Pinewood Technologies secures 5-year contract with Marshalls, shares jump
Pinewood Technologies surged on Tuesday after saying it had secured a five-year contract with automotive retailer Marshalls to implement Pinewood systems into their stores.
Pinewood said this was the first non-associated major dealership group in the UK to adopt its product suite following the recent successful implementation into the Litha Motors' UK businesses, formerly Jardine Motor Group and Pendragon.
It noted that Marshalls is one of the leading automotive retailers in the UK, with around 120 dealerships and is part of the Constellation Automotive Group, which also includes cinch, BCA and webuyanycar.
Chief executive Bill Berman said: "Entering into a contract with a company like Marshalls, one of the largest franchised dealer groups in the UK, is an extremely strong validation of the Pinewood product suite and it underlines our position as one of the leading automotive retail ecosystem providers in the market.
"Today's announcement follows the ongoing rollout programme of our system to the UK dealerships of Lithia Motors, our strategic partner, which is progressing well and I am pleased with the progress we are making in this market. We now supply our software to four of the top-20 UK dealer groups and are confident in our pipeline of new customers in the months ahead."
No financial details were disclosed.
At 1055 BST, the shares were up 15% at 333p.