Automotive software group Pinewood Technologies announced its financials today for the 11 months to December 2024 with underlying profits unchanged at £8.5m on turnover up 15.1% to £31.2m.
The group said revenue growth was driven by completion of the Lithia UK system rollout. Pinewood now supplies 5 of top 20 UK dealership group and total users increased to 35,200, up 6.3% from 33,100 at the end of 2023.
It signed a five-year contract with Constellation Automotive owned Marshall Motor Group in October 2024, with Pinewood to implement its systems into Marshalls 120 UK dealerships.
The group said it was “on track” to pilot in Lithia US stores in the first half of 2025 with the wider roll-out to Lithia US stores starting in 2026. North American headquarters to be opened in Florida during 2025.
Bill Berman, Chief Executive Officer of Pinewood Technologies Group, said: “Pinewood has made a strong start to life as a standalone software business.
“A key priority this year was the implementation of our system into Lithia’s UK network, and I’m pleased this project has been completed successfully, driving up our total users and revenues.
On top of this we delivered major customer wins, most notably with Marshalls, while maintaining a low level of churn thanks to the quality of our service.
“Since the close of the financial year, our positive momentum has continued with the announcement of our largest ever contract with Global Auto Holdings, the acquisition of Seez, and our significantly oversubscribed equity raise.
“This year will see us focus on implementing our market-leading system with our new customers in the UK, driving growth in our key international geographies and continuing to prepare for our roll-out in the US through our ‘joint venture’ with Lithia. Trading in the current year has started well, and we remain highly confident in the opportunities ahead for Pinewood.”