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Pinewood Technologies posts strong revenue, earnings growth
By Josh White
Date: Wednesday 22 Apr 2026
(Sharecast News) - Pinewood Technologies reported strong revenue and earnings growth for 2025 on Wednesday, supported by customer expansion, product integration and progress in its North American rollout.
Revenue for the 12 months ended 31 December rose 29.8% to £40.5m, while gross profit increased 23.0% to £34.7m, with a margin of 85.7%.
Underlying EBITDA grew 17.1% to £16.4m, representing a margin of 40.5%, and underlying profit before tax edged up 3.5% to £8.8m.
Its underlying operating profit was broadly flat at £8.3m.
Cash at the year end rose to £34.1m from £9.3m, reflecting a March 2025 equity raise and strong operating cash flow.
Recurring revenue totalled £33.7m, accounting for 83.2% of group revenue, while total contract value stood at £64.5m at the end of the year, providing visibility over future income.
Customer churn remained low at 2.5%, highlighting the embedded nature of the platform.
Operationally, Pinewood said its North American rollout was gaining momentum, with system testing underway at dealerships operated by Lithia in the US.
Following successful testing, Lithia was expected to adopt the platform as its central system across its US dealer network, while integration work was ongoing with original equipment manufacturers covering around 90% of Lithia's North American dealers.
In the UK, implementation of the platform across Lookers' dealerships was progressing and remains on track to complete in the fourth quarter of 2026.
The integration of Seez AI into the Pinewood Automotive Intelligence platform was also at an advanced stage and was reportedly already delivering benefits across sales and aftersales modules.
"Our second year as a standalone technology company has delivered both strong financial performance and significant strategic progress," said chief executive Bill Berman.
"We have continued to successfully implement our system across Lookers' dealerships in the UK, made good progress towards US deployment with a pilot programme now underway, and completed the transformative acquisition of Seez AI, whose integration with our rich data stack is at an advanced stage and already driving benefits for customers."
Post-period-end, the group agreed to acquire its final reseller in the Netherlands for £3.3m, a deal completed in February and expected to add £0.7m to £0.8m of annual EBITDA.
Pinewood also said the rollout of its system to Marshall Motor Group dealerships would now start in the second half of 2026, later than previously expected.
Looking ahead, the board said it remained confident in the outlook and expected underlying EBITDA for 2026 to be in line with market expectations, currently forecast at £21.3m.
It also reiterated its medium-term target of £58m to £62m of underlying EBITDA by 2028, supported by strong visibility from existing contracts and a substantial pipeline of opportunities.
"We are confident in achieving our expectations for the 2026 financial year and in delivering our medium-term target of £58m to £62m underlying EBITDA by 2028, supported by high revenue visibility from existing contracts and a strong pipeline of new opportunities," Berman added.
At 1015 BST, shares in Pinewood Technologies Group were up 1.24% at 244.5p.
Reporting by Josh White for Sharecast.com.
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