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

Pinewood Technologies Group PLC released its first half of fiscal year 2026 results on September 30, 2026, demonstrating a 18.4% year-over-year increase in underlying revenue to £23.2 million. The growth was fueled by new customer acquisitions, heightened usage from existing clients, and the full six-month impact of the March 2025 Seez acquisition.

Underlying gross profit rose 16.5% to £19.8 million, while underlying EBITDA climbed 11.4% to £8.8 million. Notably, the company reported a net customer churn of -0.7%, indicating existing customers expanding their usage, a positive sign for the SaaS business model. While recurring revenue accounted for 84.5% of total revenue, a slight decline from 85.7% in the previous year, it remains a strong indicator of revenue predictability.

The company's focus on growth, particularly in North America, saw increased capital expenditure of £8.0 million, alongside a £6.4 million investment in product development for North American OEM integrations. Despite these investments, Pinewood maintained a robust cash position of £23.9 million, bolstered by a £10 million undrawn revolving credit facility.

The company's strategic priorities, as outlined during the presentation, include North America as the primary near-term catalyst.