(Alliance News) - Pinewood Technologies Group PLC reports strong double-digit growth in its maiden year as a pure play software-as-a-service company.
The Birmingham, England-based software firm specialising in automotive retail solutions reported, for the 13 month period ended January 31, a 60% increase in pretax profit to GBP91.8 million from GBP57.2 million the year prior.
Revenue grew 20% to GBP4.34 billion from GBP3.62 billion over the same period.
A special dividend of 24.5 pence per share was announced by the company on April 5.
During the previous year the company, then named Pendragon, conducted a comprehensive strategic review which lead to the sale of its Motor & Leasing division to Lithia Motors Inc.
Chair Ian Filby said: "[Following the sale] We have continued to expand our customer base while sustaining high levels of customer retention."
Looking ahead, Pinewood Technologies does not expect the broader macroeconomic challenges to have material impact on trading and the company said it has started the new year with a strong order book whilst being engaged in a number of discussions with potential clients in the UK and abroad.
Pinewood Technologies shares were down fractionally to 312.95 pence each in London on Thursday morning.
By Elijah Dale, Alliance News reporter
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