Pinewood Technologies Group (PINE)

Sector:

Retailers

Index:

FTSE Small Cap

381.50p
   
  • Change Today:
    -7.00p
  • 52 Week High: 795.00p
  • 52 Week Low: 312.00p
  • Currency: UK Pounds
  • Shares Issued: 87.12m
  • Volume: 1,392,335
  • Market Cap: £332.35m

Bid target Pendragon reports solid H1 as AutoNation joins the fray

By Benjamin Chiou

Date: Wednesday 27 Sep 2023

LONDON (ShareCast) - (Sharecast News) - Bid target Pendragon on Wednesday reported an 10% increase in underlying first-half profits as it received yet another takeover offer - this time from US car retail giant AutoNation.

The company just two weeks ago agreed a £250m sale of its UK car dealerships to US group Lithia Motors, after which it would formerly rebrand as Pinewood Technologies, a listed company focused exclusively on dealer management software. It also signed a partnership with Lithia to accelerate Pinewood's growth across North America.

Since then, it has received unsolicited proposals from a number of parties to counter that deal: firstly, Hedin Mobility and Penske jointly offered 28p per share, which was swiftly increased to 32p after being rejected by the board; then late on Tuesday, AutoNation matched that offer. The offers value Pendragon's entire business at £447m.

Adding more complexity to the story, Pendragon's chief executive Bill Berman spent over two decades at AutoNation, most recently as president and chief operating officer (until 2017).

Meanwhile, Hedin had previously offered £400m to take over the whole business last year but the deal collapsed in December 2022 after the buyer cited "challenging market conditions".

Pendragon's board said it is still considering both new proposals and will consult with shareholders.

In the six months to 30 June, the company delivered sales of £2.09bn, up 13.2% year-on-year, with "broad-based growth" across all divisions. Underlying pre-tax profit rose 9.6% to £36.7m.

The Pinewood division, which currently only accounts of a small fraction of the Pendragon business, saw revenues jump 16.9% to £14.5m, as total users rose 7% to 32,800 and recurring revenue per user rose 7%.

Pendragon's stock was up 10% at 32.73p by 0830 BST, having risen by 72% over the past month alone.

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PINE Market Data

Currency UK Pounds
Share Price 381.50p
Change Today -7.00p
% Change -1.80 %
52 Week High 795.00p
52 Week Low 312.00p
Volume 1,392,335
Shares Issued 87.12m
Market Cap £332.35m

PINE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
42.63% above the market average42.63% above the market average42.63% above the market average42.63% above the market average42.63% above the market average
48.72% above the sector average48.72% above the sector average48.72% above the sector average48.72% above the sector average48.72% above the sector average
Price Trend
15.8% below the market average15.8% below the market average15.8% below the market average15.8% below the market average15.8% below the market average
Sector averageSector averageSector averageSector averageSector average
Income Not Available
Growth
14.71% below the market average14.71% below the market average14.71% below the market average14.71% below the market average14.71% below the market average
25.00% above the sector average25.00% above the sector average25.00% above the sector average25.00% above the sector average25.00% above the sector average

PINE Dividends

  Latest Previous
  Special Final
Ex-Div 23-Apr-24 18-Apr-19
Paid 07-May-24 30-May-19
Amount 24.50p 0.70p

Trades for 14-Jun-2024

Time Volume / Share Price
16:37 35,000 @ 381.50p
16:27 50,000 @ 382.00p
14:47 150,000 @ 381.40p
11:22 150,000 @ 385.75p
16:37 35,000 @ 381.50p

PINE Key Personnel

CFO Mark Simon Willis
CEO William Berman

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