Automotive software program group Pinewood Applied sciences introduced its financials as we speak for the 11 months to December 2024 with underlying earnings unchanged at £8.5m on turnover up 15.1% to £31.2m.
The group stated income development was pushed by completion of the Lithia UK system rollout. Pinewood now provides 5 of prime 20 UK dealership group and complete customers elevated to 35,200, up 6.3% from 33,100 on the finish of 2023.
It signed a five-year contract with Constellation Automotive owned Marshall Motor Group in October 2024, with Pinewood to implement its methods into Marshalls 120 UK dealerships.
The group stated it was “on track” to pilot in Lithia US shops within the first half of 2025 with the broader roll-out to Lithia US shops beginning in 2026. North American headquarters to be opened in Florida throughout 2025.
Invoice Berman, Chief Government Officer of Pinewood Applied sciences Group, stated: “Pinewood has made a powerful begin to life as a standalone software program enterprise.
“A key precedence this yr was the implementation of our system into Lithia’s UK community, and I’m happy this mission has been accomplished efficiently, driving up our complete customers and revenues.
On prime of this we delivered main buyer wins, most notably with Marshalls, whereas sustaining a low stage of churn because of the standard of our service.
“For the reason that shut of the monetary yr, our optimistic momentum has continued with the announcement of our largest ever contract with World Auto Holdings, the acquisition of Seez, and our considerably oversubscribed fairness elevate.
“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.”
