Pinewood Technologies first-half underlying core profit rises on Seez contribution
Pinewood Technologies reported underlying core profit of £8.8 million for the six months to June 30, up 11.4%, and reaffirmed annual underlying core profit guidance of £21 million and a £62 million target for fiscal 2028. The results are linked to its Seez acquisition; a £545 million Ridgeview Partners takeover is expected to take effect on October 9.
Sept 30 (Reuters) — Automotive software firm Pinewood Technologies reported higher first-half underlying core profit on Wednesday, helped by its acquisition of car dealership automation software provider Seez AI. 4% from a year earlier. Pinewood reaffirmed its annual underlying core profit guidance of £21 million and its fiscal 2028 target of £62 million, citing strong visibility from existing contracts. The results come just days after Pinewood shareholders approved a £545 million takeover by US private equity firm Ridgeview Partners, which is expected to become effective on October 9.
Pinewood has been expanding in North America through an agreement with Lithia Motors as it looks to grow beyond the UK and strengthened its AI capabilities with the acquisition of Seez, an automotive AI software provider. The company said two Lithia Motors US dealerships will go live with its software in Q4, marking its US debut ahead of a broader North American rollout from first half of 2027. Shares of the company were marginally up at 447 pence in early trade. com)