Pinewood Technologies Group recorded a static profit before tax performance at £8.5 million over the last 11 months as it rolled out its dealer management system (DMS) services to all Lithia UK dealerships.
Operating profits dropped slightly over the same period by 1.2% down to £8.4m, while gross profits actually increased by 16.5% to £28.2m.
Revenues were also boosted by 15.1% to £31.2m as a result of rolling out its cloud-based software services to 35,200 customers, up by 6.3% year-on-year.
The business now supplies its services to five of the top 20 in the AM100.
Pinewood has seen a net increase of 1,700 Lithia users following ex-Jardine Motor Group implementations and the business successfully completed the system rollout across Lithia UK’s network in December 2024.
Bill Berman, Pinewood chief executive, said the company has made a “strong start to life as a standalone software business”.
He said: “A key priority this year was the implementation of our system into Lithia’s UK network, and I’m pleased this project has been completed successfully, driving up our total users and revenues.
“On top of this we delivered major customer wins, most notably with Marshalls, while maintaining a low level of churn thanks to the quality of our service.”
Pinewood recently won its largest ever contract with Lookers’ owner Global Auto Holdings.
He added: “This year will see us focus on implementing our system with our new customers in the UK, driving growth in our key international geographies and continuing to prepare for our roll-out in the US through our ‘joint venture’ with Lithia.
“Trading in the current year has started well, and we remain highly confident in the opportunities ahead for Pinewood.”