled around the transformation program. Apart from that, EBITDA losses will be similar to the first half. We'll be continuing our software development investment, again, at a similar level. Our owned asset rollout is largely at an end with the Tesco contract, so we have very little further CapEx on owned assets, and whilst we are exploring other deals, there are none that are likely to impact 2023. We, we will continue to exercise very good working capital management, so I'd expect limited outflow there. Similar shape, in all of the components, apart from that additional GBP 5 million. Of the GBP 5 million, only GBP 3 million of that is cash, isn't it? Correct. Thank you. We'll now move to our next question from Carl Smith, from Zeus Capital. Please go ahead. Hi. Good morning. Got two questions. First one is, earlier this year, we saw a major motor retailer, Arnold Clark, announce free EV charges for its private customers. To what extent does that sort of devalue your preferred supplier relationships with OEMs, and how might you respond to that? The second question was around, to what extent is the owned asset revenue in the period sort of sensitive to electricity prices? Might that go backwards next period as the electricity costs modulate? Thank you. There's, there's always gonna be innovation around, around this, this kind of market. I, I don't know the specifics around Clark, but, but essentially, I guess what will be happening is that the EV market has become from undersupply to oversupply, and all manufacturers are struggling to meet their, their penetration requirements to avoid tariffs. And so, charges can be used as a, as a form of discounting on the car sale. Obviously, that happens, but for the charger manufacturer, we get paid for it irrespective of how it's done. That, that, the, the, the strength for us is in our relationship with the OEMs, and I'd like to think that that's also one of my personal strengths, is the ability to re-relate and, and liaise with those OEMs. I, I think it forms that category. The, the point in case is that, basically, if you have a new EV, you're probably gonna need a new charger as well, by whatever method you get it. By whatever method you get it, whether you get it through your dealer, through a direct relationship with Pod Point or through a relationship with your, with your electrician, then you can still get a Pod Point charger. David, on to owned assets, which I think is Tesco's, and the impact of pricing, price. Yeah. Yeah, within owned assets, essentially, the tariff-related part of that revenue revolves around agreeing fairly modest margin with Tesco on what we charge their customers, a margin over the costs of energy. That means we don't have any exposure, when energy costs go up, our revenue and our margin goes up accordingly. As you say, Carl, if energy prices come down, we will see lower revenue, but it is at fairly low margins, so I would not expect that to have a big EBITDA impact. What we may see is that customers actually start to charge more on the Tesco network. We've seen some evidence that higher prices has led to some caution in people taking rapid charges. There may be a demand uplift if prices come down. Okay, thank you. Thank you. We'll now take our next question from Dominic Convey from Numis. Please go ahead. Good morning, gents. Just a couple of questions, if I may. Just in terms of product roadmap, previously, you've talked about introducing a low-cost variant. I wonder whether there was anything imminent there or, or whether this simply gets deprioritized, given the need to overhaul the core offering as per the review. Secondly, just in terms of looking into next year, as to whether there's any plans to more aggressively realign the cost base to the new revenue re- revenue trajectory, if I may. Perhaps, any color, without pre-empting, obviously, the conclusions in Q4, but give us a little bit of a sense as to what the priorities are there. Well, the first priority of any product roadmap is that you make the map, you commit to the milestone dates, and you deliver on them. And that's a discipline that we need to embed within the company to start with. Secondly, there will be a full product roadmap available for that Capital Markets Day, and it will revise a little bit from where it is now, and it will prioritize up things like grid load management and some of the feature sets that we're short of today. Will it include an ability to offer a lower cost charger? Yes, it will. It will also look to, to use some of my experiences from the, the car market in terms of creating a ladder for, for pricing. Equally, I'm looking at the ability to walk price as well with that additional feature, feature set. Please allow, please allow me to, to come back with more comprehensive data to demonstrate that, that I'm not only telling you what I think we're gonna deliver, but that I can demonstrate in Q4 exactly what is being delivered, and, and that the innovation within product management is, is, is being firmly embedded within, within the, within the company. David can cover the realignment of costs, cost, cost control is one of the key pillars of the Powering Up transformation plan. David? Yes, look, clearly, we can see in the numbers that cost and efficiency are going to be an urgent and central area of focus in the transformation program. We're recognizing that that we have to get onto this with some urgency. We are looking across the whole of the P&L from top to bottom in this exercise. As Andy says, the transformation has a specific work stream on this. All I'll say is that at this stage, it's too early to point to specifically where in the P&L most of the emphasis will fall, but we are looking right across the piece, and then we'll obviously say more in Q4. Thank you. Our next question comes from Paul de Froment, from Bryan, Garnier. Please go ahead. Yes, thank you. Good morning, everyone. Two very quick questions from me. The first is on the 30% gross margin. Do you think it's sustainable for 2023, but also for the next three years, first? Secondly, on the own asset, could you give us more color on the strategies on the rollout of this segment given the new situation? Please. Thank you. Sure. So on the 30% margin, what we've said, is that for 2023, we think that the second half will be in line with the first half. As we think about longer-term prospects for margin improvement, I think there are two things to bear in mind. The first is that we are gonna be building further scale, and the reason we moved production to Celestica, a very significant global manufacturer, is that we see that there will be further economies of scale through working with a partner like Celestica. The second is that as we introduce more recurring revenue in the revenue mix, that is naturally much higher margin. I think looking longer term, we do see some margin progression drivers. Thinking about owned assets and how that sits at the moment, what we've recognized is more challenging investment returns, higher ground rents, which are making investment returns more difficult. Having got to the end of the rollout with Tesco, we see owned assets as forming part of a complementary offering in a broader relationship. If there is. We are talking to other B2B customers about this, you know, as part of a broader offering, we're quite happy to continue to deliver rapid charging and owned assets. Within that, what we're recognizing is a key strategic judgment, which is that, if what we see in the long term is the size of our connected network and grid load management is the key driver of value, you can't grid load manage a rapid charge, and therefore, there is less strategic overlap with that core value driver. We will continue to provide it as a complementary offering within customer relationships, but strategically, we don't see it as, as important, as perhaps was signaled as at the IPO. Just wanted to pick up on the gross margin sustainability. We've organized the business now into four business units with business unit leaders, they reporting into a chief operating officer, which I'm also taking care of right now, and he into I. The each of the business units heads has gross margin as their one of their key KPIs that they have to deliver. They have to take commitment on that number, and they have taken a commitment for 2023, and they also take a stretch target to try and stretch the business within it. We're trying to make that a part of the culture of doing business within Pod Point. Thank you very much. Thank you. Thank you. Our next question comes from James Zaremba from Barclays. Please go ahead. James, please go ahead. Your line is open. Sorry, I was on mute. Just one follow-up in terms of business unit leader, I guess, accountability. Do they have any accountability for costs below gross profit? That'd be one question. Secondly, just in terms of commercial, what share of those revenues come from the direct sale of retail-type units? Lastly, on kind of share, you know, who do you think's been taking share over the last year or so as yours has declined a bit? You know, what do you think they've been doing well? Is it kind of product or route to market strategy? Thank you. David, I'll take number one and number three, if you could take the, the second one. Sure. Cost of. Yes, the business unit heads essentially run their own P&L. They're responsible for or ultimately responsible for cost and sales volume, therefore, sales revenue and profit. That's, that's as you would expect. Obviously, they have to lean back and take commitments from each of the functions, so from the purchase function to deliver parts at the right costs from the engineering department to, to engineer to those costs, to the marketing, the marketing function, to, to ensure that the creative supports those sales volumes. Ultimately, the, the, the four business unit heads are the internal customer that are held accountable to the, the balance sheet, essentially down to to contribution. We, we measure it at the level of contribution. We know what contribution has to be achieved in order to reach a greater than zero EBITDA, which of course is the, is the, is the first step in the, the progression towards positive free cash flow. On share, share's difficult to measure. The measure that we've been using traditionally, which was a proportion of the plugin market, seems to be less and less relevant for some of the reasons that we've talked about. One that, the BEV sales tends to be the dominant, the dominant means of, of locking into Pod Point sales, that, the increasingly you're moving to second purchases of EVs that don't need that infrastructure. The private market is down, the fleet market is up, et cetera, et cetera. What we're looking to do, of course, we, we'll keep, we'll keep monitoring the traditional way of measuring market share, but we're looking at a more effective way of looking at market share, particularly with those private EV sales. I think when we look at that, the, the situation of market share will be less bad than it looks today. That said, there's been an, obviously, a proliferation of new people coming into the market. I don't think anyone is, is dominant in that. I believe that we're still, we're still in good shape, and obviously, in terms of the size of our network, 212,000, that's something that we need to leverage. The goal is clearly to maintain market leadership. David, back to you. Yeah, James, just to give you a shape of the B2B, the commercial business and across the types of units. In B2B, we are supplying both twin units, which you would never see in a domestic setting, and solo units, which are the ones you might see on any house, into the, into that broad sweep of commercial relationships. Clearly, if you're working with a house builder, you're effectively shipping very similar units to the ones that would be going out direct to consumer through home. You know, out of the just under 10,000 units commercially that we installed and shipped in the first half, you know, around 80% of those are actually solos. You get a sense of the mix of the business from that. Thank you. Thank you. Our next question comes from Martin Young from Investec. Please go ahead. Yeah. Hi, hi again. Just one quick follow-up from me, picking up on what you were saying about proliferation of new players coming into the market. Just wondered if you had any overarching thoughts about the potential for consolidation within the EV charging market, you know, notwithstanding the fact that people, of course, do have, you know, different, different tech? Haven't given it too much thought. I, I suppose my belief is that there will be consolidation as, as, as any growing market. You know, you get the proliferation of players, then you get then you get the internationalization, and then you get the consolidation. I wouldn't be surprised that one would see consolidation. You already see, for example, BP Pulse pulling out of the home charge market. One of the benefits of, of us being relatively okay with cash is that we can consider opportunities that exist around acquisition. As it sits today, that's not part of the plan. It might form part of the capital market state. Okay. Thank you. Thank you. It seems there are currently no further questions, for this I'd like to hand it back over to our speakers for any additional or closing remarks. David, do you wanna go first? No, I've got nothing further to add. You know, we will be coming back to you in Q4 with a lot more. For me, just to say, I'm, I'm really quite motivated by this, this opportunity of, of working with Pod Point, the opportunity to put in place the growth portion of Pod Point's life, having participated a little bit in its creation through being one of the original members of the board. I, I, I passionately believe in the EV market, growth of the EV market worldwide, and the importance of the infrastructure providers. I also am more than motivated by the opportunity that exists around grid load management and therefore the charging providers' role in that market, and ours, in particular, with that relationship with EDF. I look forward to working with you over the, the coming months, and I certainly look forward to presenting the whole of the Powering Up strategy to, to you in Q4. Thank you very much.