Pinewood Technologies has upgraded its guidance after reporting revenue growth in its first year as a pure-play software group.
Formerly Pendragon, the London-listed automotive retail software provider upped its guidance for underlying EBITDA for 2027 in its latest accounts from £30m to “mid to high £30 millions”, having previously raised expectations from £27m in its half-year trading update.
The Birmingham-based business reported revenue growth for the year ended December 2024 of 15.1%, reaching £31.2m, though the firms pre-tax profits remained unchanged from 2023 at £8.5m.
The improved revenue was credited largely to the rollout of its software across car dealerships owned by American group Lithia Motors. The Oregan-based automotive company previously acquired Pinewood’s dealerships in its shift to a purely software-focused enterprise.
In the period following the results, the company agreed a deal to roll out its software platform across all of Global Auto Holding’s 155 dealerships in the UK, North America and Scandanavia.
Pinewood also acquired the outstanding 90.9% of the share capital of Seez, an Emirati startup developing AI and machine learning technology. The acquisition was funded by a £35.7m equity fundraise.
“Pinewood has made a strong start to life as a standalone software business,” said Bill Berman, CEO of Pinewood Technologies.
“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.”
Pinewood Technologies shares marginally rose on Tuesday, climbing 0.3% to £3.26, 8% down from the start of 2025.
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