Pinewood Technologies, formerly known as Pendragon, has reported a double-digit jump in profit as the group continues to expand its global operations.
The London-listed automotive tech firm today announced in its half year update that profit was up 12.4 per cent to £14.5m, compared to £12.9m the year prior.
Revenue was £16.1m, up 11 per cent from £14.5m in 2023, with the firm saying it “made good progress” in the expansion of its customer base.
Pinewood Technologies previously entered into an advanced subscription agreement with Seez, known for its automotive AI tech, to bolster its US expansion.
Chief executive Bill Berman said: “Pinewood had a great first half of the year, with impressive double-digit growth in revenue and gross profit.
“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 last year, car dealership group Pendragon agreed to a proposed sale of its UK motor business to US dealer giant Lithia Motors for £250m, sending shares soaring.
Shareholders approved the deal the following month. The firm remains listed on the London Stock Exchange but changed its name to Pinewood Technologies.
The boss said the firm is “well” positioned to fill the gap in the “fragmented” global market for dealer management software, including 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 added.