Pinewood.AI, the cloud-based software provider to car dealers, lifted underlying revenue 18% to £23.2 million in the first half as it prepared for its first US launches.
Underlying earnings before interest, tax, depreciation and amortisation (EBITDA), a measure of operating profit, rose 11% to £8.8 million.
Underlying pre-tax profit fell 14% to £3.8 million as spending on staff and software rose.
On a statutory basis, the group made a pre-tax loss of £9.7 million, largely because of £9.1 million of costs at its North American arm.
Cash fell to £23.9 million from £34.1 million at the start of the year.
North America
Two US dealerships owned by Lithia, the American car retailer and major Pinewood shareholder, will go live on the platform in the fourth quarter.
A wider roll-out across Lithia's US and Canadian dealers is due to start in the first half of 2027 and finish in 2028.
The board still expects underlying EBITDA of £21 million this year and £62 million by 2028.
Takeover
The results are likely to be Pinewood's last as a listed company.
San Francisco private equity firm Ridgeview Partners is paying 448p a share in cash, valuing the business at about £545 million.
That was a 43% premium to the share price before the offer period began.
Shareholders can instead roll into an unlisted Ridgeview vehicle, an option capped at £250 million of shares.
Investors approved the deal on 25 September, and a High Court hearing is set for 7 October.
It follows a failed approach from Apax Partners earlier this year at a higher valuation.
