Pinewood Technologies Group

PINE · Main Market · Technology · 448.5p

Delisted 12 Oct 26 – taken over · the announcement. This page is kept as an archive of its announcements; no alerts, screens or price data.

Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 30 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £523.5m
Owner’s net cash: £23.7m
Net cash / market cap: 5%
EV ex leases: £499.8m
Revenue: £43.8m
Operating profit: −£23.0m
Free cash flow after leases: −£16.1m
FCF yield: -3.1%
ROCE: -10%
Net income (owners): £43.3m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 30 Sep 26 · read the results ↗

Source ↗

	Underlying H1 FY26 £m	Non-underlying H1 FY26 £m	Total H1 FY26 £m	Underlying H1 FY25 £m	Non-underlying H1 FY25 £m	Total H1 FY25 £m
Revenue	23.2	(0.3)	22.9	19.6	-	19.6
Cost of sales	(3.4)	-	(3.4)	(2.6)	-	(2.6)
Gross profit	19.8	(0.3)	19.5	17.0	-	17.0
Administrative expenses	(15.9)	(16.2)	(32.1)	(12.9)	(3.1)	(16.0)
EBITDA	8.8	(12.4)	(3.6)	7.9	(3.1)	4.8
Depreciation	(0.9)	(0.1)	(1.0)	(0.3)	-	(0.3)
Amortisation	(4.0)	(4.0)	(8.0)	(3.5)	-	(3.5)
Operating profit / (loss)	3.9	(16.5)	(12.6)	4.1	(3.1)	1.0
Finance expense	(0.3)	-	(0.3)	(0.2)	-	(0.2)
Finance income	0.2	0.2	0.4	0.5	-	0.5
Net fair value gain / (losses) on financial instruments	-	2.8	2.8	-	-	-
Share of loss in associate	-	-	-	-	(1.3)	(1.3)
Profit / (loss) before taxation	3.8	(13.5)	(9.7)	4.4	(4.4)	-
Income tax expense / (credit)	(1.2)	3.2	2.0	(1.2)	0.5	(0.7)
Profit / (loss) for the period	2.6	(10.3)	(7.7)	3.2	(3.9)	(0.7)
Earnings per share
Basic earnings per share	(6.7p)	(0.7p)	–	–	–	–
Diluted earnings per share	(6.7p)	(0.7p)	–	–	–	–

Source ↗

	Jun-26 £m	Jun-25 £m	Dec-25 £m
Non-current assets
Property, plant and equipment	7.7	2.2	2.3
Goodwill	54.9	31.0	51.5
Other intangible assets	160.2	22.7	161.7
Contract assets	6.0	-	6.3
Investment in associate	-	7.5	-
Total non-current assets	228.8	63.4	221.8
Current assets
Trade and other receivables	8.4	7.2	10.3
Contract assets	0.8	-	0.8
Current tax assets	-	0.3	-
Cash and cash equivalents	23.9	30.3	34.1
Total current assets	33.1	37.8	45.2
Total assets	261.9	101.2	267.0
Current liabilities
Lease liabilities	(0.8)	(1.0)	(0.7)
Trade and other payables	(11.0)	(9.3)	(10.7)
Deferred income	(8.1)	(6.7)	(7.5)
Current tax payable	(1.0)	-	(0.2)
Total current liabilities	(20.9)	(17.0)	(19.1)
Non-current liabilities
Interest bearing loans and borrowings	(0.2)	(0.2)	(0.2)
Lease liabilities	(4.8)	(0.9)	(0.6)
Other liabilities	(5.1)	-	(7.9)
Deferred tax	(32.0)	(3.0)	(35.0)
Total non-current liabilities	(42.1)	(4.1)	(43.7)
Total liabilities	(63.0)	(21.1)	(62.8)
Net assets	198.9	80.1	204.2
Capital and reserves
Called up share capital	115.1	100.5	115.1
Share premium account	95.7	95.6	95.7
Other reserves	66.6	10.8	66.6
Translation reserve	0.2	(0.7)	(0.2)
Retained earnings	(78.7)	(126.1)	(73.0)
Total equity attributable to equity shareholders of the Company	198.9	80.1	204.2

Source ↗

	six months ended 30 June 2026 £m	six months ended 30 June 2025 £m	12m period ended 31 December 2025 £m
Cash flows from operating activities
(Loss)/Profit for the period	(7.7)	(0.7)	50.3
Adjustment for taxation	(2.0)	0.7	(0.6)
Gain on remeasurement of previously held equity interest	-	-	(60.8)
Share of result of associate	-	1.3	1.6
Net fair value losses on financial instruments	(2.8)	-	0.8
Adjustment for net financing expense	0.1	(0.3)	(0.7)
Total cash flows from operating activities	(12.4)	1.0	(9.4)
Depreciation and amortisation	9.0	3.8	12.1
Share-based payments	2.2	1.4	3.6
Changes in trade and other receivables	2.2	4.4	0.3
Changes in trade and other payables	0.7	(2.1)	(0.1)
Cash generated from operations	1.7	8.5	6.5
Net taxation paid	(0.3)	(0.3)	(0.6)
Bank interest paid	(0.1)	(0.1)	(0.1)
Bank interest received	0.4	0.5	1.1
Lease interest paid	(0.4)	(0.1)	(0.1)
Net cash from operating activities	1.3	8.5	6.8
Cash flows from investing activities
Purchase of property, plant, equipment and intangible assets	(8.0)	(5.3)	(11.4)
Acquisition of resellers, net of cash acquired	(3.3)	-	(2.8)
Acquisition of subsidiaries, net of cash acquired	-	(25.7)	(10.7)
Settlement of tax balances arising from sale of motor group	-	10.0	10.0
Net cash used in investing activities	(11.3)	(21.0)	(14.9)
Cash flows from financing activities
Proceeds from issue of share capital	-	35.7	35.7
Cost of issuing share capital	-	(1.6)	(1.6)
Payment of lease liabilities	(0.4)	(0.4)	(1.2)
Net cash (outflow) / inflow from financing activities	(0.4)	33.7	32.9
Net increase / (decrease) in cash and cash equivalents	(10.4)	21.2	24.8
Effect of exchange rate changes on cash and cash equivalents	0.2	(0.2)	-
Opening cash and cash equivalents	34.1	9.3	9.3
Closing cash and cash equivalents	23.9	30.3	34.1

Source ↗

	12m period ended 31 December 2025 Underlying FY25 £m	12m period ended 31 December 2025 Non-underlying FY25 £m	12m period ended 31 December 2025 Total FY25 £m	11m period ended 31 December 2024 Underlying FY24 £m	11m period ended 31 December 2024 Non-underlying FY24 £m	11m period ended 31 December 2024 Total FY24 £m
Revenue	40.5	-	40.5	31.2	-	31.2
Cost of sales	(5.8)	-	5.8	(3.0)	-	(3.0)
Gross profit	34.7	-	34.7	28.2	-	28.2
Administrative expenses	(26.4)	(17.7)	(44.1)	(19.8)	(4.1)	(23.9)
EBITDA	16.4	(13.7)	2.7	14.0	(4.1)	9.9
Depreciation	(1.1)	-	(1.1)	(0.6)	-	(0.6)
Amortisation	(7.0)	(4.0)	(11.0)	(5.0)	-	(5.0)
Operating profit / (loss)	8.3	(17.7)	(9.4)	8.4	(4.1)	4.3
Finance expense	(0.3)	-	(0.3)	(0.3)	-	(0.3)
Finance income	0.8	0.2	1.0	0.4	4.3	4.7
Gain on remeasurement of previously held equity interest	-	60.8	60.8	-	-	-
Share of loss in associate	-	(1.6)	(1.6)	-	(0.5)	(0.5)
Net fair value losses on financial instruments	-	(0.8)	(0.8)	-	-	-
Profit / (loss) before taxation	8.8	40.9	49.7	8.5	(0.3)	8.2
Income tax expense	(3.1)	3.7	0.6	(2.1)	(0.4)	(2.5)
Profit / (loss) for the year / period	5.7	44.6	50.3	6.4	(0.7)	5.7
Earnings per share
Basic earnings per share	–	–	48.0p	–	–	5.1p
Diluted earnings per share	–	–	48.0p	–	–	5.1p

Source ↗

	2025 £m	2024 £m
Non-current assets
Property, plant and equipment	2.3	1.7
Goodwill	51.5	0.3
Other intangible assets	161.7	16.3
Contract assets	6.3	-
Investment in associate	-	9.6
Other investments	-	3.2
Total non-current assets	221.8	31.1
Current assets
Trade and other receivables	10.3	21.4
Contract assets	0.8	-
Cash and cash equivalents	34.1	9.3
Total current assets	45.2	30.7
Total assets	267.0	61.8
Current liabilities
Lease liabilities	(0.7)	(0.7)
Trade and other payables	(10.7)	(11.0)
Deferred income	(7.5)	(7.6)
Current tax payable	(0.2)	(0.1)
Total current liabilities	(19.1)	(19.4)
Non-current liabilities
Interest bearing loans and borrowings	(0.2)	(0.2)
Lease liabilities	(0.6)	(0.7)
Other liabilities	(7.9)	-
Deferred tax liabilities	(35.0)	(2.5)
Total non-current liabilities	(43.7)	(3.4)
Total liabilities	(62.8)	(22.8)
Net assets	204.2	39.0
Capital and reserves
Called up share capital	115.1	87.1
Share premium account	95.7	72.9
Other reserves	66.6	5.6
Translation reserve	(0.2)	0 .5
Retained earnings	(73.0)	(127.1)
Total equity attributable to equity shareholders of the Company	204.2	39.0

Source ↗

	12m period ended 31 Dec 2025 £m	11m period ended 31 Dec 2024 £m
Cash flows from operating activities
Profit for the period	50.3	5.7
Adjustment for taxation	(0.6)	2.5
Gain on remeasurement of previously held equity interest	(60.8)	-
Share of result of associate	1.6	0.5
Net fair value losses on financial instruments	0.8	-
Adjustment for net financing expense	(0.7)	(4.4)
	(9.4)	4.3
Depreciation and amortisation	12.1	5.6
Share based payments	3.6	1.0
Changes in trade and other receivables	0.3	(4.7)
Changes in trade and other payables	(0.1)	(1.3)
Cash generated from operations	6.5	4.9
Net taxation paid	(0.6)	(0.1)
Bank interest paid	(0.1)	(0.1)
Bank interest received	1.1	4.5
Lease interest paid	(0.1)	(0.1)
Net cash from operating activities	6.8	9.1
Cash flows from investing activities
Proceeds from sale of business & settlement of previous intra-group net of fees paid	10.0	395.4
Purchase of property, plant, equipment and intangible assets	(11.4)	(7.5)
Acquisition of subsidiaries, net of cash acquired	(10.7)	-
Acquisition of resellers	(2.8)	-
Investment in associate	-	(10.0)
Other investments	-	(3.2)
Net cash from/used in investing activities	(14.9)	374.7
Cash flows from financing activities
Proceeds from issue of share capital	35.7	30.0
Cost of issuing share capital	(1.6)	-
Payment of lease liabilities	(1.2)	(0.5)
Repayment of loans	-	(93.0)
Payment of dividend	-	(358.4)
Net cash outflow from financing activities	32.9	(421.9)
Net (decrease)/increase in cash and cash equivalents	24.8	(38.1)
Cash and cash equivalents at start of period	9.3	47.4
Cash and cash equivalents at period end	34.1	9.3

	LTM Jun 26	FY 25
Revenue to operating profit
Revenue	43.8	40.5
Gross profit	37.2	34.7
Adjusted EBITDA	17.3	16.4
EBITDA	(5.7)	2.7
Adjusted operating profit	8.1	8.3
Operating profit	(23.0)	(9.4)
Share-based payments	4.4	3.6
Operating profit to net income
Profit before tax	40.0	49.7
Tax	3.3	0.6
Net income (owners)	43.3	50.3
Per share
EPS basic	42.0p	48.0p
EPS diluted	42.0p	48.0p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	22.9	+17%	20.9	19.6
Gross profit	19.5	+15%	17.7	17.0
Adjusted EBITDA	8.8	+11%	8.5	7.9
EBITDA	(3.6)	n/m	(2.1)	4.8
Adjusted operating profit	3.9	−5%	4.2	4.1
Operating profit	(12.6)	n/m	(10.4)	1.0
Amortisation	(8.0)	+129%	–	(3.5)
Share-based payments	2.2	+57%	2.2	1.4
Operating profit to net income
Fair value gains / losses	2.8	n/m	–	0.0
Finance costs	(0.3)	+50%	–	(0.2)
Profit before tax	(9.7)	n/m	49.7	0.0
Tax	2.0	n/m	1.3	(0.7)
Net income (owners)	(7.7)	n/m	51.0	(0.7)
Per share
EPS basic	(6.7p)	–	48.7p	(0.7p)
EPS diluted	(6.7p)	–	48.7p	(0.7p)

	LTM Jun 26	FY 25
Operating activities
Cash from operations	(0.4)	6.8
Interest paid	(0.1)	(0.1)
Tax paid	(0.6)	(0.6)
Investing activities
Capex (PP&E)	(14.1)	(11.4)
Financing activities
Lease principal paid	(1.2)	(1.2)
Lease interest paid	(0.4)	(0.1)
Shares issued	0.0	35.7

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	1.3	−85%	(1.7)	8.5
Interest paid	(0.1)	0%	0.0	(0.1)
Tax paid	(0.3)	0%	(0.3)	(0.3)
Investing activities
Capex (PP&E)	(8.0)	+51%	(6.1)	(5.3)
Financing activities
Lease principal paid	(0.4)	0%	(0.8)	(0.4)
Lease interest paid	(0.4)	+300%	0.0	(0.1)
Shares issued	0.0	n/m	0.0	35.7

	30 Jun 26	31 Dec 25
Non-current assets
Goodwill	54.9	51.5
Other intangibles	160.2	161.7
Property, plant & equipment	7.7	2.3
Associates & JVs	0.0	0.0
Non-current assets	228.8	221.8
Current assets
Trade receivables	8.4	10.3
Cash	23.9	34.1
Current assets	33.1	45.2
Total assets	261.9	267.0
Current liabilities
Trade payables	11.0	10.7
Lease liabilities, current	0.8	0.7
Current liabilities	20.9	19.1
Non-current liabilities
Borrowings, non-current	0.2	0.2
Lease liabilities, non-current	4.8	0.6
Non-current liabilities	42.1	43.7
Total liabilities	63.0	62.8
Equity
Total equity	198.9	204.2
Net cash and other figures
Undrawn facilities	10.0	–

	30 Jun 26	31 Dec 25	30 Jun 25
Non-current assets
Goodwill	54.9	51.5	31.0
Other intangibles	160.2	161.7	22.7
Property, plant & equipment	7.7	2.3	2.2
Associates & JVs	0.0	0.0	7.5
Non-current assets	228.8	221.8	63.4
Current assets
Trade receivables	8.4	10.3	7.2
Cash	23.9	34.1	30.3
Current assets	33.1	45.2	37.8
Total assets	261.9	267.0	101.2
Current liabilities
Trade payables	11.0	10.7	9.3
Lease liabilities, current	0.8	0.7	1.0
Current liabilities	20.9	19.1	17.0
Non-current liabilities
Borrowings, non-current	0.2	0.2	0.2
Lease liabilities, non-current	4.8	0.6	0.9
Non-current liabilities	42.1	43.7	4.1
Total liabilities	63.0	62.8	21.1
Equity
Total equity	198.9	204.2	80.1
Net cash and other figures
Undrawn facilities	10.0	–	–

Read automatically from each results announcement. Check the source before relying on a figure.

Spotted an error in this income statement? Report it

Company filings. Not investment advice.