Pinewood H1 FY26 slides: revenue rises 18% as Lithia rollout nears

Pinewood Technologies Group PLC released its first-half fiscal 2026 results on September 30, 2026, showing a 18.4% increase in underlying revenue to £23.2 million. The growth was driven by new customer acquisitions, increased usage among existing customers, and the full integration of its Seez AI acquisition. The company is preparing for two major milestones: the closure of its £545 million acquisition by Ridgeview Partners and the fourth-quarter rollout of its platform to Lithia Motors' U.S. dealers.

This acquisition will provide Pinewood with additional capital and operational expertise to support its expansion in the estimated $9 billion North American market. Underlying gross profit climbed 16.5% to £19.8 million, while underlying EBITDA rose 11.4% to £8.8 million, but the margin contracted by 240 basis points to 37.9%. Net customer churn was negative 0.7%, indicating existing customers expanded their platform usage.

The company's cash flow from operations fell to £1.7 million, primarily due to increased capital expenditure. Despite higher investment levels and margin compression, Pinewood maintained a cash position of £23.9 million and a shareholder base of £198.9 million, primarily due to the July 2025 acquisition of the U.S. joint venture.