Pinewood Technologies Group PLC has reported a strong set of full-year results for the 11-month period ended 31st December 2024, underpinned by the rollout of its platform across Lithia UK, and a series of strategic developments that aim to create accelerated growth in 2025.
The group achieved an underlying profit before tax of £8.5m, in line with consensus forecasts and marking a solid year of operational execution following its transition to a standalone, cloud-based software business focused exclusively on automotive retail solutions.
Revenue rose by 15.1% year-on-year to £31.2m, with recurring income making up 86.5% of the total.
Gross profit increased by 16.5% to £28.2m, lifting gross margin to 90.4%, while underlying EBITDA climbed 6.9% to £14.0m.
Total user numbers grew 6.3% to 35,200, driven by the completion of system deployments across Lithia UK dealerships and a wave of new customer wins, including a landmark five-year contract with Marshall Motor Group signed in October 2024.
Pinewood secured its largest ever customer contract with Global Auto Holdings in February 2025, covering implementation of the Pinewood Automotive Intelligence™ platform across the group’s UK, North American and Scandinavian sites.
The deal is expected to help the business bring another UK Top 20 dealer group on board by the end of 2025.
The group also completed the acquisition of AI and machine learning specialist Seez in March 2025, strengthening its in-house innovation capabilities and accelerating the development of advanced features such as AI chatbots.
The transaction, valued at $42m (£33.3m), was funded through a significantly oversubscribed equity raise of £35.7m.
Bill Berman, chief executive officer of Pinewood Technologies Group PLC, 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.”
