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Pinewood Technologies secures largest-ever non-associated dealership contract
(Sharecast News) - Software firm Pinewood Technologies delivered FY24 earnings ahead of consensus on Friday as it revealed it had secured its largest-ever non-associated dealership contract with Global Auto Holdings. Pinewood said it now expects underlying pre-tax profits for the 11-month financial period ended 31 December to be approximately £8.3m, ahead of current analyst consensus forecasts of £7.8m.
The London-listed firm stated momentum had remained strong, with ongoing progress in the rollout of the Pinewood Automotive Intelligence platform in the UK and a major contract win with Marshall Motor Group.
Pinewood also revealed it had entered into a five-year contract with Global Auto Holdings to implement its Pinewood Automotive Intelligence platform into all of its owned dealerships across the UK, North America and Scandinavia.
"The Global Auto Holdings contract represents the largest non-associated major dealership group to adopt the Pinewood Automotive Intelligence platform and the company expects it to deliver significant earnings across the lifetime of the contract," said Pinewood.
"The contract is aligned with the company's goal set out at its Capital Markets Day to sign a further member of the UK's top 20 automotive retailers as a customer by the end of 2025 and expects the roll-out and revenues to commence in the UK by 2026."
As of 0925 GMT, Pinewood Technologies shares were up 4.19% at 343.83p.
Reporting by Iain Gilbert at Sharecast.com
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