Strong Revenue Growth
Revenue increased ~30% year-over-year to GBP 40.5m, driven by new customers, upsells and the March 2025 Seez acquisition.
Improved Profitability
Underlying EBITDA rose to GBP 16.4m, up 17.1% versus FY '24, demonstrating operational leverage as the business scales.
Gross Profit and High Gross Margin
Gross profit was GBP 34.7m, up 23% year-over-year, with a high gross margin rate of 85.7% (margin decline noted vs legacy business due to Seez mix).
Material New Contract Win — Lithia
Signed a long-term $60m contract with Lithia to implement Pinewood across all U.S. and Canadian dealerships; buyout of Lithia's JV share removed a competitive overhang and generated a noncash gain of GBP 60.8m on the buyout.
Total Contract Value and FY '28 Visibility
Total contract value (incremental ARR from signed but not-yet-implemented customers) is GBP 64.5m, and approximately GBP 50m of the FY '28 underlying EBITDA target (GBP 58m–GBP 62m) is already covered by existing customers and signed contracts.
Seez Acquisition and Embedded AI Capability
Acquisition of Seez (March 2025) has been integrated into the group, creating a fully embedded AI stack across the product suite, enhancing upsell potential and product differentiation versus layered AI offerings.
Improved Balance Sheet Liquidity & Capital Raise
End-of-December 2025 cash position of GBP 34.1m, undrawn GBP 10m RCF, and a March 2025 equity raise of GBP 34.1m bolstering liquidity for expansion.
International Rollouts Progressing
Lookers rollout started July 2025 (on schedule, due complete Q4 2026); Porsche Japan rollout began December 2025; South Africa and Netherlands reseller buyouts completed and integrated to strengthen international control and growth.