PINE Pinewood Technologies Group Plc

LSE: PINE

24 October 2024

Pinewood Technologies Group PLC

("Pinewood")

Capital Markets Event

FY27 underlying EBITDA guidance increased to £30m

Pinewood Technologies Group PLC, a leading pure-play SaaS business providing innovative retail solutions to the automotive industry is today hosting a Capital Markets Event for investors and analysts commencing at 9.30am at etc.venues, Convene, 133 Houndsditch, London, EC3A 7BX.

During the event, Bill Berman (CEO), Ollie Mann (CFO), and other senior leaders from across the business will provide a detailed update on the Company's strategy, demonstrating how its industry-leading product offering and strong competitive position will enable it to drive global growth.  Additionally, Pinewood will be providing an opportunity for Q&A and system demonstrations at the end of the formal presentation.

Following the successful early progress that has been made since Pinewood began trading as a standalone business at the start of February 2024, and the ongoing positive growth drivers it sees in the market, the Group is also pleased to announce that it is raising its guidance for underlying EBITDA in FY27 to £30m from £27m.

At the event, Pinewood will also set out its plan to rebrand its customer-facing proposition as Pinewood.AI (Automotive Intelligence^®) with a contemporary brand look that puts tech at the heart of the business.  

Bill Berman, Chief Executive Officer of Pinewood Technologies Group PLC, said:

"Pinewood is a business with over two decades of industry experience and engagement with the automotive retail sector. We provide our customers with a single, secure software system that covers all aspects of the customer journey from the front of house reception team, the vehicle sales team, the service technicians, right through to the accounts team. We have very high levels of customer retention and are proud to partner with over 50 OEM brands worldwide, many of whom are long-standing partners.

"This provides us with strong foundations to achieve our ambitions as a standalone company and I am delighted with the progress we have made this year. We have largely completed the rollout of our products to the UK sites of our strategic partner Lithia and earlier this week we were awarded a contract with Marshalls, further strengthening our position in the UK. Meanwhile, our strategic partnership with Lithia provides access to the extremely lucrative North American market and we remain on course to begin piloting our system in a number of Lithia stores in the second half of 2025, before the full North American system rollout starts during 2026.

"Today, we are also announcing an exciting update to our customer-facing brand identity under the banner of Pinewood.AI. We believe this reinvigorated proposition will further enhance the steps we have already taken to strengthen our go-to-market function and deliver on the exciting plans we have for the future."

A presentation of the event will be available on the Pinewood investor relations website at 9.00am on Thursday 24^th October 2024.

A recording of the event will be available on the Pinewood investor relations website on Tuesday 29^th October 2024.

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About Pinewood Technologies Group PLC:

First established in 1981, Pinewood Technologies Group PLC (Pinewood) is a leading cloud based full-service technology provider to automotive retailers and OEMs. Pinewood's system is a market-leading automotive intelligence platform, which has been developed collaboratively with dealers and OEMs to provide secure cloud-based software across sales, aftersales, accounting and CRM. Headquartered in the UK, Pinewood has a team of over 200 people serving over 30,000 global users across 21 countries and long-standing partnerships with over 50 OEM brands.

Previously part of Pendragon PLC, in 2024 Pinewood became an independent entity following the sale of Pendragon's UK Motor and Leasing divisions to Lithia Motors Inc, one of the largest automotive retailers in North America. Pinewood simultaneously signed a strategic partnership with Lithia to roll out its software across Lithia's UK locations and form a joint venture to co-develop capabilities and accelerate Pinewood's entry into the North American market.