Slide 1: Pinewood Technologies Group PLC H1 FY24 Results
Pinewood Technologies Group PLC H1 FY24 Results 2nd October 2024
Slide 2: Agenda
Agenda 1. Introduction Bill Berman 2. Financial Review Ollie Mann 3. Operating Highlights & Strategy Bill Berman 4. Outlook Bill Berman Pinewood H1 FY24 Results 2
Slide 3: 1. Introduction
1. Introduction Pinewood H1 FY24 Results 3
Slide 4: Transformation into a pure-play Software-as-a-Service (SaaS) business
Transformation into a pure-play Software-as-a-Service (SaaS) business ❑ Pinewood reports first half year results as a pure-play, Software-as-a-Service (SaaS) Group ❑ Double-digit growth in revenue and gross profit ❑ Successful start to system roll-out in remaining Lithia UK stores ❑ Restructuring of
Slide 5: Pinewood overview
Pinewood overview End-to-end, omnichannel, automotive capability provider A leading Automotive High user loyalty Recurring revenue Retail System streams Pinewood Technologies ❑ Pure cloud based software designed ❑ Consistent growth in revenue and high, Group PLC today around customers and design for
Slide 6: 2. Financial Review
2. Financial Review Pinewood H1 FY24 Results 6
Slide 7: Financial Review – Statutory Income Statement
Financial Review – Statutory Income Statement £m H1 FY241 H1 FY231 Underlying Income Continuing Discontinued Continuing Discontinued Total Total Statement Operations Operations Operations Operations Revenue 16.1 - 16.1 11.0 2,079.0 2,090.0 Gross Profit 14.5 - 14.5 9.8 241.0 250.8 Gross Margin % 90.1
Slide 8: Financial Review – Comparative Information – Continuing Operations
Financial Review – Comparative Information – Continuing Operations 1 1 £m unless stated H1 FY24 H1 FY23 Change 2 Revenue 16.1 14.5 11.0% ❑ Underlying EBITDA only down by £0.1m despite significant Gross Profit2 14.5 12.9 12.4% cost investment in Pinewood Core Business Underlying EBITDA 6.9 7.0 -1.4%
Slide 9: Financial Review – Non-underlying Items
Financial Review – Non-underlying Items ❑ £1.0m of one-off transaction related costs: £m H1 FY24 H1 FY23 ❑ Costs relating to transaction dividend and share consolidation Within operating expenses: ❑ Stock exchange costs for issuing new shares One-off transaction related costs (1.0) - ❑ Advisor costs
Slide 10: Financial Review – Balance Sheet
Financial Review – Balance Sheet ❑ Cash received from Lithia transaction on 1st Feb ❑ Lithia transaction special Dividend of £358.4m paid in May £m Jul-24 Jan-24 2024 Property, plant & equipment 1.8 1.1 ❑ Intangible asset of £14.9m relates to capitalised development costs Goodwill 0.3 0.3 Investment
Slide 11: 3. Operating Highlights & Strategy
3. Operating Highlights & Strategy Pinewood H1 FY24 Results 11
Slide 12: Operational Highlights
Operational Highlights ❑ Revenue increased by 11.0% to £16.1m (c.85% recurring) ❑ Gross profit up by £12.4% to £14.5m, with GP margins up 1.1% to 90.1% ❑ Underlying EBITDA of £6.9m (H1 FY23: £7.0m) ❑ Total users increasing by 3.6% to 34,300 ❑ Strong operational progress with the first stage of our s
Slide 13: Strategy – Capital Markets Day
Strategy – Capital Markets Day ❑ Pinewood will host a Capital Markets Day on 9am on 24th October 2024 at etc venues, Convene, 133 Houndsditch, London. EC3A 7BX ❑ Where there will be a full strategy update including financials out to FY27 ❑ The strategy update on Capital Markets Day will include some
Slide 14: Strategy – Lithia Partnership
Strategy – Lithia Partnership ❑ Strategic Partnership with Lithia Motors, Inc. remains key - creating access to the North American market through US Joint Venture ❑ Engagement with North American OEMs underway ❑ Development work starting by end of FY24 ❑ Piloting in Lithia US stores in H2 FY25 and Q
Slide 15: 4. Outlook
4. Outlook Pinewood H1 FY24 Results 15
Slide 16: Outlook
Outlook ❑ We have had a good start to FY24, with particular focus on the Lithia UK rollout which has been very successful and is due to be completed in December 2024 ❑ We are in well progressed discussions with a number of potential new customers from Outlook both within the UK and internationally ❑