Pinewood Technologies Group PLC (PINE) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to the Pinewood H1 FY24 results presentation. I'm Bill Berman and with me today is the group CFO and my partner, Olly Mann. I will begin with a short summary and a reminder of the Pinewood business model. Olly will then take you through the financials for the first half of FY24 before I run through an operational review and strategic summary. If there are any questions, we'll be happy to take these at the end of the presentation. In the first half of FY24, we had a great start as a standalone SaaS business, achieving double-digit growth in both revenue and gross profit. The priority for us in the first six-month period has been the system rollout in the XJardine Motor Group, Lithia UK stores. Based on our customer feedback, we are happy that these have been best-in-class system implementations. Our teams have really excelled and gone the extra mile trying to make the implementations at every Lithia dealer a seamless and positive experience. We expect to conclude the rollout to Lithia UK stores in December of 2024. We are keen to expand our market penetration throughout the rest of the UK market. And as a result of this, we have restructured our UK sales teams to allow us to maximize our UK market penetration in the short and medium term. We should start to see the results of this in FY25. Our largest opportunity for the group is the North American market, which has been opened up for us by our partnership with Lithia Motors. In the first half of FY24, we started the discovery and planning stage of our rollout into North America. We'll share a lot more of this detail as well as our other aspects of a long-term strategy at our upcoming Capital Markets Day on the 24th of October in London. Next on slide five, for those of you that do no...