Pinewood Technologies Group PLC (LSE:PINE)

Full Year 2024 Pinewood Technologies Group PLC Earnings Call Transcript

Apr 1, 2025 / 08:00 AM GMT

Release Date Price: £3.29 (+1.23%)

Transcript

Key Points

Positve

Pinewood Technologies Group PLC (PINWF) reported results ahead of analysts' expectations, with a 15.1% revenue growth and a 16.5% increase in gross profit.
The company successfully signed contracts with two of the largest auto retailers in the UK, Marshalls and Lookers, showcasing the strength of the Pinewood platform.
The acquisition of CS, a leading automotive AI platform, is expected to enhance cross-sale and upsell opportunities, boosting Pinewood's growth prospects.
Pinewood has made significant progress in its North American rollout, with plans to pilot its system in the second half of 2025 and a full rollout in 2026.
The company maintains a high recurring revenue rate of 86.5%, providing stability and predictability in its financial performance.

Negative

The transition to a standalone software business has led to increased operating costs as Pinewood builds up its team for future growth.
The comparison of FY24 and FY23 results is complicated due to the different reporting periods, making it difficult to assess performance on a like-for-like basis.
There are potential limitations in the North American market due to the current JV structure with Lithia, which may hinder market penetration.
The international expansion faces challenges due to localization differences and varying operating systems across regions.
The company faces economic headwinds such as inflation and interest rate increases, which could impact dealer groups and overall market conditions.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PINE.L - Pinewood Technologies Group PLC
Full Year 2024 Pinewood Technologies Group PLC Earnings Call
Apr 01, 2025 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning everyone and welcome to our FY24 results presentation. I'm Bill Berman, CEO, and I'm joined today by our CFO Ollie Mann.

I'm delighted to an announce a set of results ahead of analysts expectations, and then Ollie will take us through the headline financial shortly. But first I'm going to reflect on what's been a landmark year for Pinewood. After the successful conclusion of the transaction with Lithia, we've worked hard to ensure the company's transformation into a standalone software business is off to a really good start. Our main area of focus at the beginning of the year was to make sure we had strong foundations in place to support ambitious growth targets. This involve getting

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