Shares in Pinewood Technologies Group PLC (LSE:PINE) jumped 4% after the company announced a five-year contract with Global Auto Holdings, its largest non-associated dealership deal to date.
The cloud-based automotive software provider will roll out its Pinewood Automotive Intelligence platform across Global Auto Holdings' 155 dealerships in the UK, North America, and Scandinavia.
Pinewood expects significant earnings from the deal, aligning with its target of signing a top 20 UK automotive retailer by 2025.
The company also reported stronger-than-expected earnings, with profit before tax for 2024 reaching £8.3 million, ahead of analyst forecasts. Implementation of the new contract is expected to ramp up from 2026 to match customer timelines.
In early trading, the stock was up 13p at 343p.