Pinewood Technologies posts mixed results ahead of Ridgeview takeover

Pinewood Technologies Group PLC on Wednesday said it was on track to meet earnings guidance as it prepares for an "exciting next chapter" after agreeing to be taken over.

Shares in the Birmingham, England-based software provider for automotive sellers were down 0.1% at 446.00 pence each in London on Wednesday.

In August, Pinewood agreed to a 448 pence-per-share cash offer from UK Piston Bidco Ltd, a vehicle indirectly owned by entities administered by Ridgeview, valuing Pinewood at around £545 million.

On Wednesday, Pinewood reported a pretax loss of £9.7 million in the six months to June 30 compared to break-even the year prior.

Revenue increased 17% to £22.9 million from £19.6 million.

Underlying revenue grew 18% to £23.2 million from £19.6 million, driven by new customers, cross-sell of products to existing customers and the impact of six months revenue from Seez.

Recurring revenue climbed to £19.6 million from £16.8 million.

Underlying pretax profit fell to £3.8 million from £4.4 million while underlying earnings before interest, tax, amortisation and depreciation improved to £8.8 million from £7.9 million.

Losses per share totalled 6.7 pence compared to 0.7p a year ago.

Chief Executive Bill Berman said Pinewood has made "strong strategic and operational progress" in the first half of the year as "we continue to build the foundations for our next phase of growth."

He noted the firm has made "significant strides towards our North American roll-out, with the first two Lithia US dealerships due to go live later this year, while continuing to successfully implement our system across Lookers' dealerships in the UK."

Looking ahead, Pinewood remains confident in the group's prospects and expects underlying full-year Ebitda to be in line with its previous expectations of £21 million.

It also reaffirmed its expectation of achieving underlying Ebitda of £62 million by FY28.

"This is underpinned by strong visibility from the group's existing signed contracts and a significant pipeline of opportunities," it said.

Berman said the Ridgeview Partner marks an "exciting next chapter" for Pinewood.

"We believe Ridgeview will provide the investment, expertise and backing needed to accelerate our growth and make the most of the significant market opportunity ahead, particularly in North America," he added.

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