Pinewood Technologies Group Plc · LSE:PINE
Pinewood Technologies — FY2024 Earnings Presentation
26 slides from Pinewood Technologies's earnings presentation, Apr 1, 2025
Slide 1: Pinewood Technologies Group PLC FY24 Results
Pinewood Technologies Group PLC FY24 Results 1st April 2025
Slide 2: Contents
Contents 1. Introduction Bill Berman 2. Financial Review Ollie Mann 3. Operating Highlights & Strategy Bill Berman 4. Outlook Bill Berman 2
Slide 3: Introduction
Introduction
Slide 4: Strong Start to Life as a Standalone Software Business
Strong Start to Life as a Standalone Software Business Delivered FY24 results ahead of analyst expectations 1 Strategic transformation successfully completed, laid the groundwork for significant future growth Delivered against the targets we set at our Capital Markets Day in October 2024 inclu
Slide 5: Financial Review
Financial Review
Slide 6: Financial Highlights – FY24 (11m ended Dec-24)
Financial Highlights – FY24 (11m ended Dec-24) Underlying Revenue Gross profit Underlying EBITDA EBITDA margin £31.2m +15.1% £28.2m+16.5% £14.0m +6.9% 44.9% -3.4% FY23: £27.1m FY23: £24.2m FY23: £13.1m FY23: 48.3% Recurring revenue Underlying PBT Total users Net user churn 86.5% -1.8% £8.5m -% 35,20
Slide 7: Cash Flow
Cash Flow £m FY24 FY23 1• £4.3m of the £4.5m bank interest received Profit for the period 5.7 81.7 relates to non-underlying interest received while Adjustment for tax 2.5 10.1 Share of associate result (US JV) 0.5 - special dividend being finalised Adjustment for net financing expense (4.4) 65.8 4.
Slide 8: Balance Sheet
Balance Sheet 1• Movement in shareholders funds driven by special dividend of £358.4m paid following completion of £m Dec-24 Jan-24 Lithia transaction Property, plant & equipment 1.7 1.1 2• Investment in associate of £9.6m is US JV with Lithia Goodwill 0.3 0.3 Investment in associate 2 9.6 - 3• Othe
Slide 9: Non-underlying Items
Non-underlying Items £m FY24 FY23 Within operating expenses: 1• Restructuring costs following Lithia Restructuring and transition costs re Lithia transaction 1 (2.2) - deal of £2.2m and transaction costs of Share based payments 2 (1.0) - £0.9m Transaction costs re Lithia transaction 1 (0.9) (4.1) -
Slide 10: Operating Highlights & Strategy
Operating Highlights & Strategy
Slide 11: Delivering User Growth and New Contracts
Delivering User Growth and New Contracts Strong revenue growth driven by efficient completion of the Lithia UK system rollout, focus on vertical sales into existing customers, as well as new customer wins Total users increased to 35,200, up 6.3% from 33,100 at the end of FY23: Net churn remain
Slide 12: Progress Towards North America Roll-out
Progress Towards North America Roll-out North American roll-out preparation progressing well o Engagement with majority of OEMs o Our product and development team are making good progress in enhancing the system to US customer specific needs o Remain on track to pilot in H2 FY25, with the wider ro
Slide 13: New User Experience Coming Soon
New User Experience Coming Soon A new user experience (UX) for all Pinewood system customers to be launched during 2025 o Development work on the new UX has taken place over several years o Key next step in the evolution of the Pinewood system for both existing geographies and North America o Will
Slide 14: Post Year-end Events: A Significant New Contract with GAH
Post Year-end Events: A Significant New Contract with GAH 5-year contract with GAH to implement Pinewood’s software into all of its owned dealerships across the UK, North America and Scandinavia – announced February 2025 GAH is one of the largest consumer-facing global automotive companies in the
Slide 15: Post Year-end Events: Landmark Acquisition of Seez
Post Year-end Events: Landmark Acquisition of Seez Oversubscribed equity fundraise & retail offer of £35.7 million, with strong support from new investors and existing shareholders Fundraise enabled Pinewood to acquire outstanding ownership in Seez, a leading automotive AI and ML SaaS platform
Slide 16: Progress on Strategy
Progress on Strategy UK & Ireland International Products / Vertical Sales North American JV 5 of the top 20 UK dealer Scandinavia: addition of Seez: Acquisition delivers Completed comprehensive 3rd groups as customers Scandinavian dealers with opportunity to increase party market review in D
Slide 17: Outlook
Outlook
Slide 18: Outlook
Outlook Our priority in the UK in FY25 is to begin system implementations with Marshalls and Global Auto Holdings. Having strengthened our sales team, we will look to add more Top 100 dealer groups to our customer base Outside the UK, the geographies identified at our Capital Markets Event in H2
Slide 19: Appendix
Appendix
Slide 20: Overview of Pinewood
Overview of Pinewood Pinewood Technologies Automotive Intelligence Platform Group PLC today A leading Automotive High user loyalty Recurring revenue Software-as-a-Service Retail Ecosystem streams (SaaS) for 2 decades Pure cloud-based software Consistent growth in revenue and designed around cu
Slide 21: A Market-Leading Proposition
A Market-Leading Proposition Secure end-to-end ecosystem of apps, designed to help dealership groups unlock automotive business value and drive performance and profitability Single interface with comprehensive functionality, seamlessly integrating data points into a 1 One Version of the Truth centra
Slide 22: Financial Review – Statutory Income Statement
Financial Review – Statutory Income Statement • FY24 was an 11m period and FY23 was 11m period ended 13m period ended a 13m period £m unless stated Change 31-Dec-24 (FY24) 31-Jan-24 (FY23) • In FY23, there was intercompany Revenue 31.2 24.5 27.3% revenue and gross profit from ex- Gross Profit 28.2 2
Slide 23: AI Capabilities are in High Demand
AI Capabilities are in High Demand Seez will best position Pinewood to meet increasing dealer demands for AI & ML automotive software products (particularly in North America) Efficiency Gains and Increased Sales Driving Rapid AI Adoption in North America Do you already use AI or plan to deploy it in
Slide 24: Seez – At a Glance
Seez – At a Glance Founded in 2015, Seez provides software solutions for car dealerships and OEMs, aimed at improving customer interactions and boosting sales AI and ML products SaaS products Product Overview Description Key Functions Key Benefits D C A Online sales, lead Provides 24/7 customer AI-p
Slide 25: Seez’s Highly Complementary Product Offering
Seez’s Highly Complementary Product Offering 25 2
Slide 26: Pinewood Strategy
Pinewood Strategy Strong execution against strategy outlined at October CMD; significant opportunity ahead NORTH AMERICAN JV UK & Ireland International Products / Vertical Sales North America Target Large UK Auto Northern & Central Multiple Product Discovery Phase & Retail Groups Europe Oppo
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