In October 2024 we were pleased to report a great first half of the year, with early progress against our strategy to grow Pinewood as a leading pure-play SaaS Group. Highlights included
- Strong revenue growth, up 11% to £16.1 million
- Higher gross profit, £14.5m, up 12.4% from £12.9m
- Growing customer base, 34,300 up 3.6%, from 33,100
Our Chief Executive Officer, Bill Berman, said:
“Pinewood had a great first half of the year, with impressive double-digit growth in both revenue and gross profit, and we have also made good progress in expanding our customer base. During the period we have prioritised rolling out our system to the UK dealerships of our strategic partner Lithia Motors which has been very successful.
“The global market for Dealer Management Software is fragmented and we believe we are well placed to grow our business in our key markets of the UK, Northern Europe, Asia Pacific and North America – where our position is strengthened by our partnership with Lithia, the largest dealer Group in North America. 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. After a positive start to the year, we are looking forward to making further progress in the second half.”
Further details can be found here: London Stock Exchange
