Pinewood Technologies showcased a notable profit increase, underlining its successful business expansion.
- The firm witnessed an impressive 12.4% increase in profits, reaching £14.5 million.
- Revenue grew by 11%, attributed to the broadened customer base and strategic initiatives.
- The company’s partnership with Lithia Motors facilitated the rollout of its system across UK dealerships.
- Pinewood aims to capitalise on global market opportunities in dealer management software.
Pinewood Technologies has reported a substantial uplift in its financial performance, highlighting its successful strategies in expanding operations worldwide. In its latest half-year report, the Birmingham-headquartered firm, formerly known as Pendragon, declared a profit increase of 12.4% to £14.5 million. This rise in profit was accompanied by a revenue boost of 11%, moving from £14.5 million in 2023 to £16.1 million, signaling the company’s positive trajectory in broadening its customer base.
The company strategically partnered with Lithia Motors, a significant player in the automotive sector. This collaboration was instrumental in the effective rollout of Pinewood’s systems to UK dealerships, which Pinewood prioritised during this period to maximise operational success. Pinewood’s CEO, Bill Berman, noted the double-digit growth in revenue and gross profit, attributing it to their focus on expanding their market reach.
In September of the preceding year, Pendragon agreed to divest its UK motor business to Lithia Motors for £250 million, a move that saw its shares soar. Post-approval from shareholders, the company was rebranded as Pinewood Technologies, maintaining its London Stock Exchange listing. This restructuring marks a pivotal moment as Pinewood positions itself to address gaps within the fragmented global dealer management software market.
Further strengthening its market presence, Pinewood entered an advanced subscription agreement with Seez, an innovator in automotive AI technology, to boost its US expansion. This venture underscores the company’s ambition to invest in its platform robustly, enhancing features to ensure a secure and top-tier automotive retail environment.
CEO Bill Berman emphasised their commitment to leveraging technological advancements to maintain industry leadership: ‘To support these ambitions, we continue to invest in our platform to add new features to ensure it remains a highly secure best-in-class automotive retail ecosystem.’ This statement reflects Pinewood’s forward-thinking approach to securing its place in the competitive market.
Pinewood Technologies is poised for further growth, asserting its influence in an evolving global market.
