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Pinewood Technologies Group PLC on Wednesday reported higher annual revenue and profit, as it reiterated its medium-term earnings target and said its 2026 performance should meet expectations. The Birmingham, England-based firm, a software provider for automotive sellers, said revenue rose 30% to £40.5 million in the 12 months to December 31 from £31.2 million a year prior. Underlying pretax profit increased 3.5% to £8.8 million from £8.5 million. Reported pretax profit surged to £49.7 million from £8.2 million. Underlying earnings before interest, tax, depreciation and amortisation rose 17% to £16.4 million from £14.0 million. Pinewood said growth was driven by contributions from its Seez AI acquisition, new customers and increased cross-selling across its existing base. Chief Executive Officer Bill Berman said: ‘Our second year as a standalone technology company has delivered both strong financial performance and significant strategic progress.’ The company highlighted momentum in North America, where system testing is underway at Lithia Motors Inc dealerships in the US, with a broader rollout expected following successful pilot completion. It also noted continued progress in the rollout of its platform across Lookers PLC dealerships in the UK, expected to be completed in the fourth quarter of 2026. Pinewood said integration of its Seez AI acquisition is at an advanced stage and already delivering benefits across both vehicle sales and aftersales modules. Cash at the end of December rose to £34.1 million from £9.3 million, reflecting an equity raise and strong operating cash flow. Looking ahead, Pinewood said it expects 2026 underlying earnings before interest, tax, depreciation and amortisation to be in line with market expectations of £21.3 million. The company reaffirmed its medium-term target of £58 million to £62 million in underlying earnings before interest, tax, depreciation and amortisation by 2028. It said that around 85% of projected earnings growth is supported by signed contracts, providing strong revenue visibility. Berman added: ‘We are confident in achieving our expectations for 2026 and in delivering our medium-term target...supported by high revenue visibility from existing contracts and a strong pipeline of new opportunities.’ Pinewood Technologies shares were up 1.2% at 244.50 pence in London on Wednesday afternoon. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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