Pinewood delivered its maiden results as a motor dealer software company with £24.5m turnover in the 13 months to January 2024.
This compare with £19.1m in full year 2022. Pre-tax profits hit £9.9m compared to £7m last time.
In February Pendragon announced the sale of its dealerships and leasing businesses to Lithia for £367m.
The move marked the beginning of the transformation of Pendragon into Pinewood Technologies, a pure-play software listed business under CEO Bill Berman.
Pinewood is set to roll out its software network in Lithia Motors networks in both the UK and US and is also building relationship with Volkswagen and Porsche, adding dealers to its network in Europe and Asia Pacific. It has around 290 dealerships in the US.
Ian Filby, chairman of Pinewood Technologies Group, said: “We are very pleased to be reporting the first set of financial results for Pinewood following the sale of Pendragon’s UK Motor and Leasing divisions to Lithia Motors.
Pinewood is a leading provider of cloud-based dealer management software and we have made positive progress during the year to build on this market position.
“We have continued to expand our customer base while sustaining high levels of customer retention, which is reflected in a net user churn rate of c.2%. This contributed to strong growth in revenue and profit in the period.
“We are excited by the opportunity that lies ahead for Pinewood as a standalone business. Following the transaction with Lithia, the business is in a robust financial position and is well positioned for growth through product innovation, user growth in existing territories and accessing the North American market in partnership with Lithia through a joint venture agreement. We are confident in the quality of our products and our market proposition, and we are looking forward to making further progress in the year ahead.”
