Half Year 2024 Pinewood Technologies Group PLC Earnings Call Transcript
Key Points
- Pinewood Technologies Group PLC (PDGNF) achieved double-digit growth in both revenue and gross profit for the first half of FY24.
- The company successfully implemented its system in the EX-Jardine Motor Group, Lithia UK stores, receiving positive customer feedback.
- Pinewood is expanding its market penetration in the UK and has restructured its sales teams to maximize this effort.
- The company is exploring the North American market through a strategic partnership with Lithia Motors, with plans to pilot their system in North America by 2025.
- Pinewood made a strategic investment in the AI company Seez, enhancing its product offerings and preparing for U.S. market expansion.
- Underlying profit before tax decreased from GBP4.6 million to GBP4 million due to increased costs from business investments.
- The company incurred GBP1 million in one-off transaction costs related to the Lithia transaction.
- There was a share of losses from the JV with Lithia amounting to GBP0.3 million.
- The North American market entry is still in the early stages, with ongoing discovery and planning work required.
- The company faces challenges in the broader economic environment, although it does not expect a material impact on trading.
Good morning, everyone, and welcome to the Pinewood H1 FY24 Results Presentation. I am Bill Berman, and with me today is the group's CFO and my partner, Ollie Mann. I will begin with a short summary and a reminder of the Pinewood business model. Ollie 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 stand-alone 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 EX-Jardine 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
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