Pinewood Technologies, formerly known as Pendragon, has truly reported a double-digit enter income because the group stays to broaden its worldwide procedures.
The London- famous auto expertise firm as we speak announced in its half year update that income was up 12.4 p.c to ₤ 14.5 m, contrasted to ₤ 12.9 m the yr prior.
Revenue was ₤ 16.1 m, up 11 p.c from ₤ 14.5 m in 2023, with the corporate stating it “made good progress” within the growth of its client base.
Pinewood Technologies previously grew to become a part of a complicated membership contract with Seez, understood for its auto AI expertise, to spice up its United States growth.
Chief exec Bill Berman acknowledged: “Pinewood had a incredible very first fifty p.c of the yr, with exceptional double-digit growth in revenue and gross income.
“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.”
In September in 2015, automobile vendor group Pendragon agreed to a proposed sale of its UK electrical motor service to United States provider titan Lithia Motors for ₤ 250m, sending out shares skyrocketing.
Shareholders approved the deal the adhering to month. The firm stays famous on the London Stock Exchange but remodeled its title to Pinewood Technologies.
The employer acknowledged the corporate is “well” positioned to load the void within the “fragmented” worldwide marketplace for provider administration software program software, together with its UK, Northern Europe, Asia Pacific and North America markets.
“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,” Berman included.
