UK's Pinewood H1 revenue jumps on new customers, Seez integration

Overview

• UK automotive software firm's H1 revenue rose 18.4% on new customers and Seez integration

• Underlying profit before tax fell 13.6% as admin costs and North American investment rose

Outlook

• Pinewood expects FY26 underlying EBITDA to be £21m, in line with previous company guidance

• Company reaffirms FY28 underlying EBITDA guidance of £62m

Result Drivers

• NEW CUSTOMERS AND CROSS-SELL - Co said H1 revenue growth was driven by new customer acquisitions and cross-selling to existing clients

• SEEZ INTEGRATION - Integration of Seez AI products contributed to revenue growth and impacted gross margin

• NORTH AMERICAN INVESTMENT - Increased investment in North American roll-out raised admin expenses and reduced underlying profit

Company press release:

Key Details

Analyst Coverage

• The stock recently traded at 37 times the next 12-month earnings vs. a P/E of 25 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)