Investing.com — on Wednesday forecast fiscal 2026 underlying profit to fall below previous expectations following a delay in the rollout of its software system to Marshall Motor Group.
Shares in the British automotive software provider fell over 8% after the company disclosed that the implementation of the Pinewood.AI system for Marshall, originally expected to commence in the first quarter of 2026, is now scheduled for the second half of the year.
The company attributed the change in timing to “optimising the sequencing and efficiency” of the implementation, which has taken longer than anticipated.
Marshall has added brands including Geely Auto, Omoda, Jaecoo, BYD, and Genesis to its portfolio since October 2024.
“This planning process is approaching completion, and the rollout of the Pinewood.AI system is now expected to commence in the second half of 2026,” the company said in a regulatory filing.
The group reaffirmed its target of reaching £62 million in EBITDA by fiscal 2028, citing visibility from existing signed contracts.
Separately, Pinewood announced the acquisition of its last remaining reseller in the Netherlands for a total consideration of £3.3 million.
The acquisition is expected to add approximately £0.7 million to £0.8 million in incremental annual EBITDA.
Implementation across Lookers’ dealerships is continuing, with a significant number of brands now on the platform. A full store go-live for Lookers’ Mercedes-Benz dealers was completed in February, with the remaining locations scheduled for completion in the fourth quarter of 2026.
In North America, the system is live in various stages and is performing as planned. The company expects to begin the system rollout in that market in the second half of 2026.