25th Mar 2026 12:26
(Alliance News) - Pinewood Technologies Group PLC on Wednesday delayed the roll-out of the artificial intelligence system to the second half of the year, and added that it will not meet its annual earnings target.
Shares in the provider of software to the automotive retailing sector were down 7.7% to 216.88 pence each on Wednesday afternoon in London.
The delay comes as an implementation phase with Marshall Motor Group has taken longer than expected. The company was previously expecting to launch its 'Pinewood.AI' system with Marshalls this quarter.
As a result, Pinewood said that its underlying earnings before interest, tax, depreciation, and amortisation for 2025 will be below current market expectations. Pinewood had previously guided for an underlying Ebitda between GBP15.5 million and GBP16.0 million.
In financial 2024, which was the 11 months to December 31, its underlying Ebitda amounted to GBP14.0 million.
It affirmed its medium-term target of achieving an underlying Ebitda between GBP58 million and GBP62 million by 2028.
The Birmingham, England-based firm will release its full-year results on April 22.
Pinewood back in October 2024 said it entered a five-year contract with Marshall to implement the system. The two companies have been working to align their complementary technology projects since then.
Pinewood believes that "this integrated approach is designed to maximise the long-term benefits to Marshalls, once the Pinewood.AI system is launched."
"Both parties have been focused on optimising the sequencing and efficiency of these key technology projects," Pinewood added, but the process has taken than the original expectations.
The system, which leverages AI in daily dealership activities from sales to assistance, is live in various stages as some dealerships are testing it in the US. Additionally, the implementation across Lookers dealerships began in July 2025 and will be completed by the end of the year.
The company added that since October 2024 it added a "significant" number of new dealership and brands to its portfolio, including Geely Auto, Omoda, Jaecoo, BYD, and Genesis dealers.
Pinewood also acquired its last remaining resellers based in the Netherlands for a total cash consideration of GBP3.3 million. The deal is expected to add between GBP700,000 and GBP800,000 in incremental annual Ebitda.
Chief Executive Officer Bill Berman said: "We are proud to be part of the continuing growth story of Marshalls and Constellation Automotive Group...We look forward to helping them drive their business forward with the Pinewood.AI system delivering productivity improvements and increased efficiencies."
By Martin Miraglia, Alliance News reporter
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