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Finance

UK automotive software provider Pinewood's first-half profit rises on Seez contribution

Published by Global Banking & Finance Review

Posted on September 30, 2026

2 min read

· Last updated: September 30, 2026

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Pinewood Technologies Reports Profit Growth, Seez AI Acquisition Drives H1 Results

Financial Performance and Strategic Developments in H1 2024

Profit Growth and Financial Highlights

Sept 30 (Reuters) - Automotive software firm Pinewood Technologies reported higher first-half underlying core profit on Wednesday, helped by its acquisition of car dealership automation software provider Seez AI.

Here are some more details:

First-Half Profit Figures

• The Birmingham-based firm posted underlying core profit of £8.8 million ($11.66 million) for the six months to June 30, up 11.4% from a year earlier.

Annual Guidance and Long-Term Targets

• Pinewood reaffirmed its annual underlying core profit guidance of £21 million and its fiscal 2028 target of £62 million, citing strong visibility from existing contracts.

Corporate Actions and Expansion Strategy

Takeover by Ridgeview Partners

• The results come just days after Pinewood shareholders approved a £545 million takeover by US private equity firm Ridgeview Partners, which is expected to become effective on October 9.

North American Expansion and AI Capabilities

• Pinewood has been expanding in North America through an agreement with Lithia Motors as it looks to grow beyond the UK and strengthened its AI capabilities with the acquisition of Seez, an automotive AI software provider.

US Market Debut

• The company said two Lithia Motors US dealerships will go live with its software in Q4, marking its US debut ahead of a broader North American rollout from first half of 2027.

Market Reaction

• Shares of the company were marginally up at 447 pence in early trade.

($1 = 0.7546 pounds)

(Reporting by Anushka Chourasia in Bengaluru; Editing by Jochelle Mendonca)

Key Takeaways

  • Underlying core profit rose to £8.8 million for the six months to June 30, up 11.4% year‑on‑year, aided significantly by the integration of Seez AI.
  • Pinewood reiterated its full-year underlying core profit guidance at £21 million and its FY2028 target of £62 million, noting strong contract visibility.
  • Shareholders approved a £545 million takeover by Ridgeview Partners, expected to become effective October 9, and North America expansion continues with Lithia deal and US pilot roll‑out in Q4.

Frequently Asked Questions

What was Pinewood Technologies' first-half 2023 underlying core profit?
Pinewood Technologies reported an underlying core profit of £8.8 million for the six months to June 30, up 11.4% from the previous year.
How did the acquisition of Seez AI impact Pinewood Technologies' results?
The acquisition of Seez AI helped boost Pinewood's first-half profit and strengthened its AI capabilities.
What are Pinewood Technologies' future profit targets?
Pinewood reaffirmed its annual underlying core profit guidance of £21 million and a fiscal 2028 target of £62 million.
What is the latest update regarding Pinewood's US debut?
Two Lithia Motors US dealerships will launch Pinewood's software in Q4, marking the company's US entry ahead of a broader North American rollout starting in H1 2027.
What is the status of Pinewood Technologies' takeover by Ridgeview Partners?
Pinewood shareholders approved a £545 million takeover by Ridgeview Partners, expected to be effective on October 9.

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