REG - Pinewood Tech Gp PLC - Capital Markets Event

Pinewood TechnologiesAnnouncement

24/10/2024 07:00

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RNS Number : 3369J  Pinewood Technologies Group PLC  24 October 2024

 

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.

 

Enquiries:

 

 Jefferies International Limited (Joint Corporate Broker)  Tel: 020 7029 8000

 Philip Noblet

 Thomas Bective

 Jordan Cameron

 Ellie McDonald

 Berenberg (Joint Corporate Broker)                        Tel: 020 3207 7800

 Ben Wright

 Mark Whitmore

 Tom Ballard

 Richard Andrews

 Headland

 Henry Wallers                                             Tel: 07876 562436

 Dan Mahoney                                               Tel: 07311 369815

 

 

 

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.

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