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"ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00121": { "value": "7500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00356": { "value": "10700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00357": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00380": { "value": "2800000.0", "decimals": -5, "dimensions": { "concept": "pine:AcquisitionOfResellers", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00381": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pine:AcquisitionOfResellers", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00401": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInAssociates", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00402": { "value": "10000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInAssociates", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00412": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00411": { "value": "3200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00429": { "value": "-14900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00428": { "value": "374700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00123": { "value": "35700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00124": { "value": "30000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00263": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00264": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00382": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00383": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00384": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00385": { "value": "93000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00403": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00404": { "value": "358400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00405": { "value": "32900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00406": { "value": "-421900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00125": { "value": "24800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00126": { "value": "-38100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00128": { "value": "9300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00127": { "value": "47400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00129": { "value": "34100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00130": { "value": "9300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "1 \u2013 Basis of Preparation
Presented below are those accounting policies that relate to the financial statements as a whole and
includes details of new accounting standards that are or will be effective for FY25 (being the 12 month
period ended 31 December 2025) or later years. To facilitate the understanding of each note to the
financial statements those accounting policies that are relevant to a particular category are presented
within the relevant notes.
On 11 March 2025, the Company changed its accounting reference period to end on 31 December. On
13 February 2024, the Company changed it name to Pinewood Technologies Group PLC (formerly
Pendragon PLC).
Pinewood Technologies Group Plc is a Group domiciled in the United Kingdom. The consolidated
financial statements of the Group for the 12 month period ended 31 December 2025 comprise the
parent and its subsidiaries and the Group\u2019s interest in jointly controlled entities, together referred to as
the \u2018Group\u2019.
The consolidated financial statements of the Group as at and for the 12 month period ended 31
December 2025 (FY24: 11 month period ended 31 December 2024) have been prepared in accordance
with UK-adopted IFRS in conformity with the requirements of the Companies Act 2006.
The directors have elected to prepare its parent Company financial statements in accordance with FRS
101. These are presented on pages 105 to 107.
The financial statements are presented in millions of UK pounds, rounded to the nearest \u00a30.1m. They
have been prepared under the historical cost convention and where other bases are applied these are
identified in the relevant accounting policy in the notes below.
Going concern
The Directors are, at the time of approving the financial statements, satisfied that the Group
has adequate resources to continue in operational existence for at least 12 months from the date
of approval of the financial statements. Thus, they continue to adopt the going concern basis of
accounting in preparing the financial statements.
The Group meets its day-to-day working capital requirements from operating in a net cash position
and being a cash generative business. The Group is forecasting a cash inflow of \u00a31.8m in FY26. The
Group also has access to a \u00a310m RCF, which expires in February 2027 and the Group is in the process of
renewing, although it is not forecast to be required due the Group\u2019s year end cash and cash equivalents
position of \u00a334.1m and net current assets of \u00a326.1m.
In the context of the above, the directors have prepared cash flow forecasts for the period to 31
December 2027 which indicate that, taking account of reasonably possible downsides, the Group will
have sufficient funds to meet its liabilities as they fall due for that period.
The Directors have modelled scenarios as follows:
1.
A base cash flow forecast. The 2026 figures in this forecast are based on the Group\u2019s FY26 budget,
which reflect current run-rates and expected strategic improvements. The 2027 figures in the base
cash flow forecast are based on the 2026 budget.
2.
A severe, but plausible downside scenario. The directors have also prepared a sensitised forecast
which considers the impact of a 10% reduction in revenue when compared to the base case.
The Directors are mindful of the potential impacts to macro-economic conditions but after assessing
the risks do not believe there to be a material risk to going concern.
Based on the above, the directors are confident that the Group and Company will have sufficient funds
to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the
financial statements, and therefore the directors believe it remains appropriate to prepare the financial
statements on a going concern basis.
Judgements
The Group applies judgement in how it applies its accounting policies, which do not involve estimation,
but could materially affect the numbers disclosed in these financial statements. The following
accounting judgements, without estimation, have been applied in these financial statements.
Internally generated intangible assets relate to activities that involve the development of the dealer
management system and automotive retail software by the Group. The Directors consider the dealer
management system to be one separately identifiable intangible asset that is continuously developed.
The automotive retail software developed by the Group\u2019s subsidiary Seez App Technology Ltd is
considered an additional separately identifiable intangible asset that is continuously developed.
Subsequent expenditure that does not relate to ongoing maintenance or research activities provides
additional future economic benefit and meets the definition of an intangible asset.
Between 1 February 2024 and 31 July 2025 the Group held a 49% interest in Pinewood North America
LLC, which has the right to sell the Group\u2019s software in the United States of America and Canada.
During this period the Group\u2019s level of control or influence over Pinewood North America LLC has been
assessed in accordance with IAS 28 and IFRS 10. It has been determined that during this period the
Group did not have either control or shared control but did have significant influence, as such Pinewood
North America LLC was classified as an associate for that period.
Between 1 February 2024 and 31 July 2025 the Group provided software development services to
Pinewood North America LLC. The income from these services has been assessed under the criteria
of IFRS 15 and has been recognised as revenue, which has been reduced under the equity method
consolidation procedures required by IAS 28 to remove the Group\u2019s share of the gain resulting from a
downstream transaction, see note 5.2.
Following the Group\u2019s acquisition of the outstanding 51% interest in Pinewood North America LLC
previously owned by Lithia Motors, Inc. on 31 July 2025, Pinewood North America LLC has been
reclassified as a subsidiary and its results fully consolidated in the Group\u2019s accounts.
The Group has presented non-underlying items separately within the income statement. These are
items which in management\u2019s judgement need to be disclosed separately by virtue of their size, nature
or frequency to aid understanding of the performance for the year or comparability between periods.
Non-underlying items includes the Group\u2019s share of the loss from its associate Pinewood North America
LLC for the 7 month period ended 31 July 2025 as well as the consolidated result of Pinewood North
America LLC for the 5 month period ended 31 December 2025, see the Alternative Performance
Measures section below and note 2.8.
The Group exercises judgement in identifying and valuing intangible assets acquired in business
combinations under IFRS 3. During the period, the Purchase Price Allocation (PPA) for the acquisitions
of Seez App Holding Ltd, Pinewood North America LLC and certain key assets including customer
contracts from the Motify Group in South Africa required significant judgement. Judgement was
required to distinguish between and value the assets acquired, which comprised customer contracts,
reacquired rights, software development, the Seez brand and goodwill, see notes 3.6 and 3.7.
Accounting Estimates
The preparation of financial statements in conformity with adopted IFRSs requires the use of estimates
and assumptions that affect the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period/year.
Although these estimates are based on management\u2019s best knowledge of the amount, events or
actions, actual results ultimately may differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. The estimates and
associated assumptions are based on historical experience and various other factors that are believed
to be reasonable under the circumstances.
The value of capitalised development work relies on an estimate of the time spent on different
development projects. The value of intangible assets arising on the PPA in respect of Pinewood North
America LLC involved forecasting the cashflows associated with delivery of secured contracts in
North America. Key estimates and judgements were involved in determining assumptions on renewal
periods, margins, contributory asset costs and discount rate. It was concluded that based on historic
experience in the Group that renewals for a period of 20 years was appropriate. The value of intangible
assets arising on the PPA in respect of Seez involved estimates of future profitability, royalty rates and
discount rates. Cashflow forecasts were based on a 5 year period in line with the Group\u2019s targets for
Seez and assumed a terminal value based on 2% long term growth.
The amortisation period of the Group\u2019s intangible assets relies on estimates of the technological and
commercial obsolescence rate relevant to each asset class to determine the useful economic life. The
fair value of warrants classified as debt relies on estimates of key inputs within the valuation model,
including expected share price volatility, risk-free interest rates, and the anticipated timing of exercise.
The measurement of share-based payment expenses relies on estimates of the fair value of equity
instruments at the grant date and the probability of non-market performance conditions being met.
Revisions to accounting estimates are recognised in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the revision affects
both current and future periods. The Directors consider the valuation of intangible assets arising
on acquisition and the assessment of their value in use for impairment testing to involve significant
estimation uncertainty, see note 3.1. The Directors do not consider there to be any further areas of
estimation uncertainty that could be significant under IAS 1, \u2018Presentation of Financial Statements\u2019,
being areas of estimation uncertainty with a significant risk of a material change to the carrying value
of assets and liabilities within the next financial year.
Climate change
In preparing these financial statements, management has taken into account climate change risks. This
included assessing the estimated useful lives of assets and developing assumptions, used in determining
estimates, by considering potential impacts of climate risks and the Group\u2019s planned response.
Basis of consolidation
The consolidated financial statements include the financial statements of Pinewood Technologies
Group PLC, all its subsidiary undertakings and investments. Consistent accounting policies have been
applied in the preparation of all such financial statements.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. The financial statements of subsidiaries are included in the consolidated
financial statements from the date that control commences until the date that control ceases.
Intragroup balances and any unrealised gains or losses or income and expenses arising from intragroup
transactions, are eliminated in preparing the consolidated financial statements.
The Group\u2019s interests in associates are accounted for using the equity method. On initial recognition
the investment in an associate is recognised at cost and the carrying amount is subsequently increased
or decreased to recognise the Group\u2019s share of the profit or loss, other comprehensive income and
changes in equity of the associate after the date of acquisition. The net investment in an associate is
impaired and impairment losses are incurred if, and only if, there is objective evidence of impairment as
a result of events that occurred after the initial recognition of the net investment which have an impact
on the estimated future cash flows that can be reliably estimated.
Foreign currencies
Transactions in foreign currencies are translated to the respective functional currency of Group entities
at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated to the functional currency
at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured
in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the
transaction. Foreign currency differences arising on retranslation are recognised in profit or loss.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
consolidation, are translated to sterling at foreign exchange rates ruling at the balance sheet date. The
revenues and expenses of foreign operations are translated to sterling at rates approximating to the
foreign exchange rates ruling at the dates of the transactions.
Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise deposits with banks
and financial institutions, bank and cash balances, and liquid investments.
Impairment
The carrying amounts of the Group\u2019s assets, other than deferred tax assets (see note 2.6), are reviewed
at each balance sheet date to determine whether there is any indication of impairment. If any such
indication exists, the asset\u2019s recoverable amount is estimated.
For goodwill the recoverable amount is estimated at each balance sheet date. The recoverable amount
is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset for which the
estimates of future cash flows have not been adjusted.
In assessing fair value less costs to sell, the estimated future cash flows are multiplied by an appropriate
trading multiple or by assessing the fair value of the individual assets.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets
that generates cash inflows from continuing use that are largely independent of the cash inflows from
other groups of assets (\u2018the cash generating unit\u2019). The goodwill acquired in a business combination, for
the purpose of impairment testing is allocated to cash generating units. Management have determined
that there are two cash generating units in the Group.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit
exceeds its recoverable amount. Impairment losses are recognised in the income statement.
Impairment losses recognised in respect of cash generating units are allocated first to reduce the
carrying amount of any goodwill allocated to cash generating units and then, to reduce the carrying
amount of the other assets in the unit on a pro-rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment
loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed
the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised. The impact of the current period impairment review can be seen
in note 3.1.
Adoption of new and revised standards and new standards and interpretations not yet adopted
The Group has adopted the following new or amended standards. There are no material impacts
of these new or revised standards on the consolidated financial statements for the year ended 31
December 2025
\u2013
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability.
\u2013
Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments -
effective date 1 January 2026.
\u2013
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS
S2 Climate-related Disclosures.
A number of new standards, amended standards and interpretations are effective for annual periods
beginning after 1 January 2026 and earlier application is permitted; however, the Group has not early
adopted the new or amended standards in preparing these consolidated financial statements.
IFRS 18 was issued in April 2024 and is effective for periods beginning on or after 1 January 2027.
Early application is permitted and comparatives will require restatement. The standard will replace
IAS 1 Presentation of Financial Statements and although it will not change how items are recognised
and measured, the standard brings a focus on the income statement and reporting of financial
performance. Specifically, it classifies income and expenses into five new defined categories -
operating, investing, financing, income taxes and discontinued operations and two new subtotals
operating profit and loss and profit or loss before financing and income tax. In addition, IFRS 18
introduces disclosures of management defined performance measures (MPMs) and enhances general
requirements on aggregation and disaggregation. The impact of the standard on the Group is currently
being assessed and it is not yet practicable to quantify the effect of IFRS 18 on these consolidated
financial statements, however there is no impact on presentation for the Group in the current year
given the effective date \u2013 this will be applicable for the Group\u2019s 2027 Financial Statements.
Alternative performance measures
The Group uses a number of key performance measures (\u2018KPI\u2019s\u2019) which are non-IFRS measures to
monitor the performance of its operations. The Group believes these KPIs provide useful historical
financial information to help investors and other stakeholders evaluate the performance of the business
and are measures commonly used by certain investors for evaluating the performance of the Group.
The Group will report the following KPIs on a consistent basis and they are defined and reconciled
as follows:
Gross margin %
- defined as gross profit as a percentage of revenue, with calculation on page 15 of the
annual accounts.
Underlying EBITDA
\u2013 Underlying EBITDA is defined as earnings before interest, taxation, depreciation
and amortisation, adjusted to exclude non-underlying items which in management\u2019s judgement need
to be disclosed separately by virtue of their size, nature or frequency to aid understanding of the
performance for the year or comparability between periods. This measure is broken out within the
Income Statement.
Underlying EBITDA margin %
\u2013 Underlying EBITDA margin is defined as EBITDA as a percentage of
revenue, adjusted to exclude non-underlying items, as defined above.
Underlying operating profit/(loss) before tax
- results on an underlying basis exclude items which
in management\u2019s judgement are non-underlying in nature, as defined above. The non-underlying
results are shown separately on the face of the consolidated income statement to reconcile from the
underlying to total results. The details of the non-underlying items including their tax impact are shown
in note 2.8.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00156": { "value": "On 11 March 2025, the Company changed its accounting reference period to end on 31 December. On 13 February 2024, the Company changed it name to Pinewood Technologies Group PLC (formerly Pendragon PLC).", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00147": { "value": "Pinewood Technologies Group Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00155": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00148": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00150": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00154": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00153": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "The consolidated financial statements of the Group as at and for the 12 month period ended 31
December 2025 (FY24: 11 month period ended 31 December 2024) have been prepared in accordance
with UK-adopted IFRS in conformity with the requirements of the Companies Act 2006. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "Going concern
The Directors are, at the time of approving the financial statements, satisfied that the Group
has adequate resources to continue in operational existence for at least 12 months from the date
of approval of the financial statements. Thus, they continue to adopt the going concern basis of
accounting in preparing the financial statements.
The Group meets its day-to-day working capital requirements from operating in a net cash position
and being a cash generative business. The Group is forecasting a cash inflow of \u00a31.8m in FY26. The
Group also has access to a \u00a310m RCF, which expires in February 2027 and the Group is in the process of
renewing, although it is not forecast to be required due the Group\u2019s year end cash and cash equivalents
position of \u00a334.1m and net current assets of \u00a326.1m.
In the context of the above, the directors have prepared cash flow forecasts for the period to 31
December 2027 which indicate that, taking account of reasonably possible downsides, the Group will
have sufficient funds to meet its liabilities as they fall due for that period.
The Directors have modelled scenarios as follows:
1.
A base cash flow forecast. The 2026 figures in this forecast are based on the Group\u2019s FY26 budget,
which reflect current run-rates and expected strategic improvements. The 2027 figures in the base
cash flow forecast are based on the 2026 budget.
2.
A severe, but plausible downside scenario. The directors have also prepared a sensitised forecast
which considers the impact of a 10% reduction in revenue when compared to the base case.
The Directors are mindful of the potential impacts to macro-economic conditions but after assessing
the risks do not believe there to be a material risk to going concern.
Based on the above, the directors are confident that the Group and Company will have sufficient funds
to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the
financial statements, and therefore the directors believe it remains appropriate to prepare the financial
statements on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "Judgements
The Group applies judgement in how it applies its accounting policies, which do not involve estimation,
but could materially affect the numbers disclosed in these financial statements. The following
accounting judgements, without estimation, have been applied in these financial statements.
Internally generated intangible assets relate to activities that involve the development of the dealer
management system and automotive retail software by the Group. The Directors consider the dealer
management system to be one separately identifiable intangible asset that is continuously developed.
The automotive retail software developed by the Group\u2019s subsidiary Seez App Technology Ltd is
considered an additional separately identifiable intangible asset that is continuously developed.
Subsequent expenditure that does not relate to ongoing maintenance or research activities provides
additional future economic benefit and meets the definition of an intangible asset.
Between 1 February 2024 and 31 July 2025 the Group held a 49% interest in Pinewood North America
LLC, which has the right to sell the Group\u2019s software in the United States of America and Canada.
During this period the Group\u2019s level of control or influence over Pinewood North America LLC has been
assessed in accordance with IAS 28 and IFRS 10. It has been determined that during this period the
Group did not have either control or shared control but did have significant influence, as such Pinewood
North America LLC was classified as an associate for that period.
Between 1 February 2024 and 31 July 2025 the Group provided software development services to
Pinewood North America LLC. The income from these services has been assessed under the criteria
of IFRS 15 and has been recognised as revenue, which has been reduced under the equity method
consolidation procedures required by IAS 28 to remove the Group\u2019s share of the gain resulting from a
downstream transaction, see note 5.2.
Following the Group\u2019s acquisition of the outstanding 51% interest in Pinewood North America LLC
previously owned by Lithia Motors, Inc. on 31 July 2025, Pinewood North America LLC has been
reclassified as a subsidiary and its results fully consolidated in the Group\u2019s accounts.
The Group has presented non-underlying items separately within the income statement. These are
items which in management\u2019s judgement need to be disclosed separately by virtue of their size, nature
or frequency to aid understanding of the performance for the year or comparability between periods.
Non-underlying items includes the Group\u2019s share of the loss from its associate Pinewood North America
LLC for the 7 month period ended 31 July 2025 as well as the consolidated result of Pinewood North
America LLC for the 5 month period ended 31 December 2025, see the Alternative Performance
Measures section below and note 2.8.
The Group exercises judgement in identifying and valuing intangible assets acquired in business
combinations under IFRS 3. During the period, the Purchase Price Allocation (PPA) for the acquisitions
of Seez App Holding Ltd, Pinewood North America LLC and certain key assets including customer
contracts from the Motify Group in South Africa required significant judgement. Judgement was
required to distinguish between and value the assets acquired, which comprised customer contracts,
reacquired rights, software development, the Seez brand and goodwill, see notes 3.6 and 3.7.
Accounting Estimates
The preparation of financial statements in conformity with adopted IFRSs requires the use of estimates
and assumptions that affect the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period/year.
Although these estimates are based on management\u2019s best knowledge of the amount, events or
actions, actual results ultimately may differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. The estimates and
associated assumptions are based on historical experience and various other factors that are believed
to be reasonable under the circumstances.
The value of capitalised development work relies on an estimate of the time spent on different
development projects. The value of intangible assets arising on the PPA in respect of Pinewood North
America LLC involved forecasting the cashflows associated with delivery of secured contracts in
North America. Key estimates and judgements were involved in determining assumptions on renewal
periods, margins, contributory asset costs and discount rate. It was concluded that based on historic
experience in the Group that renewals for a period of 20 years was appropriate. The value of intangible
assets arising on the PPA in respect of Seez involved estimates of future profitability, royalty rates and
discount rates. Cashflow forecasts were based on a 5 year period in line with the Group\u2019s targets for
Seez and assumed a terminal value based on 2% long term growth.
The amortisation period of the Group\u2019s intangible assets relies on estimates of the technological and
commercial obsolescence rate relevant to each asset class to determine the useful economic life. The
fair value of warrants classified as debt relies on estimates of key inputs within the valuation model,
including expected share price volatility, risk-free interest rates, and the anticipated timing of exercise.
The measurement of share-based payment expenses relies on estimates of the fair value of equity
instruments at the grant date and the probability of non-market performance conditions being met.
Revisions to accounting estimates are recognised in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the revision affects
both current and future periods. The Directors consider the valuation of intangible assets arising
on acquisition and the assessment of their value in use for impairment testing to involve significant
estimation uncertainty, see note 3.1. The Directors do not consider there to be any further areas of
estimation uncertainty that could be significant under IAS 1, \u2018Presentation of Financial Statements\u2019,
being areas of estimation uncertainty with a significant risk of a material change to the carrying value
of assets and liabilities within the next financial year. Estimates and judgements
The actual tax on the Group\u2019s profits is determined according to complex laws and regulations. Where
the effect of these laws and regulations is unclear, estimates are used in determining the liability for
the tax to be paid on profits which are recognised in the financial statements. The Group considers the
estimates, assumptions and judgements to be reasonable but this can involve complex issues which may
take a number of years to resolve. The final determination of tax liabilities could be different from the
estimates reflected in the financial statements but the Group believes that none have a significant risk
of causing a material adjustment to the carrying amount of the liability within the next financial year.
Deferred tax assets and liabilities require management judgement in determining the amounts to be
recognised. In particular, judgement is used when assessing the extent to which deferred tax assets
should be recognised with consideration given to the timing and level of future taxable income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "Basis of consolidation
The consolidated financial statements include the financial statements of Pinewood Technologies
Group PLC, all its subsidiary undertakings and investments. Consistent accounting policies have been
applied in the preparation of all such financial statements.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. The financial statements of subsidiaries are included in the consolidated
financial statements from the date that control commences until the date that control ceases.
Intragroup balances and any unrealised gains or losses or income and expenses arising from intragroup
transactions, are eliminated in preparing the consolidated financial statements.
The Group\u2019s interests in associates are accounted for using the equity method. On initial recognition
the investment in an associate is recognised at cost and the carrying amount is subsequently increased
or decreased to recognise the Group\u2019s share of the profit or loss, other comprehensive income and
changes in equity of the associate after the date of acquisition. The net investment in an associate is
impaired and impairment losses are incurred if, and only if, there is objective evidence of impairment as
a result of events that occurred after the initial recognition of the net investment which have an impact
on the estimated future cash flows that can be reliably estimated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "Foreign currencies
Transactions in foreign currencies are translated to the respective functional currency of Group entities
at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated to the functional currency
at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured
in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the
transaction. Foreign currency differences arising on retranslation are recognised in profit or loss.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
consolidation, are translated to sterling at foreign exchange rates ruling at the balance sheet date. The
revenues and expenses of foreign operations are translated to sterling at rates approximating to the
foreign exchange rates ruling at the dates of the transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "Transactions in foreign currencies are translated to the respective functional currency of Group entities
at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated to the functional currency
at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured
in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the
transaction. Foreign currency differences arising on retranslation are recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise deposits with banks
and financial institutions, bank and cash balances, and liquid investments.Cash and cash equivalents
\u00a0
Carrying value &
Carrying value &
\u00a0
fair value
fair value
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank balances and cash equivalents
34.1
9.3
Cash and cash equivalents in the Balance Sheet
34.1
9.3
Cash and cash equivalents in the statement of cash flows
34.1
9.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "Impairment
The carrying amounts of the Group\u2019s assets, other than deferred tax assets (see note 2.6), are reviewed
at each balance sheet date to determine whether there is any indication of impairment. If any such
indication exists, the asset\u2019s recoverable amount is estimated.
For goodwill the recoverable amount is estimated at each balance sheet date. The recoverable amount
is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset for which the
estimates of future cash flows have not been adjusted.
In assessing fair value less costs to sell, the estimated future cash flows are multiplied by an appropriate
trading multiple or by assessing the fair value of the individual assets.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets
that generates cash inflows from continuing use that are largely independent of the cash inflows from
other groups of assets (\u2018the cash generating unit\u2019). The goodwill acquired in a business combination, for
the purpose of impairment testing is allocated to cash generating units. Management have determined
that there are two cash generating units in the Group.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit
exceeds its recoverable amount. Impairment losses are recognised in the income statement.
Impairment losses recognised in respect of cash generating units are allocated first to reduce the
carrying amount of any goodwill allocated to cash generating units and then, to reduce the carrying
amount of the other assets in the unit on a pro-rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment
loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed
the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised. The impact of the current period impairment review can be seen
in note 3.1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "Adoption of new and revised standards and new standards and interpretations not yet adopted
The Group has adopted the following new or amended standards. There are no material impacts
of these new or revised standards on the consolidated financial statements for the year ended 31
December 2025
\u2013
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability.
\u2013
Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments -
effective date 1 January 2026.
\u2013
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS
S2 Climate-related Disclosures.
A number of new standards, amended standards and interpretations are effective for annual periods
beginning after 1 January 2026 and earlier application is permitted; however, the Group has not early
adopted the new or amended standards in preparing these consolidated financial statements.
IFRS 18 was issued in April 2024 and is effective for periods beginning on or after 1 January 2027.
Early application is permitted and comparatives will require restatement. The standard will replace
IAS 1 Presentation of Financial Statements and although it will not change how items are recognised
and measured, the standard brings a focus on the income statement and reporting of financial
performance. Specifically, it classifies income and expenses into five new defined categories -
operating, investing, financing, income taxes and discontinued operations and two new subtotals
operating profit and loss and profit or loss before financing and income tax. In addition, IFRS 18
introduces disclosures of management defined performance measures (MPMs) and enhances general
requirements on aggregation and disaggregation. The impact of the standard on the Group is currently
being assessed and it is not yet practicable to quantify the effect of IFRS 18 on these consolidated
financial statements, however there is no impact on presentation for the Group in the current year
given the effective date \u2013 this will be applicable for the Group\u2019s 2027 Financial Statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "2 \u2013 Results and Trading
This section contains the notes and information to support the results presented in the income
statement.
2.1
Revenue
2.2
Operating profit
2.3
Operating segments
2.4
Staff costs
2.5
Audit fees
2.6
Taxation
2.7
Earnings per share
2.8
Non-underlying items
2.1
Revenue
Accounting policy
Revenue is measured based on the consideration specified in a contract with a customer and excludes
amounts collected on behalf of third parties. The Group recognises revenue when it transfers control
over a product or service to a customer.
The Group provides marketing services tailored to the automotive retail sector, including digital
advertising and lead generation. Under IFRS 15, these services are treated as a single performance
obligation satisfied over time as the customer simultaneously receives and consumes the benefits.
Revenue is recognised on a straight-line basis over the service period.
The Group issued warrants to a customer in February 2025 as part of a service agreement, see note
4.2. The fair value of these warrants at the time of issuance will be recognised as a reduction of the
transaction price and recorded as a deduction from revenue over the expected service delivery period.
For the period ended 31 December 2025 the value recognised was nil (FY24: nil).
The following is a description of principal activities from which the Group generates its revenue
categorised by the reportable segments as detailed in note 2.3.
Software
The Group supplies dealer management systems and automotive retail software to motor vehicle
dealers. These systems include consultancy, training and installation services and the right to use the
Group\u2019s software over a contractual period. Products and services may be sold separately or in bundled
packages. Examples of a bundled package will include system consultancy, on and off site training
for users together with the right for a number of users to use the software. For bundled packages,
the Group accounts for individual products and services separately as they are distinct items, as each
performance obligation within that contract is separately identifiable from other items in the bundled
package. The consideration is allocated between separate products and services in a bundle based on
their stand-alone selling prices. The stand-alone selling prices are determined based on the list prices
at which the Group sells these items and are separately identified on the customer\u2019s contract and
subsequent invoice.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Products
Nature, timing of satisfaction of performance obligations
and services
and significant payment terms
Software
Pinewood supplies its software on a hosting basis and licence specific numbers
\u00a0
of users to access this service. As such Pinewood supply \u2018Software as a Service\u2019
\u00a0
(SaaS). The software licences are provided only in conjunction with a hosting
\u00a0
service, the customer cannot take control of the licence or use the software without
\u00a0
the hosting service and as such the customer cannot benefit from the licence on
\u00a0
its own and the licence is not separable from the hosting services. Therefore, the
\u00a0
licence is not distinct and would be combined with the hosting service. The Group\u2019s
\u00a0
assessment of its performance obligation under IFRS 15 of providing SaaS is that
\u00a0
revenue is recognised over the period of the contract. SaaS are typically billed one
\u00a0
month in advance of a quarterly billing cycle ensuring payment is received prior to
\u00a0
commencement of usage.
Training,
The Group recognises revenue on the provision of any consultancy time, training
Installation and
and installation at the point of providing and delivering the service. Consultancy
Consultancy
hours are billed at the time of delivery. Training courses are billed at the time
\u00a0
of booking which may be in advance of the date the training is scheduled for.
\u00a0
Installation hours are billed at the time of completion of the service.
Digital
The Group provides marketing services tailored to the automotive retail sector,
advertising and
including digital advertising and lead generation. Under IFRS 15, these services are
Lead Generation
treated as a single performance obligation satisfied over time as the customer
\u00a0
simultaneously receives and consumes the benefits. Revenue is recognised on a
\u00a0
straight-line basis over the service period.
\n
Disaggregation of revenue
In the following table, revenue is disaggregated by primary geographical market, major products/
service lines and timing of revenue recognition.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Primary geographical markets
\u00a0 \u00a0
UK
31.2
27.8
Europe (excl. UK)
2.3
1.6
Africa
1.4
0.7
Asia-Pacific and Middle East
4.3
0.7
North and Central America
1.3
0.4
Revenue from external customers
40.5
31.2
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Major products/service lines
\u00a0 \u00a0
Software revenue
39.4
30.8
Software development revenue
1.1
0.4
Revenue from external customers
40.5
31.2
Timing of revenue recognition
\u00a0 \u00a0
At point in time
4.4
3.9
Over time
36.1
27.3
Revenue from external customers
40.5
31.2
\n
Contract liabilities
The Group recognises the following contract liabilities:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Unearned proportion of software as a service sold
7.5
7.6
Customer deposits
0.5
0.3
\n
Contract liabilities have decreased by \u00a30.1m. Expansion of the Group\u2019s software business which
predominately invoices quarterly in advance, was offset by a reduction of deferred income from
the software development revenues from Pinewood North America LLC, which ended in the period
following the acquisition of this entity in July 2025. The contract liabilities of \u00a37.6m from the beginning
of FY25 were recognised in full as revenue in the period. The Group applies the practical expedient
under paragraph 121 (b) of IFRS 15 in not disclosing the remaining performance obligations.
During the year a contract asset was recognised of \u00a37.1mil. The corresponding liability is discussed in
detail in note 4.2.
2.2 Operating profit
The following items have been included in arriving at operating profit:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Staff costs
32.0
18.8
Depreciation of property, plant and equipment
1.1
0.6
Amortisation of intangible assets
11.0
5.0
Capitalisation of software development costs
(10.5)
(7.4)
\n
2.3 Operating segments
In the year ended 31 December 2025 there were two reportable segments, as described below, which
were the Group\u2019s strategic business units. The segments offered different ranges of products and
services and were managed separately. For each of these segments, the Group\u2019s Chief Operating
Decision Maker (CODM) was Bill Berman Chief Executive Officer. The CODM receives internal
management reports on at least a monthly basis.
The review of these management reports enabled the CODM to allocate resources to each segment
and form the basis of strategic and operational decisions, such as acquisition strategy, closure
programme or working capital allocation. The following summary describes the operations in each of
the Group\u2019s reportable segments operational in the period:
Pinewood:
This segment comprises the Group\u2019s activities as a dealer management systems provider.
Seez:
Following the acquisition of Seez on 4 March 2025, see note 3.6, Seez became a segment
comprising sales of AI products for automotive retail as well as digital advertising and sales lead
generation.
In the prior period Pinewood was the only operating segment as such no prior period comparator is
presented.
Inter-segment transfers and transactions are entered into under normal commercial terms and
conditions that would also be available to unrelated third parties.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Pinewood
Seez
Total
12 month period ended 31 December 2025
\u00a3m
\u00a3m
\u00a3m
Revenue including intercompany amounts
36.1
4.4
40.5
Inter-segment revenue
\u2013
\u2013
\u2013
Revenue from external customers
36.1
4.4
40.5
Underlying EBITDA
16.1
0.3
16.4
Finance expense
\u00a0 \u00a0
(0.3)
Finance income
\u00a0 \u00a0
0.8
Depreciation
\u00a0 \u00a0
(1.1)
Underlying amortisation
\u00a0 \u00a0
(7.0)
Non-underlying items, see note 2.8
\u00a0 \u00a0
40.9
Profit before tax
\u00a0 \u00a0
49.7
Other items included in the income statement are as follows:
\u00a0 \u00a0 \u00a0
Cost of Sales
(3.6)
(2.2)
(5.8)
\n
Geographical information.
In both the 12 month period to 31 December 2025 and the 11 month period to 31 December 2024 the Pinewood
operating segment originates in the United Kingdom. The Seez operating segment originates in Dubai.
2.4 Staff costs
The average number of people employed by the Group in the following areas was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
Number
Number
Sales and business development
64
44
Administration
114
67
Software development
173
155
\u00a0
351
266
\n
Costs incurred in respect of these employees were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
25.2
15.5
Social security costs
2.5
1.9
Contributions to defined contribution plans
0.7
0.4
Share based payments
3.6
1.0
\u00a0
32.0
18.8
\n
Information relating to directors\u2019 emoluments, share options and pension entitlements is set out in the
Directors\u2019 Remuneration Report on pages 48 to 55.
2.5 Audit fees
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
Auditor\u2019s remuneration:
\u00a3000
\u00a3000
Fees payable to the company\u2019s auditor for the audit of
\u00a0 \u00a0
the company\u2019s annual accounts
387.4
340.0
Fees payable to the company\u2019s auditor and its associates
\u00a0 \u00a0
for other services:
\u00a0 \u00a0
Other assurance services
148.0
\u2013
\u00a0
535.4
340.0
\n
2.6 Taxation
Accounting policy
Income tax comprises current and deferred tax. Income tax is recognised in the income statement
except to the extent that it relates to items recognised directly in other comprehensive income, in which
case it is recognised in the statement of comprehensive income.
Current tax is the expected tax payable on the taxable income for the period/year, using tax rates
enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in
respect of previous years.
Deferred tax is recognised using the balance sheet liability method, recognising temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes. The following temporary differences are not recognised: initial
recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business
combination that affect neither accounting nor taxable profit and do not give rise to equal taxable and
deductible temporary differences. The amount of deferred tax recognised is based on the expected
manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be
available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is
no longer probable that the related tax benefit will be realised.
Estimates and judgements
The actual tax on the Group\u2019s profits is determined according to complex laws and regulations. Where
the effect of these laws and regulations is unclear, estimates are used in determining the liability for
the tax to be paid on profits which are recognised in the financial statements. The Group considers the
estimates, assumptions and judgements to be reasonable but this can involve complex issues which may
take a number of years to resolve. The final determination of tax liabilities could be different from the
estimates reflected in the financial statements but the Group believes that none have a significant risk
of causing a material adjustment to the carrying amount of the liability within the next financial year.
Deferred tax assets and liabilities require management judgement in determining the amounts to be
recognised. In particular, judgement is used when assessing the extent to which deferred tax assets
should be recognised with consideration given to the timing and level of future taxable income.
Taxation \u2013 Income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
Total
Total
\u00a0
\u00a3m
\u00a3m
UK corporation tax:
\u00a0 \u00a0
Current tax on profit for the period
0.5
0.4
\u00a0
0.5
0.4
Overseas taxation:
\u00a0 \u00a0
Current tax on profit for the period
0.3
\u2013
\u00a0
0.3
\u2013
Total current tax
0.8
0.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
Total
Total
\u00a0
\u00a3m
\u00a3m
Deferred tax expense:
\u00a0\u00a0
Origination and reversal of temporary differences
(1.2)
2.1
Adjustments in respect of prior periods
(0.2)
\u2013
Total deferred tax
(1.4)
2.1
Total income tax (credit) / expense in the income
\u00a0\u00a0
statement
(0.6)
2.5
\n
Factors affecting the tax charge for the period:
The tax assessed is different from the standard rate of corporation tax in the UK of 25.0% (FY24:
25.0%)
The differences are explained below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
Total
Total
\u00a0
\u00a3m
\u00a3m
Profit before taxation
49.7
8.2
Tax on profit at UK rate of 25.0% (FY24: 25.0%)
12.4
2.1
Differences:
\u00a0\u00a0
Tax effect of expenses that are not deductible in
\u00a0\u00a0
determining taxable profit
(13.0)
0.3
Tax rate differential on overseas income
0.2
\u2013
Income in respect of associates
\u2013
0.1
Adjustments to tax charge in respect of previous periods
(0.2)
\u2013
Total income tax (credit) / expense in the income
\u00a0\u00a0
statement
(0.6)
2.5
\n
Tax rate
The UK tax rate applying throughout FY25 was 25.0% (FY24: 25.0%). The UK corporation tax rate
applicable to the year ended 31 December 2025 and later periods is 25%.
Pillar 2
Pinewood Technologies Group PLC is not be within scope of the enacted Pillar 2 rules due to revenue
being below the threshold of \u20ac750m.
Deferred tax assets/(liabilities)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income taxes relate to the same
fiscal authority.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Deferred tax assets
3.1
1.5
Deferred tax liabilities
(38.1)
(4.0)
Deferred tax liabilities
(35.0)
(2.5)
\n
The table below outlines the deferred tax (liabilities)/assets that are recognised on the balance sheet,
together with their movements in the period;
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
(Charged) to
(Charged) to
\u00a0
\u00a0
At 1
\u00a0
consolidated
equity or other
At 31
\u00a0
February
Arising on
income
comprehensive
December
\u00a0
2024
Acquisition
statement
income
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
0.2
\u2013
(0.1)
\u2013
0.1
Intangible fixed assets
(3.4)
\u2013
(0.6)
\u2013
(4.0)
Other short term temporary
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
differences
\u2013
\u2013
0.2
0.2
0.4
Losses
2.6
\u2013
(1.6)
\u2013
1.0
Tax assets/(liabilities)
(0.6)
\u2013
(2.1)
0.2
(2.5)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
(Charged)/
Credited/
\u00a0
\u00a0 \u00a0 \u00a0
credited
(charged)
\u00a0
\u00a0 \u00a0 \u00a0
to
to equity
\u00a0
\u00a0
At 1
Arising
consolidated
or other
At 31
\u00a0
January
on
income
comprehensive
December
\u00a0
2025
Acquisition
statement
income
2025
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
0.1
\u2013
(2.8)
\u2013
(2.7)
Intangible fixed assets
(4.0)
(34.4)
3.0
\u2013
(35.4)
Other short term temporary
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
differences
0.4
\u2013
0.7
0.2
1.3
Losses
1.0
0.3
0.5
\u2013
1.8
Tax (liabilities)/assets
(2.5)
(34.1)
1.4
0.2
(35.0)
\n
Current tax liability
At 31 December 2025 the Group had a current tax liability of \u00a30.2m (FY24: \u00a30.1m).
2.7
Earnings per share
Accounting policy
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS
is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the
weighted average number of ordinary shares in issue during the period. The shares held by the EBT
have been excluded from the calculation until such time as they vest unconditionally with the employees.
Diluted EPS is calculated by dividing the profit and loss attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue taking account of the effects of all dilutive
potential ordinary shares, which comprise of share options granted to employees and LTIPs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period
12m period
11m period
11m period
\u00a0
ended
ended
ended
ended
\u00a0
31 December
31 December
31 December
31 December
\u00a0
2025
2025
2024
2024
\u00a0
Earnings per
Earnings
Earnings per
Earnings
\u00a0
share
Total
share
Total
Earnings per share calculation
pence
\u00a3m
pence
\u00a3m
Basic earnings per share
48.0
50.3
5.1
5.7
Diluted earnings per share
48.0
50.3
5.1
5.7
The calculation of basic, adjusted and diluted earnings per share is based on the following number of
shares in issue (millions):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period
11m period
\u00a0
ended
ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
Number
Number
Weighted average number of ordinary shares in issue
104.7
111.4
Weighted average number of dilutive shares under option
0.2
\u2013
Weighted average number of shares in issue taking account of
\u00a0 \u00a0
applicable outstanding share options
104.9
111.4
Non-dilutive shares under option
10.5
2.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "2.1
Revenue
Accounting policy
Revenue is measured based on the consideration specified in a contract with a customer and excludes
amounts collected on behalf of third parties. The Group recognises revenue when it transfers control
over a product or service to a customer.
The Group provides marketing services tailored to the automotive retail sector, including digital
advertising and lead generation. Under IFRS 15, these services are treated as a single performance
obligation satisfied over time as the customer simultaneously receives and consumes the benefits.
Revenue is recognised on a straight-line basis over the service period.
The Group issued warrants to a customer in February 2025 as part of a service agreement, see note
4.2. The fair value of these warrants at the time of issuance will be recognised as a reduction of the
transaction price and recorded as a deduction from revenue over the expected service delivery period.
For the period ended 31 December 2025 the value recognised was nil (FY24: nil).
The following is a description of principal activities from which the Group generates its revenue
categorised by the reportable segments as detailed in note 2.3.
Software
The Group supplies dealer management systems and automotive retail software to motor vehicle
dealers. These systems include consultancy, training and installation services and the right to use the
Group\u2019s software over a contractual period. Products and services may be sold separately or in bundled
packages. Examples of a bundled package will include system consultancy, on and off site training
for users together with the right for a number of users to use the software. For bundled packages,
the Group accounts for individual products and services separately as they are distinct items, as each
performance obligation within that contract is separately identifiable from other items in the bundled
package. The consideration is allocated between separate products and services in a bundle based on
their stand-alone selling prices. The stand-alone selling prices are determined based on the list prices
at which the Group sells these items and are separately identified on the customer\u2019s contract and
subsequent invoice.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Products
Nature, timing of satisfaction of performance obligations
and services
and significant payment terms
Software
Pinewood supplies its software on a hosting basis and licence specific numbers
\u00a0
of users to access this service. As such Pinewood supply \u2018Software as a Service\u2019
\u00a0
(SaaS). The software licences are provided only in conjunction with a hosting
\u00a0
service, the customer cannot take control of the licence or use the software without
\u00a0
the hosting service and as such the customer cannot benefit from the licence on
\u00a0
its own and the licence is not separable from the hosting services. Therefore, the
\u00a0
licence is not distinct and would be combined with the hosting service. The Group\u2019s
\u00a0
assessment of its performance obligation under IFRS 15 of providing SaaS is that
\u00a0
revenue is recognised over the period of the contract. SaaS are typically billed one
\u00a0
month in advance of a quarterly billing cycle ensuring payment is received prior to
\u00a0
commencement of usage.
Training,
The Group recognises revenue on the provision of any consultancy time, training
Installation and
and installation at the point of providing and delivering the service. Consultancy
Consultancy
hours are billed at the time of delivery. Training courses are billed at the time
\u00a0
of booking which may be in advance of the date the training is scheduled for.
\u00a0
Installation hours are billed at the time of completion of the service.
Digital
The Group provides marketing services tailored to the automotive retail sector,
advertising and
including digital advertising and lead generation. Under IFRS 15, these services are
Lead Generation
treated as a single performance obligation satisfied over time as the customer
\u00a0
simultaneously receives and consumes the benefits. Revenue is recognised on a
\u00a0
straight-line basis over the service period.
\n
Disaggregation of revenue
In the following table, revenue is disaggregated by primary geographical market, major products/
service lines and timing of revenue recognition.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Primary geographical markets
\u00a0 \u00a0
UK
31.2
27.8
Europe (excl. UK)
2.3
1.6
Africa
1.4
0.7
Asia-Pacific and Middle East
4.3
0.7
North and Central America
1.3
0.4
Revenue from external customers
40.5
31.2
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Major products/service lines
\u00a0 \u00a0
Software revenue
39.4
30.8
Software development revenue
1.1
0.4
Revenue from external customers
40.5
31.2
Timing of revenue recognition
\u00a0 \u00a0
At point in time
4.4
3.9
Over time
36.1
27.3
Revenue from external customers
40.5
31.2
\n
Contract liabilities
The Group recognises the following contract liabilities:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Unearned proportion of software as a service sold
7.5
7.6
Customer deposits
0.5
0.3
\n
Contract liabilities have decreased by \u00a30.1m. Expansion of the Group\u2019s software business which
predominately invoices quarterly in advance, was offset by a reduction of deferred income from
the software development revenues from Pinewood North America LLC, which ended in the period
following the acquisition of this entity in July 2025. The contract liabilities of \u00a37.6m from the beginning
of FY25 were recognised in full as revenue in the period. The Group applies the practical expedient
under paragraph 121 (b) of IFRS 15 in not disclosing the remaining performance obligations.
During the year a contract asset was recognised of \u00a37.1mil. The corresponding liability is discussed in
detail in note 4.2", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "Accounting policy
Revenue is measured based on the consideration specified in a contract with a customer and excludes
amounts collected on behalf of third parties. The Group recognises revenue when it transfers control
over a product or service to a customer.
The Group provides marketing services tailored to the automotive retail sector, including digital
advertising and lead generation. Under IFRS 15, these services are treated as a single performance
obligation satisfied over time as the customer simultaneously receives and consumes the benefits.
Revenue is recognised on a straight-line basis over the service period.
The Group issued warrants to a customer in February 2025 as part of a service agreement, see note
4.2. The fair value of these warrants at the time of issuance will be recognised as a reduction of the
transaction price and recorded as a deduction from revenue over the expected service delivery period.
For the period ended 31 December 2025 the value recognised was nil (FY24: nil).
The following is a description of principal activities from which the Group generates its revenue
categorised by the reportable segments as detailed in note 2.3. Accounting policy
Income tax comprises current and deferred tax. Income tax is recognised in the income statement
except to the extent that it relates to items recognised directly in other comprehensive income, in which
case it is recognised in the statement of comprehensive income.
Current tax is the expected tax payable on the taxable income for the period/year, using tax rates
enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in
respect of previous years.
Deferred tax is recognised using the balance sheet liability method, recognising temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes. The following temporary differences are not recognised: initial
recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business
combination that affect neither accounting nor taxable profit and do not give rise to equal taxable and
deductible temporary differences. The amount of deferred tax recognised is based on the expected
manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be
available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is
no longer probable that the related tax benefit will be realised.Accounting policy
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS
is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the
weighted average number of ordinary shares in issue during the period. The shares held by the EBT
have been excluded from the calculation until such time as they vest unconditionally with the employees.
Diluted EPS is calculated by dividing the profit and loss attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue taking account of the effects of all dilutive
potential ordinary shares, which comprise of share options granted to employees and LTIPs. Accounting policies
All business combinations are accounted for by applying the purchase method. Goodwill represents
the excess of the cost of acquisition over the net fair value of the identifiable assets, liabilities and
contingent liabilities of the acquired subsidiary undertakings at the effective date of acquisition and is
included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash
generating units (CGUs). An impairment test is performed annually as detailed below. Goodwill is then
held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of acquired businesses into alignment with
those of the Group. The costs associated with reorganising or restructuring are charged to the post
acquisition income statement. Fair value adjustments are made in respect of acquisitions. If at the
balance sheet date the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities
can only be established provisionally then these values are used. Any adjustments to these values made
within 12 months of the acquisition date are taken as adjustments to goodwill.
Internally generated intangible assets relate to activities that involve the development of dealer
management systems. Development expenditure is capitalised only if development costs can be
measured reliably, the product is technically and commercially feasible, future economic benefits are
probable and the Group intends to and has sufficient resources to complete development and to use
or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are
directly attributable to preparing the asset for its intended use. If the development expenditure does
not meet the above criteria it is expensed to the income statement.
Intangible assets other than goodwill are stated at cost less accumulated amortisation and any
impairment losses. Intangible assets other than goodwill are stated at cost less accumulated
amortisation and any impairment losses. Subsequent expenditure on capitalised intangible assets is
capitalised only when it increases the future economic benefits embodied in the specific asset to which
it relates. All other expenditure is expensed as incurred.
Intangible assets arising on an acquisition are recognised separately from goodwill if its fair value can be
measured reliably and is either (i) separable from the acquired business, or (ii) arises from contractual
or legal rights. Amortisation is calculated on a straight line basis over the estimated useful life of the
intangible asset. Amortisation methods and useful lives are reviewed annually and adjusted if appropriate.
The main intangible assets recognised are customer contracts and relationships, reacquired rights,
brands and trademarks and software development. Customer contracts and relationships relate to the
fair value of the customer contracts entered into by Pinewood North America LLC prior to its acquisition
by the Group. Reacquired rights relate to the fair value of the reseller rights previously granted to the
former resellers in the South African and Middle Eastern markets. Brand and trademarks relate to the
fair value of the Seez brand, see note 3.6 for details of all these acquisitions. Amortisation is charged to
the income statement on a straight-line basis over their estimated useful lives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
The estimated useful lives are as follows:
Customer contracts and relationships - 20 years
\u00a0
Reacquired rights - 10 years
\u00a0
Brands and trademarks - 5 years
\u00a0
Software development - 5 to 10 years
\nAccounting policy
Freehold land is not depreciated. Depreciation is provided to write off the cost less the estimated residual
value of other assets by equal instalments over their estimated useful economic lives. On transition to IFRS
as at 1 January 2004, all land and buildings were restated to fair value as permitted by IFRS 1, which is
then treated as the deemed cost. All other assets are initially measured and recorded at cost.
Depreciation rates are as follows:
Right of use assets \u2013 over the period of the lease
\u00a0
Leasehold property improvements \u2013 2% per annum or over the
\u00a0
period of the lease if less than 50 years
\u00a0
Fixtures, fittings and office equipment \u2013 10 \u2013 33% per annum
\u00a0
Plant and machinery \u2013 10 \u2013 33% per annum
\u00a0
Motor vehicles \u2013 20 \u2013 25% per annum
\n
The residual value of all assets, depreciation methods and useful economic lives, if significant, are
reassessed annually.
The Group recognises in the carrying amount of an item of property, plant and equipment the cost
of replacing part of such an item when that cost is incurred if it is possible that the future economic
benefits embodied with the item will flow to the Group and the cost of the item can be measured
reliably. All other costs are recognised in the income statement as an expense as incurred.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing
the proceeds from disposal with the carrying amount of property, plant and equipment and are
recognised net within other income in the income statement.
The depreciation charge in respect of property, plant and equipment is recognised within
administrative expenses within the income statement. Accounting policy
Trade and other receivables are recognised initially at fair value and are subsequently stated at
amortised cost using the effective interest method, less any impairment losses.
Impairment losses are measured in accordance with IFRS 9, which is based on an \u2018expected credit loss\u2019
(ECL) model. At 31 December 2025 and 31 December 2024 the allowance for expected credit losses
(\u2018ECL\u2019s) on financial assets are not material.
The Group considers a trade or other receivable to be in default when the borrower is unlikely to pay its
credit obligations to the Group in full after all reasonable actions have been taken to recover the debt. Accounting policy
Trade and other payables are recognised initially at fair value and are subsequently stated at amortised
cost using the effective interest method, less any write-offs.4.1
Accounting policies
IFRS 9 requires an entity to recognise a financial asset or a financial liability in its statement of financial
position when it becomes party to the contractual provisions of the instrument. At initial recognition,
an entity measures a financial asset or a financial liability at its fair value plus or minus, in the case of a
financial asset or a financial liability not at fair value through profit or loss, transaction costs that are
directly attributable to the acquisition or issue of the financial asset or the financial liability. Subsequent to
initial recognition financial assets and financial liabilities are classified and measured as described below.
Financial assets
IFRS 9 classifies assets according to the business model for their realisation, as determined by the
expected contractual cashflows. This classification determines the accounting treatment, and the
classification under IFRS 9 is by reference to the accounting treatment i.e. amortised cost, fair value
through other comprehensive income or fair value through profit and loss.
A financial asset is measured at amortised cost if both of the following conditions are met:
\u2013
the asset is held within a business model whose objective is to hold assets in order to collect
contractual cash flows; and
\u2013
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
Financial assets are therefore classified and measured in these financial statements at amortised cost.
The Group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at
amortised cost, debt investments measured at FVOCI and contract assets (as defined in IFRS 15).
The Group measures loss allowances at an amount equal to lifetime ECL, except for other debt
securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life
of the financial instrument) has not increased significantly since initial recognition which are measured
as 12-month ECL.
Loss allowances for trade receivables and contract assets are always measured at an amount equal to
lifetime ECL.
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating ECL, the Group considers reasonable and supportable information
that is relevant and available without undue cost or effort. This includes both quantitative and
qualitative information and analysis, based on the Group\u2019s historical experience and informed credit
assessment and including forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than
30 days past due.
The Group considers a financial asset to be in default when:
\u2013
the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group
to actions such as realising security (if any is held); or
\u2013
the financial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a
financial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the 12
months after the reporting date (or a shorter period if the expected life of the instrument is less than
12 months).
The maximum period considered when estimating ECLs is the maximum contractual period over which
the Group is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance
with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the
effective interest rate of the financial asset.
Credit-impaired financial assets
At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt
securities at FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events
that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
Write-offs
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that
there is no realistic prospect of recovery.
Impairment of financial assets
IFRS 9 adopts an expected credit loss approach (ECL). The IFRS 9 approach does not require a
credit event (an actual loss or a debt past a number of days due) to occur but is based on changes in
expectations of credit losses. IFRS 9 also requires that impairment of financial assets be shown as a
separate line item in either the statement of comprehensive income or the income statement.
\u00a0 \u00a0
31 December
31 December
\u00a0 \u00a0
2025
2024
Financial assets
IFRS 9 classification
\u00a3m
\u00a3m
Trade and other receivables
Amortised cost
10.3
21.4
Cash and cash equivalents
Amortised cost
34.1
9.3
\n
Trade and other receivables
\u2013 see note 3.3
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, and other short term highly
liquid investments that are readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.
Loans and borrowings
Interest-bearing loans and borrowings are recognised initially at fair value less attributable transaction
costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with
any difference between cost and redemption value being recognised in the income statement over
the period of the borrowings on an effective interest basis. The effective interest basis is a method
of calculating the amortised cost of a financial liability and of allocating interest payments over the
relevant period. The effective interest rate is the rate that exactly discounts estimated future cash
payments through the expected life of the financial liability, or where appropriate, a shorter period. Accounting policy
Finance income comprises interest income on funds invested that are recognised in profit and loss.
Interest income is recognised as it accrues in profit and loss, using the effective rate method.
Finance expense comprises interest expense on borrowings, unwinding of the discount on provisions
recognised in profit and loss. All borrowing costs are recognised in profit and loss using the effective
interest method.Accounting policy
The Group operates a Long Term Incentive Plan (LTIP) and Deferred Share Plan (DSP. The fair value at the date at which the share options are granted is recognised in the income statement on a straight line
basis over the vesting period, taking into account the number of options that are expected to vest. The fair value of the options granted is measured using an option pricing model, taking into account the terms
and conditions upon which the options were granted. The number of options that are expected to become exercisable is reviewed at each balance sheet date and if necessary estimates are revised.
Awards made under the LTIP are normally able to vest following the third anniversary of the date of the grant. For Executive Directors, awards will normally be subject to a two-year holding period following the
end of the vesting period. Vesting is subject to continued employment and the achievement of market and non-market performance conditions, full details of which can be found in the Remuneration Report on
page 49. All awards are settled by physical delivery of shares.
Awards made under the DSP are normally able to vest following the third anniversary of the date of the grant. Vesting is subject to continued employment, full details of which can be found in the Remuneration
Report on page 49. All awards are settled by physical delivery of shares.Accounting policies
Leases as a Lessee
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract
is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration. To assess whether a contract conveys the right to control
the use of an identified asset, the Group uses the definition of a lease in IFRS 16. This policy is applied to
contracts entered into, on or after 1 January 2019.
The Group recognises a right of use asset and a lease liability at the lease commencement date. The
right of use asset is initially measured at cost, and subsequently at cost less accumulated depreciation
and impairment losses, and adjusted for certain remeasurements of the lease liability. Cost comprises
the initial amount of the lease liability adjusted for any initial direct costs incurred less any lease
incentives received. Depreciation is recognised on a straight line basis over the period of the lease the
right of use asset is expected to be utilised.
The lease liability is initially measured at the present value of lease payments that are not paid at the
commencement date, discounted by the interest rate implicit in the lease or when this is not readily
attainable, the Group\u2019s incremental borrowing rate. Lease payments include fixed rental payments
and amounts expected to be payable under a residual value guarantee. Generally the Group uses its
incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate
by obtaining interest rates from various external financing sources and makes certain adjustments to
reflect the terms of the lease and type of the asset leased.
The lease liability is subsequently increased by the interest cost on the lease liability and reduced by
payments made. It is remeasured when there is a change in future lease payments arising from a
change of index or rate, a variation in amounts payable following contractual rent reviews and changes
in the assessment of whether an extension/termination option is reasonably certain to be exercised.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-
use asset has been reduced to zero.
The Group presents right-of-use assets that do not meet the definition of investment property in
\u2018property, plant and equipment\u2019 and lease liabilities in \u2018loans and borrowings\u2019 in the Balance Sheet.
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value
assets and short-term leases. The Group recognises the lease payments associated with these leases as
an expense on a straight-line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "Accounting policy
Revenue is measured based on the consideration specified in a contract with a customer and excludes
amounts collected on behalf of third parties. The Group recognises revenue when it transfers control
over a product or service to a customer.
The Group provides marketing services tailored to the automotive retail sector, including digital
advertising and lead generation. Under IFRS 15, these services are treated as a single performance
obligation satisfied over time as the customer simultaneously receives and consumes the benefits.
Revenue is recognised on a straight-line basis over the service period.
The Group issued warrants to a customer in February 2025 as part of a service agreement, see note
4.2. The fair value of these warrants at the time of issuance will be recognised as a reduction of the
transaction price and recorded as a deduction from revenue over the expected service delivery period.
For the period ended 31 December 2025 the value recognised was nil (FY24: nil).
The following is a description of principal activities from which the Group generates its revenue
categorised by the reportable segments as detailed in note 2.3. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "2.2 Operating profit
The following items have been included in arriving at operating profit:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Staff costs
32.0
18.8
Depreciation of property, plant and equipment
1.1
0.6
Amortisation of intangible assets
11.0
5.0
Capitalisation of software development costs
(10.5)
(7.4)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "2.3 Operating segments
In the year ended 31 December 2025 there were two reportable segments, as described below, which
were the Group\u2019s strategic business units. The segments offered different ranges of products and
services and were managed separately. For each of these segments, the Group\u2019s Chief Operating
Decision Maker (CODM) was Bill Berman Chief Executive Officer. The CODM receives internal
management reports on at least a monthly basis.
The review of these management reports enabled the CODM to allocate resources to each segment
and form the basis of strategic and operational decisions, such as acquisition strategy, closure
programme or working capital allocation. The following summary describes the operations in each of
the Group\u2019s reportable segments operational in the period:
Pinewood:
This segment comprises the Group\u2019s activities as a dealer management systems provider.
Seez:
Following the acquisition of Seez on 4 March 2025, see note 3.6, Seez became a segment
comprising sales of AI products for automotive retail as well as digital advertising and sales lead
generation.
In the prior period Pinewood was the only operating segment as such no prior period comparator is
presented.
Inter-segment transfers and transactions are entered into under normal commercial terms and
conditions that would also be available to unrelated third parties.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Pinewood
Seez
Total
12 month period ended 31 December 2025
\u00a3m
\u00a3m
\u00a3m
Revenue including intercompany amounts
36.1
4.4
40.5
Inter-segment revenue
\u2013
\u2013
\u2013
Revenue from external customers
36.1
4.4
40.5
Underlying EBITDA
16.1
0.3
16.4
Finance expense
\u00a0 \u00a0
(0.3)
Finance income
\u00a0 \u00a0
0.8
Depreciation
\u00a0 \u00a0
(1.1)
Underlying amortisation
\u00a0 \u00a0
(7.0)
Non-underlying items, see note 2.8
\u00a0 \u00a0
40.9
Profit before tax
\u00a0 \u00a0
49.7
Other items included in the income statement are as follows:
\u00a0 \u00a0 \u00a0
Cost of Sales
(3.6)
(2.2)
(5.8)
\n
Geographical information.
In both the 12 month period to 31 December 2025 and the 11 month period to 31 December 2024 the Pinewood
operating segment originates in the United Kingdom. The Seez operating segment originates in Dubai.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "2.4 Staff costs
The average number of people employed by the Group in the following areas was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
Number
Number
Sales and business development
64
44
Administration
114
67
Software development
173
155
\u00a0
351
266
\n
Costs incurred in respect of these employees were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
25.2
15.5
Social security costs
2.5
1.9
Contributions to defined contribution plans
0.7
0.4
Share based payments
3.6
1.0
\u00a0
32.0
18.8
\n
Information relating to directors\u2019 emoluments, share options and pension entitlements is set out in the
Directors\u2019 Remuneration Report on pages 48 to 55.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "2.5 Audit fees \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
Auditor\u2019s remuneration:
\u00a3000
\u00a3000
Fees payable to the company\u2019s auditor for the audit of
\u00a0 \u00a0
the company\u2019s annual accounts
387.4
340.0
Fees payable to the company\u2019s auditor and its associates
\u00a0 \u00a0
for other services:
\u00a0 \u00a0
Other assurance services
148.0
\u2013
\u00a0
535.4
340.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "2.6 Taxation
Accounting policy
Income tax comprises current and deferred tax. Income tax is recognised in the income statement
except to the extent that it relates to items recognised directly in other comprehensive income, in which
case it is recognised in the statement of comprehensive income.
Current tax is the expected tax payable on the taxable income for the period/year, using tax rates
enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in
respect of previous years.
Deferred tax is recognised using the balance sheet liability method, recognising temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes. The following temporary differences are not recognised: initial
recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business
combination that affect neither accounting nor taxable profit and do not give rise to equal taxable and
deductible temporary differences. The amount of deferred tax recognised is based on the expected
manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be
available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is
no longer probable that the related tax benefit will be realised.
Estimates and judgements
The actual tax on the Group\u2019s profits is determined according to complex laws and regulations. Where
the effect of these laws and regulations is unclear, estimates are used in determining the liability for
the tax to be paid on profits which are recognised in the financial statements. The Group considers the
estimates, assumptions and judgements to be reasonable but this can involve complex issues which may
take a number of years to resolve. The final determination of tax liabilities could be different from the
estimates reflected in the financial statements but the Group believes that none have a significant risk
of causing a material adjustment to the carrying amount of the liability within the next financial year.
Deferred tax assets and liabilities require management judgement in determining the amounts to be
recognised. In particular, judgement is used when assessing the extent to which deferred tax assets
should be recognised with consideration given to the timing and level of future taxable income.
Taxation \u2013 Income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
Total
Total
\u00a0
\u00a3m
\u00a3m
UK corporation tax:
\u00a0 \u00a0
Current tax on profit for the period
0.5
0.4
\u00a0
0.5
0.4
Overseas taxation:
\u00a0 \u00a0
Current tax on profit for the period
0.3
\u2013
\u00a0
0.3
\u2013
Total current tax
0.8
0.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
Total
Total
\u00a0
\u00a3m
\u00a3m
Deferred tax expense:
\u00a0\u00a0
Origination and reversal of temporary differences
(1.2)
2.1
Adjustments in respect of prior periods
(0.2)
\u2013
Total deferred tax
(1.4)
2.1
Total income tax (credit) / expense in the income
\u00a0\u00a0
statement
(0.6)
2.5
\n
Factors affecting the tax charge for the period:
The tax assessed is different from the standard rate of corporation tax in the UK of 25.0% (FY24:
25.0%)
The differences are explained below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
Total
Total
\u00a0
\u00a3m
\u00a3m
Profit before taxation
49.7
8.2
Tax on profit at UK rate of 25.0% (FY24: 25.0%)
12.4
2.1
Differences:
\u00a0\u00a0
Tax effect of expenses that are not deductible in
\u00a0\u00a0
determining taxable profit
(13.0)
0.3
Tax rate differential on overseas income
0.2
\u2013
Income in respect of associates
\u2013
0.1
Adjustments to tax charge in respect of previous periods
(0.2)
\u2013
Total income tax (credit) / expense in the income
\u00a0\u00a0
statement
(0.6)
2.5
\n
Tax rate
The UK tax rate applying throughout FY25 was 25.0% (FY24: 25.0%). The UK corporation tax rate
applicable to the year ended 31 December 2025 and later periods is 25%.
Pillar 2
Pinewood Technologies Group PLC is not be within scope of the enacted Pillar 2 rules due to revenue
being below the threshold of \u20ac750m.
Deferred tax assets/(liabilities)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income taxes relate to the same
fiscal authority.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Deferred tax assets
3.1
1.5
Deferred tax liabilities
(38.1)
(4.0)
Deferred tax liabilities
(35.0)
(2.5)
\n
The table below outlines the deferred tax (liabilities)/assets that are recognised on the balance sheet,
together with their movements in the period;
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
(Charged) to
(Charged) to
\u00a0
\u00a0
At 1
\u00a0
consolidated
equity or other
At 31
\u00a0
February
Arising on
income
comprehensive
December
\u00a0
2024
Acquisition
statement
income
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
0.2
\u2013
(0.1)
\u2013
0.1
Intangible fixed assets
(3.4)
\u2013
(0.6)
\u2013
(4.0)
Other short term temporary
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
differences
\u2013
\u2013
0.2
0.2
0.4
Losses
2.6
\u2013
(1.6)
\u2013
1.0
Tax assets/(liabilities)
(0.6)
\u2013
(2.1)
0.2
(2.5)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
(Charged)/
Credited/
\u00a0
\u00a0 \u00a0 \u00a0
credited
(charged)
\u00a0
\u00a0 \u00a0 \u00a0
to
to equity
\u00a0
\u00a0
At 1
Arising
consolidated
or other
At 31
\u00a0
January
on
income
comprehensive
December
\u00a0
2025
Acquisition
statement
income
2025
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
0.1
\u2013
(2.8)
\u2013
(2.7)
Intangible fixed assets
(4.0)
(34.4)
3.0
\u2013
(35.4)
Other short term temporary
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
differences
0.4
\u2013
0.7
0.2
1.3
Losses
1.0
0.3
0.5
\u2013
1.8
Tax (liabilities)/assets
(2.5)
(34.1)
1.4
0.2
(35.0)
\n
Current tax liability
At 31 December 2025 the Group had a current tax liability of \u00a30.2m (FY24: \u00a30.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Accounting policy
Income tax comprises current and deferred tax. Income tax is recognised in the income statement
except to the extent that it relates to items recognised directly in other comprehensive income, in which
case it is recognised in the statement of comprehensive income.
Current tax is the expected tax payable on the taxable income for the period/year, using tax rates
enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in
respect of previous years.
Deferred tax is recognised using the balance sheet liability method, recognising temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes. The following temporary differences are not recognised: initial
recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business
combination that affect neither accounting nor taxable profit and do not give rise to equal taxable and
deductible temporary differences. The amount of deferred tax recognised is based on the expected
manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be
available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is
no longer probable that the related tax benefit will be realised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "Deferred tax is recognised using the balance sheet liability method, recognising temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes. The following temporary differences are not recognised: initial
recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business
combination that affect neither accounting nor taxable profit and do not give rise to equal taxable and
deductible temporary differences. The amount of deferred tax recognised is based on the expected
manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be
available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is
no longer probable that the related tax benefit will be realised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "Deferred tax assets/(liabilities)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income taxes relate to the same
fiscal authority.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Deferred tax assets
3.1
1.5
Deferred tax liabilities
(38.1)
(4.0)
Deferred tax liabilities
(35.0)
(2.5)
\n
The table below outlines the deferred tax (liabilities)/assets that are recognised on the balance sheet,
together with their movements in the period;
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
(Charged) to
(Charged) to
\u00a0
\u00a0
At 1
\u00a0
consolidated
equity or other
At 31
\u00a0
February
Arising on
income
comprehensive
December
\u00a0
2024
Acquisition
statement
income
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
0.2
\u2013
(0.1)
\u2013
0.1
Intangible fixed assets
(3.4)
\u2013
(0.6)
\u2013
(4.0)
Other short term temporary
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
differences
\u2013
\u2013
0.2
0.2
0.4
Losses
2.6
\u2013
(1.6)
\u2013
1.0
Tax assets/(liabilities)
(0.6)
\u2013
(2.1)
0.2
(2.5)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
(Charged)/
Credited/
\u00a0
\u00a0 \u00a0 \u00a0
credited
(charged)
\u00a0
\u00a0 \u00a0 \u00a0
to
to equity
\u00a0
\u00a0
At 1
Arising
consolidated
or other
At 31
\u00a0
January
on
income
comprehensive
December
\u00a0
2025
Acquisition
statement
income
2025
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
0.1
\u2013
(2.8)
\u2013
(2.7)
Intangible fixed assets
(4.0)
(34.4)
3.0
\u2013
(35.4)
Other short term temporary
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
differences
0.4
\u2013
0.7
0.2
1.3
Losses
1.0
0.3
0.5
\u2013
1.8
Tax (liabilities)/assets
(2.5)
(34.1)
1.4
0.2
(35.0)
\n
Current tax liability
At 31 December 2025 the Group had a current tax liability of \u00a30.2m (FY24: \u00a30.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "2.7
Earnings per share
Accounting policy
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS
is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the
weighted average number of ordinary shares in issue during the period. The shares held by the EBT
have been excluded from the calculation until such time as they vest unconditionally with the employees.
Diluted EPS is calculated by dividing the profit and loss attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue taking account of the effects of all dilutive
potential ordinary shares, which comprise of share options granted to employees and LTIPs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period
12m period
11m period
11m period
\u00a0
ended
ended
ended
ended
\u00a0
31 December
31 December
31 December
31 December
\u00a0
2025
2025
2024
2024
\u00a0
Earnings per
Earnings
Earnings per
Earnings
\u00a0
share
Total
share
Total
Earnings per share calculation
pence
\u00a3m
pence
\u00a3m
Basic earnings per share
48.0
50.3
5.1
5.7
Diluted earnings per share
48.0
50.3
5.1
5.7
The calculation of basic, adjusted and diluted earnings per share is based on the following number of
shares in issue (millions):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period
11m period
\u00a0
ended
ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
Number
Number
Weighted average number of ordinary shares in issue
104.7
111.4
Weighted average number of dilutive shares under option
0.2
\u2013
Weighted average number of shares in issue taking account of
\u00a0 \u00a0
applicable outstanding share options
104.9
111.4
Non-dilutive shares under option
10.5
2.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "Accounting policy
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS
is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the
weighted average number of ordinary shares in issue during the period. The shares held by the EBT
have been excluded from the calculation until such time as they vest unconditionally with the employees.
Diluted EPS is calculated by dividing the profit and loss attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue taking account of the effects of all dilutive
potential ordinary shares, which comprise of share options granted to employees and LTIPs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "2.8 Non-underlying items
Non-underlying items are items that in management\u2019s judgement need to be disclosed separately
by virtue of their size, nature or frequency to aid understanding of the performance for the year or
comparability between periods.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Within administrative expenses
\u00a0 \u00a0
Amortisation of Intangibles arising on acquisition
(4.0)
\u2013
Restructure and transitions costs, including transaction
\u00a0 \u00a0
fees, following FY25 acquisitions
(4.6)
\u2013
Administrative expenses in Pinewood North America,
\u00a0 \u00a0
LLC as subsidiary
(4.2)
\u2013
Share based payments
(3.6)
(1.0)
Restructuring and transition costs following the sale
\u00a0 \u00a0
of the UK Motor and Leasing businesses to Lithia UK
\u00a0 \u00a0
Holding Limited
(1.3)
(2.2)
Transaction costs relating to the sale of the UK Motor and
\u00a0 \u00a0
Leasing businesses to Lithia UK Holding Limited
\u2013
(0.9)
\u00a0
(17.7)
(4.1)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Other items
\u00a0\u00a0
Gain on remeasurement of previously held equity interest
60.8
\u2013
Finance income in Pinewood North America, LLC as
\u00a0\u00a0
subsidiary
0.2
\u2013
Interest arising on cash proceeds from the sale of the
\u00a0\u00a0
UK Motor and Leasing businesses to Lithia UK Holding
\u00a0\u00a0
Limited prior to the payment of the dividend
\u2013
4.3
Group share of result of Pinewood North America, LLC as
\u00a0\u00a0
associate
(1.6)
(0.5)
Net fair value of losses on financial instruments
(0.8)
\u2013
Total non-underlying items before tax
40.9
(0.3)
Non-underlying items in tax
3.7
(0.4)
Non-underlying items after tax
44.6
(0.7)
\n
All items stated above are significant in size or nature and not considered part of the Group\u2019s normal,
recurring operating activities for the reasons as follows:
\u2013
Amortisation of acquired intangible assets arises from acquisition accounting and does not reflect
the Group\u2019s underlying trading performance.
\u2013
Restructure and transition costs, including transaction fees, following FY25 acquisitions relate to
integration and restructuring activities following recent acquisitions and are not expected to recur as
part of normal operations.
\u2013
Administrative expenses and Finance income in Pinewood North America, LLC as subsidiary
relate to a subsidiary that has not yet reached operational scale and are therefore not considered
representative of the Group\u2019s underlying cost/income base.
\u2013
Share-based payment charges are non-cash expenses arising from equity incentive arrangements
rather than underlying operating activities.
\u2013
Restructuring and transition costs directly incurred as the result of the sale of the Group\u2019s motor retail
and leasing businesses to Lithia UK Holding Limited on 31/01/2024, therefore not part of the Group\u2019s
ongoing operations.
\u2013
Gain on remeasurement of previously held equity interest is a one-off accounting adjustment.
\u2013
Group share of result of Pinewood North America, LLC as associate relates to the period when the
investment was accounted for as an associate prior to becoming a consolidated subsidiary.
\u2013
Net fair value losses on financial instruments reflect market-driven valuation changes rather than
underlying trading performance.
The Group share of the result from Pinewood North America, LLC, is treated as a non-underlying item.
The income and costs in Pinewood North America, LLC, represent the phase of launching the Group\u2019s
system into the North American DMS market. The North American DMS market is c.20,000 franchised
dealerships. Once the Group achieves a market share of 0.1% or 20 dealers, with the Pinewood system
fully implemented in these dealers, the Pinewood share of Pinewood North America, LLC, will be
treated as underlying. Until this point, any share of income and expenditure will be the non-recurring
entry phase to the North American market and shown as non-underlying.
The revenue arising from the sale of software development services to Pinewood North America LLC
has been shown as part of the underyling business as it has arisen from Pinewood\u2019s core operating
activities, which are the development and sale of software. The software development revenue of
\u00a31.1m arising when Pinewood North America was equity accounted for as an associate (FY24: \u00a30.4m) is
shown in note 2.1.", "dimensions": { "concept": "pine:DisclosureOfNonUnderlyingItemsTextBlock", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "3.1
Intangible assets and goodwill
Accounting policies
All business combinations are accounted for by applying the purchase method. Goodwill represents
the excess of the cost of acquisition over the net fair value of the identifiable assets, liabilities and
contingent liabilities of the acquired subsidiary undertakings at the effective date of acquisition and is
included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash
generating units (CGUs). An impairment test is performed annually as detailed below. Goodwill is then
held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of acquired businesses into alignment with
those of the Group. The costs associated with reorganising or restructuring are charged to the post
acquisition income statement. Fair value adjustments are made in respect of acquisitions. If at the
balance sheet date the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities
can only be established provisionally then these values are used. Any adjustments to these values made
within 12 months of the acquisition date are taken as adjustments to goodwill.
Internally generated intangible assets relate to activities that involve the development of dealer
management systems. Development expenditure is capitalised only if development costs can be
measured reliably, the product is technically and commercially feasible, future economic benefits are
probable and the Group intends to and has sufficient resources to complete development and to use
or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are
directly attributable to preparing the asset for its intended use. If the development expenditure does
not meet the above criteria it is expensed to the income statement.
Intangible assets other than goodwill are stated at cost less accumulated amortisation and any
impairment losses. Intangible assets other than goodwill are stated at cost less accumulated
amortisation and any impairment losses. Subsequent expenditure on capitalised intangible assets is
capitalised only when it increases the future economic benefits embodied in the specific asset to which
it relates. All other expenditure is expensed as incurred.
Intangible assets arising on an acquisition are recognised separately from goodwill if its fair value can be
measured reliably and is either (i) separable from the acquired business, or (ii) arises from contractual
or legal rights. Amortisation is calculated on a straight line basis over the estimated useful life of the
intangible asset. Amortisation methods and useful lives are reviewed annually and adjusted if appropriate.
The main intangible assets recognised are customer contracts and relationships, reacquired rights,
brands and trademarks and software development. Customer contracts and relationships relate to the
fair value of the customer contracts entered into by Pinewood North America LLC prior to its acquisition
by the Group. Reacquired rights relate to the fair value of the reseller rights previously granted to the
former resellers in the South African and Middle Eastern markets. Brand and trademarks relate to the
fair value of the Seez brand, see note 3.6 for details of all these acquisitions. Amortisation is charged to
the income statement on a straight-line basis over their estimated useful lives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
The estimated useful lives are as follows:
Customer contracts and relationships - 20 years
\u00a0
Reacquired rights - 10 years
\u00a0
Brands and trademarks - 5 years
\u00a0
Software development - 5 to 10 years
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer contracts
\u00a0
Brands /
Software
Other
\u00a0
\u00a0
Goodwill
/ relationships
Reacquired Rights
Trademarks
development
intangibles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 2024
0.3
\u2013
\u2013
\u2013
36.8
1.1
38.2
Additions
\u2013
\u2013
\u2013
\u2013
7.4
0.1
7.5
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
At 31 December 2024
0.3
\u2013
\u2013
\u2013
44.2
0.2
44.7
At 1 January 2025
0.3
\u2013
\u2013
\u2013
44.2
0.2
44.7
Additions
\u2013
\u2013
\u2013
\u2013
10.5
0.1
10.6
Acquisition through business combinations
51.2
125.0
2.4
1.6
17.1
\u2013
197.3
Foreign exchange differences
\u2013
\u2013
\u2013
\u2013
(0.4)
\u2013
(0.4)
At 31 December 2025
51.5
125.0
2.4
1.6
71.4
0.3
252.2
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 2024
\u2013
\u2013
\u2013
\u2013
23.0
1.1
24.1
Amortised during the period
\u2013
\u2013
\u2013
\u2013
5.0
\u2013
5.0
Disposals
\u2013
\u2013
\u2013
\u2013
-
(1.0)
(1.0)
At 31 December 2024
\u2013
\u2013
\u2013
\u2013
28.0
0.1
28.1
At 1 January 2025
\u2013
\u2013
\u2013
\u2013
28.0
0.1
28.1
Amortised during the period
\u2013
2.6
0.1
0.3
8.0
\u2013
11.0
Foreign exchange differences
\u2013
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 December 2025
\u2013
2.6
0.1
0.3
35.9
0.1
39.0
Carrying amounts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 2024
0.3
\u2013
\u2013
\u2013
13.8
\u2013
14.1
At 31 December 2024
0.3
\u2013
\u2013
\u2013
16.2
0.1
16.6
At 31 December 2025
51.5
122.4
2.3
1.3
35.5
0.2
213.2
\n
The following have been recognised in the income statement within net operating expenses:
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amortisation of internally generated intangible assets
4.0
5.0
Amortisation of other intangible assets arising on
\u00a0 \u00a0
consolidation
7.0
\u2013
Research and development costs (expensed)
3.1
1.6
\n
The Group identifies two CGUs corresponding to the Pinewood and Seez operating segments. The Group
performs an annual impairment test to compare the carrying value of the CGUs with their value in use.
The value in use was determined by discounting the future cash flows generated from the continuing use
of the unit and was based on the following key assumptions: continuation of historic growth rates in core
markets, delivery of signed customer contracts and continuation of historic margins. The values used
are consistent with past experience and the Group\u2019s budgeting. Cash flows have been projected for a 5
year period with a terminal value assigned, applying 3% growth to the final year of the 5 year projection.
Growth projections include the rollout of the Group\u2019s product to Lithia US and in the case of Seez also to
Lithia UK. A discount rate of 10% has been applied.
Goodwill and the other intangible assets of the Group have been reviewed for any possible impairment
and as a result of this review there was no impairment charge made during the period (FY24: \u00a3nil).
There is significant headroom between the carrying value of the CGU and the intangible assets of the
Group and their value in use and as such no sensitivity disclosures are relevant as at 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "3.1
Intangible assets and goodwill
Accounting policies
All business combinations are accounted for by applying the purchase method. Goodwill represents
the excess of the cost of acquisition over the net fair value of the identifiable assets, liabilities and
contingent liabilities of the acquired subsidiary undertakings at the effective date of acquisition and is
included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash
generating units (CGUs). An impairment test is performed annually as detailed below. Goodwill is then
held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of acquired businesses into alignment with
those of the Group. The costs associated with reorganising or restructuring are charged to the post
acquisition income statement. Fair value adjustments are made in respect of acquisitions. If at the
balance sheet date the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities
can only be established provisionally then these values are used. Any adjustments to these values made
within 12 months of the acquisition date are taken as adjustments to goodwill.
Internally generated intangible assets relate to activities that involve the development of dealer
management systems. Development expenditure is capitalised only if development costs can be
measured reliably, the product is technically and commercially feasible, future economic benefits are
probable and the Group intends to and has sufficient resources to complete development and to use
or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are
directly attributable to preparing the asset for its intended use. If the development expenditure does
not meet the above criteria it is expensed to the income statement.
Intangible assets other than goodwill are stated at cost less accumulated amortisation and any
impairment losses. Intangible assets other than goodwill are stated at cost less accumulated
amortisation and any impairment losses. Subsequent expenditure on capitalised intangible assets is
capitalised only when it increases the future economic benefits embodied in the specific asset to which
it relates. All other expenditure is expensed as incurred.
Intangible assets arising on an acquisition are recognised separately from goodwill if its fair value can be
measured reliably and is either (i) separable from the acquired business, or (ii) arises from contractual
or legal rights. Amortisation is calculated on a straight line basis over the estimated useful life of the
intangible asset. Amortisation methods and useful lives are reviewed annually and adjusted if appropriate.
The main intangible assets recognised are customer contracts and relationships, reacquired rights,
brands and trademarks and software development. Customer contracts and relationships relate to the
fair value of the customer contracts entered into by Pinewood North America LLC prior to its acquisition
by the Group. Reacquired rights relate to the fair value of the reseller rights previously granted to the
former resellers in the South African and Middle Eastern markets. Brand and trademarks relate to the
fair value of the Seez brand, see note 3.6 for details of all these acquisitions. Amortisation is charged to
the income statement on a straight-line basis over their estimated useful lives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
The estimated useful lives are as follows:
Customer contracts and relationships - 20 years
\u00a0
Reacquired rights - 10 years
\u00a0
Brands and trademarks - 5 years
\u00a0
Software development - 5 to 10 years
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer contracts
\u00a0
Brands /
Software
Other
\u00a0
\u00a0
Goodwill
/ relationships
Reacquired Rights
Trademarks
development
intangibles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 2024
0.3
\u2013
\u2013
\u2013
36.8
1.1
38.2
Additions
\u2013
\u2013
\u2013
\u2013
7.4
0.1
7.5
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
At 31 December 2024
0.3
\u2013
\u2013
\u2013
44.2
0.2
44.7
At 1 January 2025
0.3
\u2013
\u2013
\u2013
44.2
0.2
44.7
Additions
\u2013
\u2013
\u2013
\u2013
10.5
0.1
10.6
Acquisition through business combinations
51.2
125.0
2.4
1.6
17.1
\u2013
197.3
Foreign exchange differences
\u2013
\u2013
\u2013
\u2013
(0.4)
\u2013
(0.4)
At 31 December 2025
51.5
125.0
2.4
1.6
71.4
0.3
252.2
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 2024
\u2013
\u2013
\u2013
\u2013
23.0
1.1
24.1
Amortised during the period
\u2013
\u2013
\u2013
\u2013
5.0
\u2013
5.0
Disposals
\u2013
\u2013
\u2013
\u2013
-
(1.0)
(1.0)
At 31 December 2024
\u2013
\u2013
\u2013
\u2013
28.0
0.1
28.1
At 1 January 2025
\u2013
\u2013
\u2013
\u2013
28.0
0.1
28.1
Amortised during the period
\u2013
2.6
0.1
0.3
8.0
\u2013
11.0
Foreign exchange differences
\u2013
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 December 2025
\u2013
2.6
0.1
0.3
35.9
0.1
39.0
Carrying amounts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 2024
0.3
\u2013
\u2013
\u2013
13.8
\u2013
14.1
At 31 December 2024
0.3
\u2013
\u2013
\u2013
16.2
0.1
16.6
At 31 December 2025
51.5
122.4
2.3
1.3
35.5
0.2
213.2
\n
The following have been recognised in the income statement within net operating expenses:
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amortisation of internally generated intangible assets
4.0
5.0
Amortisation of other intangible assets arising on
\u00a0 \u00a0
consolidation
7.0
\u2013
Research and development costs (expensed)
3.1
1.6
\n
The Group identifies two CGUs corresponding to the Pinewood and Seez operating segments. The Group
performs an annual impairment test to compare the carrying value of the CGUs with their value in use.
The value in use was determined by discounting the future cash flows generated from the continuing use
of the unit and was based on the following key assumptions: continuation of historic growth rates in core
markets, delivery of signed customer contracts and continuation of historic margins. The values used
are consistent with past experience and the Group\u2019s budgeting. Cash flows have been projected for a 5
year period with a terminal value assigned, applying 3% growth to the final year of the 5 year projection.
Growth projections include the rollout of the Group\u2019s product to Lithia US and in the case of Seez also to
Lithia UK. A discount rate of 10% has been applied.
Goodwill and the other intangible assets of the Group have been reviewed for any possible impairment
and as a result of this review there was no impairment charge made during the period (FY24: \u00a3nil).
There is significant headroom between the carrying value of the CGU and the intangible assets of the
Group and their value in use and as such no sensitivity disclosures are relevant as at 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "3.1
Intangible assets and goodwill
Accounting policies
All business combinations are accounted for by applying the purchase method. Goodwill represents
the excess of the cost of acquisition over the net fair value of the identifiable assets, liabilities and
contingent liabilities of the acquired subsidiary undertakings at the effective date of acquisition and is
included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash
generating units (CGUs). An impairment test is performed annually as detailed below. Goodwill is then
held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of acquired businesses into alignment with
those of the Group. The costs associated with reorganising or restructuring are charged to the post
acquisition income statement. Fair value adjustments are made in respect of acquisitions. If at the
balance sheet date the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities
can only be established provisionally then these values are used. Any adjustments to these values made
within 12 months of the acquisition date are taken as adjustments to goodwill.
Internally generated intangible assets relate to activities that involve the development of dealer
management systems. Development expenditure is capitalised only if development costs can be
measured reliably, the product is technically and commercially feasible, future economic benefits are
probable and the Group intends to and has sufficient resources to complete development and to use
or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are
directly attributable to preparing the asset for its intended use. If the development expenditure does
not meet the above criteria it is expensed to the income statement.
Intangible assets other than goodwill are stated at cost less accumulated amortisation and any
impairment losses. Intangible assets other than goodwill are stated at cost less accumulated
amortisation and any impairment losses. Subsequent expenditure on capitalised intangible assets is
capitalised only when it increases the future economic benefits embodied in the specific asset to which
it relates. All other expenditure is expensed as incurred.
Intangible assets arising on an acquisition are recognised separately from goodwill if its fair value can be
measured reliably and is either (i) separable from the acquired business, or (ii) arises from contractual
or legal rights. Amortisation is calculated on a straight line basis over the estimated useful life of the
intangible asset. Amortisation methods and useful lives are reviewed annually and adjusted if appropriate.
The main intangible assets recognised are customer contracts and relationships, reacquired rights,
brands and trademarks and software development. Customer contracts and relationships relate to the
fair value of the customer contracts entered into by Pinewood North America LLC prior to its acquisition
by the Group. Reacquired rights relate to the fair value of the reseller rights previously granted to the
former resellers in the South African and Middle Eastern markets. Brand and trademarks relate to the
fair value of the Seez brand, see note 3.6 for details of all these acquisitions. Amortisation is charged to
the income statement on a straight-line basis over their estimated useful lives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
The estimated useful lives are as follows:
Customer contracts and relationships - 20 years
\u00a0
Reacquired rights - 10 years
\u00a0
Brands and trademarks - 5 years
\u00a0
Software development - 5 to 10 years
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer contracts
\u00a0
Brands /
Software
Other
\u00a0
\u00a0
Goodwill
/ relationships
Reacquired Rights
Trademarks
development
intangibles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 2024
0.3
\u2013
\u2013
\u2013
36.8
1.1
38.2
Additions
\u2013
\u2013
\u2013
\u2013
7.4
0.1
7.5
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
At 31 December 2024
0.3
\u2013
\u2013
\u2013
44.2
0.2
44.7
At 1 January 2025
0.3
\u2013
\u2013
\u2013
44.2
0.2
44.7
Additions
\u2013
\u2013
\u2013
\u2013
10.5
0.1
10.6
Acquisition through business combinations
51.2
125.0
2.4
1.6
17.1
\u2013
197.3
Foreign exchange differences
\u2013
\u2013
\u2013
\u2013
(0.4)
\u2013
(0.4)
At 31 December 2025
51.5
125.0
2.4
1.6
71.4
0.3
252.2
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 2024
\u2013
\u2013
\u2013
\u2013
23.0
1.1
24.1
Amortised during the period
\u2013
\u2013
\u2013
\u2013
5.0
\u2013
5.0
Disposals
\u2013
\u2013
\u2013
\u2013
-
(1.0)
(1.0)
At 31 December 2024
\u2013
\u2013
\u2013
\u2013
28.0
0.1
28.1
At 1 January 2025
\u2013
\u2013
\u2013
\u2013
28.0
0.1
28.1
Amortised during the period
\u2013
2.6
0.1
0.3
8.0
\u2013
11.0
Foreign exchange differences
\u2013
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 December 2025
\u2013
2.6
0.1
0.3
35.9
0.1
39.0
Carrying amounts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 2024
0.3
\u2013
\u2013
\u2013
13.8
\u2013
14.1
At 31 December 2024
0.3
\u2013
\u2013
\u2013
16.2
0.1
16.6
At 31 December 2025
51.5
122.4
2.3
1.3
35.5
0.2
213.2
\n
The following have been recognised in the income statement within net operating expenses:
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amortisation of internally generated intangible assets
4.0
5.0
Amortisation of other intangible assets arising on
\u00a0 \u00a0
consolidation
7.0
\u2013
Research and development costs (expensed)
3.1
1.6
\n
The Group identifies two CGUs corresponding to the Pinewood and Seez operating segments. The Group
performs an annual impairment test to compare the carrying value of the CGUs with their value in use.
The value in use was determined by discounting the future cash flows generated from the continuing use
of the unit and was based on the following key assumptions: continuation of historic growth rates in core
markets, delivery of signed customer contracts and continuation of historic margins. The values used
are consistent with past experience and the Group\u2019s budgeting. Cash flows have been projected for a 5
year period with a terminal value assigned, applying 3% growth to the final year of the 5 year projection.
Growth projections include the rollout of the Group\u2019s product to Lithia US and in the case of Seez also to
Lithia UK. A discount rate of 10% has been applied.
Goodwill and the other intangible assets of the Group have been reviewed for any possible impairment
and as a result of this review there was no impairment charge made during the period (FY24: \u00a3nil).
There is significant headroom between the carrying value of the CGU and the intangible assets of the
Group and their value in use and as such no sensitivity disclosures are relevant as at 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "Accounting policies
All business combinations are accounted for by applying the purchase method. Goodwill represents
the excess of the cost of acquisition over the net fair value of the identifiable assets, liabilities and
contingent liabilities of the acquired subsidiary undertakings at the effective date of acquisition and is
included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash
generating units (CGUs). An impairment test is performed annually as detailed below. Goodwill is then
held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of acquired businesses into alignment with
those of the Group. The costs associated with reorganising or restructuring are charged to the post
acquisition income statement. Fair value adjustments are made in respect of acquisitions. If at the
balance sheet date the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities
can only be established provisionally then these values are used. Any adjustments to these values made
within 12 months of the acquisition date are taken as adjustments to goodwill.
Internally generated intangible assets relate to activities that involve the development of dealer
management systems. Development expenditure is capitalised only if development costs can be
measured reliably, the product is technically and commercially feasible, future economic benefits are
probable and the Group intends to and has sufficient resources to complete development and to use
or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are
directly attributable to preparing the asset for its intended use. If the development expenditure does
not meet the above criteria it is expensed to the income statement.
Intangible assets other than goodwill are stated at cost less accumulated amortisation and any
impairment losses. Intangible assets other than goodwill are stated at cost less accumulated
amortisation and any impairment losses. Subsequent expenditure on capitalised intangible assets is
capitalised only when it increases the future economic benefits embodied in the specific asset to which
it relates. All other expenditure is expensed as incurred.
Intangible assets arising on an acquisition are recognised separately from goodwill if its fair value can be
measured reliably and is either (i) separable from the acquired business, or (ii) arises from contractual
or legal rights. Amortisation is calculated on a straight line basis over the estimated useful life of the
intangible asset. Amortisation methods and useful lives are reviewed annually and adjusted if appropriate.
The main intangible assets recognised are customer contracts and relationships, reacquired rights,
brands and trademarks and software development. Customer contracts and relationships relate to the
fair value of the customer contracts entered into by Pinewood North America LLC prior to its acquisition
by the Group. Reacquired rights relate to the fair value of the reseller rights previously granted to the
former resellers in the South African and Middle Eastern markets. Brand and trademarks relate to the
fair value of the Seez brand, see note 3.6 for details of all these acquisitions. Amortisation is charged to
the income statement on a straight-line basis over their estimated useful lives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
The estimated useful lives are as follows:
Customer contracts and relationships - 20 years
\u00a0
Reacquired rights - 10 years
\u00a0
Brands and trademarks - 5 years
\u00a0
Software development - 5 to 10 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Accounting policies
All business combinations are accounted for by applying the purchase method. Goodwill represents
the excess of the cost of acquisition over the net fair value of the identifiable assets, liabilities and
contingent liabilities of the acquired subsidiary undertakings at the effective date of acquisition and is
included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash
generating units (CGUs). An impairment test is performed annually as detailed below. Goodwill is then
held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of acquired businesses into alignment with
those of the Group. The costs associated with reorganising or restructuring are charged to the post
acquisition income statement. Fair value adjustments are made in respect of acquisitions. If at the
balance sheet date the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities
can only be established provisionally then these values are used. Any adjustments to these values made
within 12 months of the acquisition date are taken as adjustments to goodwill.
Internally generated intangible assets relate to activities that involve the development of dealer
management systems. Development expenditure is capitalised only if development costs can be
measured reliably, the product is technically and commercially feasible, future economic benefits are
probable and the Group intends to and has sufficient resources to complete development and to use
or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are
directly attributable to preparing the asset for its intended use. If the development expenditure does
not meet the above criteria it is expensed to the income statement.
Intangible assets other than goodwill are stated at cost less accumulated amortisation and any
impairment losses. Intangible assets other than goodwill are stated at cost less accumulated
amortisation and any impairment losses. Subsequent expenditure on capitalised intangible assets is
capitalised only when it increases the future economic benefits embodied in the specific asset to which
it relates. All other expenditure is expensed as incurred.
Intangible assets arising on an acquisition are recognised separately from goodwill if its fair value can be
measured reliably and is either (i) separable from the acquired business, or (ii) arises from contractual
or legal rights. Amortisation is calculated on a straight line basis over the estimated useful life of the
intangible asset. Amortisation methods and useful lives are reviewed annually and adjusted if appropriate.
The main intangible assets recognised are customer contracts and relationships, reacquired rights,
brands and trademarks and software development. Customer contracts and relationships relate to the
fair value of the customer contracts entered into by Pinewood North America LLC prior to its acquisition
by the Group. Reacquired rights relate to the fair value of the reseller rights previously granted to the
former resellers in the South African and Middle Eastern markets. Brand and trademarks relate to the
fair value of the Seez brand, see note 3.6 for details of all these acquisitions. Amortisation is charged to
the income statement on a straight-line basis over their estimated useful lives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
The estimated useful lives are as follows:
Customer contracts and relationships - 20 years
\u00a0
Reacquired rights - 10 years
\u00a0
Brands and trademarks - 5 years
\u00a0
Software development - 5 to 10 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "All business combinations are accounted for by applying the purchase method. Goodwill represents
the excess of the cost of acquisition over the net fair value of the identifiable assets, liabilities and
contingent liabilities of the acquired subsidiary undertakings at the effective date of acquisition and is
included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash
generating units (CGUs). An impairment test is performed annually as detailed below. Goodwill is then
held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of acquired businesses into alignment with
those of the Group. The costs associated with reorganising or restructuring are charged to the post
acquisition income statement. Fair value adjustments are made in respect of acquisitions. If at the
balance sheet date the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities
can only be established provisionally then these values are used. Any adjustments to these values made
within 12 months of the acquisition date are taken as adjustments to goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "Internally generated intangible assets relate to activities that involve the development of dealer
management systems. Development expenditure is capitalised only if development costs can be
measured reliably, the product is technically and commercially feasible, future economic benefits are
probable and the Group intends to and has sufficient resources to complete development and to use
or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are
directly attributable to preparing the asset for its intended use. If the development expenditure does
not meet the above criteria it is expensed to the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "Intangible assets other than goodwill are stated at cost less accumulated amortisation and any
impairment losses. Intangible assets other than goodwill are stated at cost less accumulated
amortisation and any impairment losses. Subsequent expenditure on capitalised intangible assets is
capitalised only when it increases the future economic benefits embodied in the specific asset to which
it relates. All other expenditure is expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer contracts
\u00a0
Brands /
Software
Other
\u00a0
\u00a0
Goodwill
/ relationships
Reacquired Rights
Trademarks
development
intangibles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 2024
0.3
\u2013
\u2013
\u2013
36.8
1.1
38.2
Additions
\u2013
\u2013
\u2013
\u2013
7.4
0.1
7.5
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
At 31 December 2024
0.3
\u2013
\u2013
\u2013
44.2
0.2
44.7
At 1 January 2025
0.3
\u2013
\u2013
\u2013
44.2
0.2
44.7
Additions
\u2013
\u2013
\u2013
\u2013
10.5
0.1
10.6
Acquisition through business combinations
51.2
125.0
2.4
1.6
17.1
\u2013
197.3
Foreign exchange differences
\u2013
\u2013
\u2013
\u2013
(0.4)
\u2013
(0.4)
At 31 December 2025
51.5
125.0
2.4
1.6
71.4
0.3
252.2
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 2024
\u2013
\u2013
\u2013
\u2013
23.0
1.1
24.1
Amortised during the period
\u2013
\u2013
\u2013
\u2013
5.0
\u2013
5.0
Disposals
\u2013
\u2013
\u2013
\u2013
-
(1.0)
(1.0)
At 31 December 2024
\u2013
\u2013
\u2013
\u2013
28.0
0.1
28.1
At 1 January 2025
\u2013
\u2013
\u2013
\u2013
28.0
0.1
28.1
Amortised during the period
\u2013
2.6
0.1
0.3
8.0
\u2013
11.0
Foreign exchange differences
\u2013
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 December 2025
\u2013
2.6
0.1
0.3
35.9
0.1
39.0
Carrying amounts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 2024
0.3
\u2013
\u2013
\u2013
13.8
\u2013
14.1
At 31 December 2024
0.3
\u2013
\u2013
\u2013
16.2
0.1
16.6
At 31 December 2025
51.5
122.4
2.3
1.3
35.5
0.2
213.2
\n
\u00a0
Land &
Plant &
Motor
\u00a0
\u00a0
buildings
equipment
vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0\u00a0
At 1 February 2024
1.7
2.1
\u2013
3.8
Additions
\u2013
0.2
1.0
1.2
Disposals
\u2013
(1.8)
\u2013
(1.8)
At 31 December 2024
1.7
0.5
1.0
3.2
At 1 January 2025
1.7
0.5
1.0
3.2
Additions
1.1
0.4
0.2
1.7
At 31 December 2025
2.8
0.9
1.2
4.9
Depreciation
\u00a0\u00a0\u00a0\u00a0
At 1 February 2024
0.7
2.0
\u2013
2.7
Charge for the period
0.4
0.1
0.1
0.6
Disposals
\u2013
(1.8)
\u2013
(1.8)
At 31 December 2024
1.1
0.3
0.1
1.5
At 1 January 2025
1.1
0.3
0.1
1.5
Charge for the period
0.5
0.2
0.4
1.1
At 31 December 2025
1.6
0.5
0.5
2.6
Carrying amounts
\u00a0\u00a0\u00a0\u00a0
At 1 February 2024
1.0
0.1
\u2013
1.1
At 31 December 2024
0.6
0.2
0.9
1.7
At 31 December 2025
1.2
0.4
0.7
2.3
The following items have been charged to the income statement as operating expenses during the
period/year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Depreciation of property, plant and equipment \u2013 leased
0.5
0.4
Depreciation of contract hire vehicles \u2013 leased
0.4
0.1
Depreciation of property, plant and equipment \u2013 owned
0.2
0.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "3.2
Property, plant and equipment
Accounting policy
Freehold land is not depreciated. Depreciation is provided to write off the cost less the estimated residual
value of other assets by equal instalments over their estimated useful economic lives. On transition to IFRS
as at 1 January 2004, all land and buildings were restated to fair value as permitted by IFRS 1, which is
then treated as the deemed cost. All other assets are initially measured and recorded at cost.
Depreciation rates are as follows:
Right of use assets \u2013 over the period of the lease
\u00a0
Leasehold property improvements \u2013 2% per annum or over the
\u00a0
period of the lease if less than 50 years
\u00a0
Fixtures, fittings and office equipment \u2013 10 \u2013 33% per annum
\u00a0
Plant and machinery \u2013 10 \u2013 33% per annum
\u00a0
Motor vehicles \u2013 20 \u2013 25% per annum
\n
The residual value of all assets, depreciation methods and useful economic lives, if significant, are
reassessed annually.
The Group recognises in the carrying amount of an item of property, plant and equipment the cost
of replacing part of such an item when that cost is incurred if it is possible that the future economic
benefits embodied with the item will flow to the Group and the cost of the item can be measured
reliably. All other costs are recognised in the income statement as an expense as incurred.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing
the proceeds from disposal with the carrying amount of property, plant and equipment and are
recognised net within other income in the income statement.
The depreciation charge in respect of property, plant and equipment is recognised within
administrative expenses within the income statement.
\u00a0
Land &
Plant &
Motor
\u00a0
\u00a0
buildings
equipment
vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0\u00a0
At 1 February 2024
1.7
2.1
\u2013
3.8
Additions
\u2013
0.2
1.0
1.2
Disposals
\u2013
(1.8)
\u2013
(1.8)
At 31 December 2024
1.7
0.5
1.0
3.2
At 1 January 2025
1.7
0.5
1.0
3.2
Additions
1.1
0.4
0.2
1.7
At 31 December 2025
2.8
0.9
1.2
4.9
Depreciation
\u00a0\u00a0\u00a0\u00a0
At 1 February 2024
0.7
2.0
\u2013
2.7
Charge for the period
0.4
0.1
0.1
0.6
Disposals
\u2013
(1.8)
\u2013
(1.8)
At 31 December 2024
1.1
0.3
0.1
1.5
At 1 January 2025
1.1
0.3
0.1
1.5
Charge for the period
0.5
0.2
0.4
1.1
At 31 December 2025
1.6
0.5
0.5
2.6
Carrying amounts
\u00a0\u00a0\u00a0\u00a0
At 1 February 2024
1.0
0.1
\u2013
1.1
At 31 December 2024
0.6
0.2
0.9
1.7
At 31 December 2025
1.2
0.4
0.7
2.3
The following items have been charged to the income statement as operating expenses during the
period/year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Depreciation of property, plant and equipment \u2013 leased
0.5
0.4
Depreciation of contract hire vehicles \u2013 leased
0.4
0.1
Depreciation of property, plant and equipment \u2013 owned
0.2
0.1
\n
Cash flow statement information
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Additions to property, plant, equipment
\u00a0 \u00a0
and intangible assets:
\u00a0 \u00a0
Additions to land and buildings
(1.1)
\u2013
Additions to plant and equipment
(0.4)
(0.2)
Additions to motor vehicles
(0.2)
(1.0)
Additions to intangible assets (see note 3.1)
(10.6)
(7.5)
Total additions
(12.3)
(8.7)
Less additions to intangibles where cost is accrued
\u2013
0.2
Less additions of property, plant and equipment acquired
\u00a0 \u00a0
under leases for which no cash flow arises (excludes fees
\u00a0 \u00a0
capitalised of \u00a30.0m (FY24: \u00a30.0m))
0.9
1.0
Cash flows from investing activities in respect of
\u00a0 \u00a0
additions to property, plant and equipment
(11.4)
(7.5)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "Accounting policy
Freehold land is not depreciated. Depreciation is provided to write off the cost less the estimated residual
value of other assets by equal instalments over their estimated useful economic lives. On transition to IFRS
as at 1 January 2004, all land and buildings were restated to fair value as permitted by IFRS 1, which is
then treated as the deemed cost. All other assets are initially measured and recorded at cost.
Depreciation rates are as follows:
Right of use assets \u2013 over the period of the lease
\u00a0
Leasehold property improvements \u2013 2% per annum or over the
\u00a0
period of the lease if less than 50 years
\u00a0
Fixtures, fittings and office equipment \u2013 10 \u2013 33% per annum
\u00a0
Plant and machinery \u2013 10 \u2013 33% per annum
\u00a0
Motor vehicles \u2013 20 \u2013 25% per annum
\n
The residual value of all assets, depreciation methods and useful economic lives, if significant, are
reassessed annually.
The Group recognises in the carrying amount of an item of property, plant and equipment the cost
of replacing part of such an item when that cost is incurred if it is possible that the future economic
benefits embodied with the item will flow to the Group and the cost of the item can be measured
reliably. All other costs are recognised in the income statement as an expense as incurred.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing
the proceeds from disposal with the carrying amount of property, plant and equipment and are
recognised net within other income in the income statement.
The depreciation charge in respect of property, plant and equipment is recognised within
administrative expenses within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "Freehold land is not depreciated. Depreciation is provided to write off the cost less the estimated residual
value of other assets by equal instalments over their estimated useful economic lives. On transition to IFRS
as at 1 January 2004, all land and buildings were restated to fair value as permitted by IFRS 1, which is
then treated as the deemed cost. All other assets are initially measured and recorded at cost.
Depreciation rates are as follows:
Right of use assets \u2013 over the period of the lease
\u00a0
Leasehold property improvements \u2013 2% per annum or over the
\u00a0
period of the lease if less than 50 years
\u00a0
Fixtures, fittings and office equipment \u2013 10 \u2013 33% per annum
\u00a0
Plant and machinery \u2013 10 \u2013 33% per annum
\u00a0
Motor vehicles \u2013 20 \u2013 25% per annum
\n
The residual value of all assets, depreciation methods and useful economic lives, if significant, are
reassessed annually. The depreciation charge in respect of property, plant and equipment is recognised within administrative expenses within the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Additions to property, plant, equipment
\u00a0 \u00a0
and intangible assets:
\u00a0 \u00a0
Additions to land and buildings
(1.1)
\u2013
Additions to plant and equipment
(0.4)
(0.2)
Additions to motor vehicles
(0.2)
(1.0)
Additions to intangible assets (see note 3.1)
(10.6)
(7.5)
Total additions
(12.3)
(8.7)
Less additions to intangibles where cost is accrued
\u2013
0.2
Less additions of property, plant and equipment acquired
\u00a0 \u00a0
under leases for which no cash flow arises (excludes fees
\u00a0 \u00a0
capitalised of \u00a30.0m (FY24: \u00a30.0m))
0.9
1.0
Cash flows from investing activities in respect of
\u00a0 \u00a0
additions to property, plant and equipment
(11.4)
(7.5)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "3.3
Trade and other receivables
Accounting policy
Trade and other receivables are recognised initially at fair value and are subsequently stated at
amortised cost using the effective interest method, less any impairment losses.
Impairment losses are measured in accordance with IFRS 9, which is based on an \u2018expected credit loss\u2019
(ECL) model. At 31 December 2025 and 31 December 2024 the allowance for expected credit losses
(\u2018ECL\u2019s) on financial assets are not material.
The Group considers a trade or other receivable to be in default when the borrower is unlikely to pay its
credit obligations to the Group in full after all reasonable actions have been taken to recover the debt.
Credit risk management
The Group is exposed to credit risk primarily in respect of its trade receivables and financial assets.
Trade receivables are stated net of provision for estimated impairment losses. Exposure to credit
risk in respect of trade receivables is mitigated by the Group\u2019s policy of only granting credit to certain
customers after an appropriate evaluation of credit risk.
Before granting any new customer credit terms the Group uses external credit scoring systems to
assess the potential new customer\u2019s credit quality and defines credit limits by customer. These limits and
credit worthiness are regularly reviewed and use is made of monitoring alerts provided by the providers
of the credit scoring systems.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
Balance sheet
\u00a3m
\u00a3m
Trade receivables
6.3
9.2
Allowance for doubtful debts
(0.3)
(0.6)
\u00a0
6.0
8.6
Other receivables
4.3
12.8
\u00a0
10.3
21.4
\n
All amounts are due within one year.
All trade receivables are classified as loans and receivables and held at amortised cost in the current
period and prior year.
The average credit period taken on sales of goods is 53 days (FY24: 92 days). No interest is charged
on trade receivables. The Group makes an impairment provision based on the expected credit losses it
deems likely to incur.
The calculation is based on an average of previous default experiences which is assessed against the
risk of the current total in light of current economic expectations. An expense has been recognised in
respect of impairment losses during the 12 month period of \u00a30.3m (FY24: \u00a30.2m).
The trade receivables at 31 December 2025 includes \u00a32.7m due from Lithia UK Holdings Ltd (FY24:
\u00a35.5m), which is a related party, see note 5.1.
At 31 December 2024 Other receivables included \u00a311.1m owed by Lithia UK Holding Limited in relation
to the settlement of intra-group balances arising from the sale of the UK Motor and Leasing businesses.
This balance was settled by March 2025 and at 31 December 2025 there were no amounts owed by
Lithia arising from the arising from the sale of the UK Motor and Leasing businesses.
The ageing of trade and other receivables at the reporting date was:
:
\u00a0
Trade
Other
Trade
Other
\u00a0
receivables
receivables
receivables
receivables
\u00a0
31 December
31 December
31 December
31 December
\u00a0
2025
2025
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
5.1
4.3
3.9
12.1
Past due 0-30 days
0.6
\u2013
2.7
\u2013
Past due 31-120 days
0.3
\u2013
2.2
\u2013
Past due 120+ days
0.3
\u2013
0.4
\u2013
\u00a0
6.3
4.3
9.2
12.1
Provision for impairment
(0.3)
\u2013
(0.6)
\u2013
\u00a0
6.0
4.3
8.6
12.1
\n
The movement in the allowance for impairment in respect of trade receivables during the period was as
follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Balance at 1 January 2025 / 1 February 2024
0.6
0.5
Utilisation
(0.6)
(0.1)
Impairment loss recognised
0.3
0.2
Balance at 31 December 2025 / 31 December 2024
0.3
0.6
\n
The directors consider that the carrying amount of trade and other receivables approximates their
fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "Accounting policy
Trade and other receivables are recognised initially at fair value and are subsequently stated at
amortised cost using the effective interest method, less any impairment losses.
Impairment losses are measured in accordance with IFRS 9, which is based on an \u2018expected credit loss\u2019
(ECL) model. At 31 December 2025 and 31 December 2024 the allowance for expected credit losses
(\u2018ECL\u2019s) on financial assets are not material.
The Group considers a trade or other receivable to be in default when the borrower is unlikely to pay its
credit obligations to the Group in full after all reasonable actions have been taken to recover the debt. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "Credit risk management
The Group is exposed to credit risk primarily in respect of its trade receivables and financial assets.
Trade receivables are stated net of provision for estimated impairment losses. Exposure to credit
risk in respect of trade receivables is mitigated by the Group\u2019s policy of only granting credit to certain
customers after an appropriate evaluation of credit risk.
Before granting any new customer credit terms the Group uses external credit scoring systems to
assess the potential new customer\u2019s credit quality and defines credit limits by customer. These limits and
credit worthiness are regularly reviewed and use is made of monitoring alerts provided by the providers
of the credit scoring systems", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "3.4
Trade and other payables
Accounting policy
Trade and other payables are recognised initially at fair value and are subsequently stated at amortised
cost using the effective interest method, less any write-offs.
\u00a0
31 December
31 December
\u00a0
2025
2024
Balance sheet
\u00a3m
\u00a3m
Trade payables
1.8
2.1
Other taxation and social security
1.0
1.3
Accruals and customer deposits
7.9
7.6
\u00a0
10.7
11.0
Non-current
\u2013
\u2013
Current
10.7
11.0
\u00a0
10.7
11.0
\n
Trade payables are classified as other financial liabilities. Fair value is deemed to be the same as
carrying value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "Accounting policy
Trade and other payables are recognised initially at fair value and are subsequently stated at amortised
cost using the effective interest method, less any write-offs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "3.5 Deferred income
Software as a Service
The majority of the Group invoices customers of its Dealer Management System on a Software as a
Service basis one month in advance of a quarterly billing cycle. Revenue and income are recognised
over the quarter billed and any unrecognised income is held within deferred income.
Following acquisitions during the year, certain Group entities invoice in month and as a result do not
typically generate significant deferred income balances.
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January 2025 / 1 February 2024
7.6
6.5
Created in the period
31.7
28.4
Recognised on acquisition
0.2
\u2013
Recognised as income during the period
(32.0)
(27.3)
At 31 December 2025 / 31 December 2024
7.5
7.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "3.6 Acquisitions
Seez App Holding Ltd
On 4 March 2025 the Group acquired the 90.9% of the share capital of Seez App Holding Ltd (\u2018Seez\u2019)
not previously owned by the Group for consideration of \u00a333.9m, see note 3.7 for details of the previous
investment in Seez. Seez offers automotive retail Artificial Intelligence (AI) and Machine Learning (ML)
solutions globally, which complement Pinewood.AI\u2019s existing Automotive Intelligence platform.
The assets and liabilities acquired and the associated fair value adjustments were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Book value
Fair Value
\u00a0
\u00a3m
\u00a3m
Capitalised software development
4.8
17.1
Intangible assets \u2013 Brands / trademarks
\u2013
1.6
Trade and other receivables
1.3
1.3
Cash and cash equivalents
1.0
1.0
Trade and other payables
(0.6)
(0.6)
Deferred tax asset / (liability)
0.3
(1.0)
Total net assets acquired
6.8
19.4
Fair value of previously held equity interest, see note 3.7
\u00a0
(3.2)
Goodwill
\u00a0
17.7
Consideration on acquisition of control
\u00a0
33.9
\n
The consideration was satisfied by:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3m
Cash
26.5
Consideration in shares, see note 4.4
7.4
Consideration on acquisition of control
33.9
\n
The Group has recognised goodwill of \u00a317.7m, which is primarily attributable to the expected synergies
from integrating Seez\u2019s AI technology with the existing automotive retail platform and the value of the
acquired assembled workforce.
As the outstanding 90.9% of the share capital of Seez was acquired at approximately the same price
per share as the initial investment, a gain on remeasurement of the previously held equity interest has
not been recorded.
The contribution of Seez in the reporting period included in the Group statement of comprehensive
income since acquisition includes:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3m
Revenue
4.4
Loss after tax
(1.5)
\n
Pinewood North America LLC
On 31 July 2025 the Group acquired the 51% of the share capital of Pinewood North America LLC not
previously owned by the Group for consideration of \u00a370.3m. see note 5.2 for details of the previous
investment in Pinewood North America LLC. Pinewood North America LLC has a contract with Lithia
Motors, Inc. (\u2018Lithia\u2019) to provide the Pinewood Automotive Intelligence platform across all Lithia\u2019s
current and future dealerships in the United States of America and Canada, and is building a team to
sell and support the product in these markets.
The assets and liabilities acquired and the associated fair value adjustments were as follows:
\n\n \u00a0 \u00a0 \u00a0\n \n
Book value
Fair Value
\u00a3m
\u00a3m
Intangible assets \u2013 Customer contracts / relationships
\u2013
125.0
Intangible assets - Licence asset
2.5
\u2013
Trade and other receivables
0.1
0.1
Cash and cash equivalents
14.8
14.8
Trade and other payables
(2.0)
(2.0)
Deferred tax asset / (liability)
\u2013
(32.5)
Total net assets acquired
15.4
105.4
Fair value of previously held equity interest
(67.6)
Goodwill
32.5
Consideration on acquisition of control
70.3
The consideration was satisfied by:
\u00a3m
Consideration in shares
70.3
Consideration on acquisition of control
70.3
The Group has recognised goodwill of \u00a332.5m, which is primarily attributable to expected growth
\n
opportunities within the North American market and the value of the acquired assembled workforce.
\n
In accordance with IFRS 3 a gain on remeasurement of the previously held equity interest in Pinewood
\n
North America LLC has been recognised in the statement of comprehensive income. This gain can be
\n
reconciled as follows:
\n\n \n
Fair Value
\u00a3m
Fair value of previously held equity interest
67.6
Carrying value of equity interest at acquisition date, see note 5.2
(7.6)
Gain on release of deferred income in relation to downstream sales
1.2
Foreign exchange difference reclassified from equity
(0.4)
Gain on remeasurement of previously held equity interest
60.8
\n
The contribution of Pinewood North America LLC in the reporting period included in the Group
\n
statement of comprehensive income since acquisition has been recorded as a non-underlying item,
\n
see note 2.8, and includes:
\n\n \n
Fair Value
\u00a3m
Revenue
\u2013
Loss after tax
(4.0)
\n
Pinewood South Africa
\n
On 31 July 2025 a newly incorporated subsidiary of the Group acquired certain key assets comprising
\n
of, amongst others, customer contracts relating to the software-as-a-service business offering
\n
from entities within the Motify Group for a total cash consideration of \u00a32.5m, which was payable at
\n
completion. The Motify Group previously had the exclusive rights to resell the Pinewood Automotive
\n
Intelligence platform in various Southern African markets. This acquisition returns these rights to the
\n
Group and will enable it to fully control its sales and customer service functions within these markets.
\n
The acquisition has been assessed in relation to the criteria of IFRS 3 and in management\u2019s judgement
\n
represents a business combination rather than an asset purchase. The assets and liabilities acquired
\n
and the associated fair value adjustments were as follows:
\n\n \n
Book value
Fair Value
\u00a3m
\u00a3m
Intangible assets \u2013 Reacquired rights
\u2013
2.1
Deferred tax asset / (liability)
\u2013
(0.5)
Total net assets acquired
\u2013
1.6
Goodwill
0.9
Total consideration
2.5
\n
The consideration was satisfied by:
\n\n \n
\u00a3m
Cash
2.5
Total Consideration
2.5
\n
The Group has recognised goodwill of \u00a30.9m, which is primarily attributable to expected synergies and
\n
the value of the acquired assembled workforce.
\n
The contribution of the Pinewood South Africa business combination in the reporting period included in
\n
the Group statement of comprehensive income since acquisition includes:
\n\n \n
\u00a3m
Revenue
0.9
Profit after tax
0.1
Pinewood Middle East
In August 2025 the Group reached an agreement with the Brambourne Group to reacquire the exclusive
rights to sell the Pinewood Automotive Intelligence platform in various Middle Eastern markets, which
had previously been granted to the Brambourne Group. The total consideration was \u00a30.3m, which was
payable at completion. This acquisition will enable the Group to fully control its sales and customer
service functions within these markets.
The acquisition has been assessed in relation to the criteria of IFRS 3 and in management\u2019s judgement
represents a business combination rather than an asset purchase. The assets and liabilities acquired
and the associated fair value adjustments were as follows:
\u00a0
Book value
Fair Value
\u00a0
\u00a3m
\u00a3m
Intangible assets \u2013 Reacquired rights
\u2013
0.3
Deferred tax asset / (liability)
\u2013
(0.1)
Total net assets acquired
\u2013
0.2
Goodwill
\u00a0
0.1
Total consideration
\u00a0
0.3
The consideration was satisfied by:
\u00a0 \u00a0
\u00a0 \u00a0
\u00a3m
Cash
\u00a0
0.3
Total Consideration
\u00a0
0.3
\n
The contribution of the Pinewood Middle East business combination included in the Group statement of
comprehensive income since acquisition is not considered material for separate identification.", "dimensions": { "concept": "pine:DisclosureOfAcquisitions", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "3.7 Other investments
At 31 December 2024 Other investments was comprised solely of the Group\u2019s investment in Seez App
Holding Ltd (\u2018Seez\u2019). In September 2024 the Group entered into an advance subscription agreement
with Seez under the terms of which the Group invested \u00a33.2m in exchange for 9.1% of the share capital
of Seez. Following the acquisition of the 90.9% of the Seez share capital not previously owned by the
Group in March 2025, Seez has been fully consolidated as it is now a 100% wholly owned subsidiary,
see note 3.6.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "4.1
Accounting policies
IFRS 9 requires an entity to recognise a financial asset or a financial liability in its statement of financial
position when it becomes party to the contractual provisions of the instrument. At initial recognition,
an entity measures a financial asset or a financial liability at its fair value plus or minus, in the case of a
financial asset or a financial liability not at fair value through profit or loss, transaction costs that are
directly attributable to the acquisition or issue of the financial asset or the financial liability. Subsequent to
initial recognition financial assets and financial liabilities are classified and measured as described below.
Financial assets
IFRS 9 classifies assets according to the business model for their realisation, as determined by the
expected contractual cashflows. This classification determines the accounting treatment, and the
classification under IFRS 9 is by reference to the accounting treatment i.e. amortised cost, fair value
through other comprehensive income or fair value through profit and loss.
A financial asset is measured at amortised cost if both of the following conditions are met:
\u2013
the asset is held within a business model whose objective is to hold assets in order to collect
contractual cash flows; and
\u2013
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
Financial assets are therefore classified and measured in these financial statements at amortised cost.
The Group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at
amortised cost, debt investments measured at FVOCI and contract assets (as defined in IFRS 15).
The Group measures loss allowances at an amount equal to lifetime ECL, except for other debt
securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life
of the financial instrument) has not increased significantly since initial recognition which are measured
as 12-month ECL.
Loss allowances for trade receivables and contract assets are always measured at an amount equal to
lifetime ECL.
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating ECL, the Group considers reasonable and supportable information
that is relevant and available without undue cost or effort. This includes both quantitative and
qualitative information and analysis, based on the Group\u2019s historical experience and informed credit
assessment and including forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than
30 days past due.
The Group considers a financial asset to be in default when:
\u2013
the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group
to actions such as realising security (if any is held); or
\u2013
the financial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a
financial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the 12
months after the reporting date (or a shorter period if the expected life of the instrument is less than
12 months).
The maximum period considered when estimating ECLs is the maximum contractual period over which
the Group is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance
with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the
effective interest rate of the financial asset.
Credit-impaired financial assets
At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt
securities at FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events
that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
Write-offs
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that
there is no realistic prospect of recovery.
Impairment of financial assets
IFRS 9 adopts an expected credit loss approach (ECL). The IFRS 9 approach does not require a
credit event (an actual loss or a debt past a number of days due) to occur but is based on changes in
expectations of credit losses. IFRS 9 also requires that impairment of financial assets be shown as a
separate line item in either the statement of comprehensive income or the income statement.
\u00a0 \u00a0
31 December
31 December
\u00a0 \u00a0
2025
2024
Financial assets
IFRS 9 classification
\u00a3m
\u00a3m
Trade and other receivables
Amortised cost
10.3
21.4
Cash and cash equivalents
Amortised cost
34.1
9.3
\n
Trade and other receivables
\u2013 see note 3.3
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, and other short term highly
liquid investments that are readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.
Loans and borrowings
Interest-bearing loans and borrowings are recognised initially at fair value less attributable transaction
costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with
any difference between cost and redemption value being recognised in the income statement over
the period of the borrowings on an effective interest basis. The effective interest basis is a method
of calculating the amortised cost of a financial liability and of allocating interest payments over the
relevant period. The effective interest rate is the rate that exactly discounts estimated future cash
payments through the expected life of the financial liability, or where appropriate, a shorter period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "Financial assets
IFRS 9 classifies assets according to the business model for their realisation, as determined by the
expected contractual cashflows. This classification determines the accounting treatment, and the
classification under IFRS 9 is by reference to the accounting treatment i.e. amortised cost, fair value
through other comprehensive income or fair value through profit and loss.
A financial asset is measured at amortised cost if both of the following conditions are met:
\u2013
the asset is held within a business model whose objective is to hold assets in order to collect
contractual cash flows; and
\u2013
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
Financial assets are therefore classified and measured in these financial statements at amortised cost.
The Group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at
amortised cost, debt investments measured at FVOCI and contract assets (as defined in IFRS 15).
The Group measures loss allowances at an amount equal to lifetime ECL, except for other debt
securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life
of the financial instrument) has not increased significantly since initial recognition which are measured
as 12-month ECL.
Loss allowances for trade receivables and contract assets are always measured at an amount equal to
lifetime ECL.
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating ECL, the Group considers reasonable and supportable information
that is relevant and available without undue cost or effort. This includes both quantitative and
qualitative information and analysis, based on the Group\u2019s historical experience and informed credit
assessment and including forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than
30 days past due.
The Group considers a financial asset to be in default when:
\u2013
the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group
to actions such as realising security (if any is held); or
\u2013
the financial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a
financial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the 12
months after the reporting date (or a shorter period if the expected life of the instrument is less than
12 months).
The maximum period considered when estimating ECLs is the maximum contractual period over which
the Group is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance
with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the
effective interest rate of the financial asset.
Credit-impaired financial assets
At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt
securities at FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events
that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
Write-offs
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that
there is no realistic prospect of recovery.
Impairment of financial assets
IFRS 9 adopts an expected credit loss approach (ECL). The IFRS 9 approach does not require a
credit event (an actual loss or a debt past a number of days due) to occur but is based on changes in
expectations of credit losses. IFRS 9 also requires that impairment of financial assets be shown as a
separate line item in either the statement of comprehensive income or the income statement.
\u00a0 \u00a0
31 December
31 December
\u00a0 \u00a0
2025
2024
Financial assets
IFRS 9 classification
\u00a3m
\u00a3m
Trade and other receivables
Amortised cost
10.3
21.4
Cash and cash equivalents
Amortised cost
34.1
9.3
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "The Group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at
amortised cost, debt investments measured at FVOCI and contract assets (as defined in IFRS 15).
The Group measures loss allowances at an amount equal to lifetime ECL, except for other debt
securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life
of the financial instrument) has not increased significantly since initial recognition which are measured
as 12-month ECL.
Loss allowances for trade receivables and contract assets are always measured at an amount equal to
lifetime ECL.
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating ECL, the Group considers reasonable and supportable information
that is relevant and available without undue cost or effort. This includes both quantitative and
qualitative information and analysis, based on the Group\u2019s historical experience and informed credit
assessment and including forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than
30 days past due.
The Group considers a financial asset to be in default when:
\u2013
the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group
to actions such as realising security (if any is held); or
\u2013
the financial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a
financial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the 12
months after the reporting date (or a shorter period if the expected life of the instrument is less than
12 months).
The maximum period considered when estimating ECLs is the maximum contractual period over which
the Group is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance
with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the
effective interest rate of the financial asset.
Credit-impaired financial assets
At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt
securities at FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events
that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
Write-offs
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that
there is no realistic prospect of recovery.
Impairment of financial assets
IFRS 9 adopts an expected credit loss approach (ECL). The IFRS 9 approach does not require a
credit event (an actual loss or a debt past a number of days due) to occur but is based on changes in
expectations of credit losses. IFRS 9 also requires that impairment of financial assets be shown as a
separate line item in either the statement of comprehensive income or the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "Impairment of financial assets
IFRS 9 adopts an expected credit loss approach (ECL). The IFRS 9 approach does not require a
credit event (an actual loss or a debt past a number of days due) to occur but is based on changes in
expectations of credit losses. IFRS 9 also requires that impairment of financial assets be shown as a
separate line item in either the statement of comprehensive income or the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, and other short term highly
liquid investments that are readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "Loans and borrowings
Interest-bearing loans and borrowings are recognised initially at fair value less attributable transaction
costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with
any difference between cost and redemption value being recognised in the income statement over
the period of the borrowings on an effective interest basis. The effective interest basis is a method
of calculating the amortised cost of a financial liability and of allocating interest payments over the
relevant period. The effective interest rate is the rate that exactly discounts estimated future cash
payments through the expected life of the financial liability, or where appropriate, a shorter period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "4.2 Financial instruments and derivatives
Cash and cash equivalents
\u00a0
Carrying value &
Carrying value &
\u00a0
fair value
fair value
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank balances and cash equivalents
34.1
9.3
Cash and cash equivalents in the Balance Sheet
34.1
9.3
Cash and cash equivalents in the statement of cash flows
34.1
9.3
\n
Borrowings
As at 31 December 2025, borrowing facilities comprised of a \u00a310m RCF with Barclays Bank, expiring in
February 2027.
As at 31 December 2025, total facility commitments and expiry are as set out below:
\u00a0
Expiry date
\u00a3m
RCF
February 2027
10.0
\n
Throughout the period of account, and at the date of this report, the RCF remains undrawn.
For the 12 month period to 31 December 2025, the following margins and fees were in place:
\u00a0 \u00a0
Commitment
\u00a0
Current margin
(non-utilisation) fee
RCF
2.50%
1.00%
\n
For the 12 month period to 31 December 2025, the following covenants were in place:
The R&D adjusted net leverage covenant is calculated as the ratio of net borrowings at the end of each
relevant period to R&D adjusted EBITDA. This ratio cannot exceed 2.00 times. At the final reported
covenant end period of 31 December 2024, reported to Barclays, the ratio was 0.0 times.
The R&D adjusted interest cover covenant is calculated as the ratio of R&D adjusted EBITDA for each
relevant period to gross financing costs for such relevant period. This ratio must exceed 4.00 times. At the
final reported covenant end period of 31 December 2025, reported to Barclays, the ratio was 25.51 times.
Summary of borrowings
\u00a0
Carrying value
Fair value
Carrying value
Fair value
\u00a0
31 December
31 December
31 December
31 December
\u00a0
2025
2025
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current:
\u00a0\u00a0\u00a0\u00a0
Other loan notes
0.2
0.2
0.2
0.2
Lease liabilities
0.6
0.6
0.7
0.7
Total non-current
0.8
0.8
0.9
0.9
Lease liabilities
0.7
0.7
0.7
0.7
Total current
0.7
0.7
0.7
0.7
Total borrowings
1.5
1.5
1.6
1.6
\n
Reconciliation of movements of liabilities to cash flows arising from financing activities
\n
11 month period ended 31 December 2024
\n\n \n
Borrowings
Equity
Long term borrowings
Lease
Share capital
Other reserves
Retained earnings
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 February 2024
93.2
1.0
73.2
62.8
224.4
454.6
Cash flows from financing activities
Payment of lease liabilities
\u2013
(0.5)
\u2013
\u2013
\u2013
(0.5)
Repayment of loans
(93.0)
\u2013
\u2013
\u2013
\u2013
(93.0)
Proceeds from issue of share capital
\u2013
\u2013
13.9
16.1
\u2013
30.0
Payment of dividend
\u2013
\u2013
\u2013
\u2013
(358.4)
(358.4)
(93.0)
(0.5)
13.9
16.1
(358.4)
(421.9)
Other changes
The effect of changes in foreign exchange rates
\u2013
\u2013
\u2013
0.1
\u2013
0.1
New leases undertaken \u2013 non cash
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Liability-related : Lease expenses through operating activities
\u2013
(0.1)
\u2013
\u2013
\u2013
(0.1)
Equity-related : Total other changes
\u2013
\u2013
\u2013
\u2013
6.9
6.9
At 31 December 2024
0.2
1.4
87.1
79.0
(127.1)
40.6
\n
12 month period ended 31 December 2025
\n\n \n
Borrowings
Equity
Long term borrowings
Leases
Share capital
Other reserves
Retained earnings
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
0.2
1.4
87.1
79.0
(127.1)
40.6
Cash flows from financing activities
Payment of lease liabilities
\u2013
(1.2)
\u2013
\u2013
\u2013
(1.2)
Proceeds from issue of share capital
\u2013
\u2013
11.3
22.8
\u2013
34.1
\u2013
(1.2)
11.3
22.8
\u2013
32.9
Other changes
The effect of changes in foreign exchange rates
\u2013
\u2013
\u2013
(0.7)
\u2013
(0.7)
New leases undertaken \u2013 non cash
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Liability-related : Lease expenses through operating activities
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Equity-related : Total other changes
\u2013
\u2013
16.7
61.0
54.1
131.8
At 31 December 2025
0.2
1.3
115.1
162.1
(73.0)
205.7
Interest payments in respect of the above borrowings are reported in operating cash flows in the Consolidated Cash Flow Statement.
Fair value hierarchy
Financial instruments carried at fair value are required to be measured by reference to the following levels:
Level 1: quoted prices in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
There were no transfers between levels 1, 2 and 3 fair value measurements during the current or prior period.
The effective interest rates for all borrowings are all based by reference to SONIA. Leases are effectively held at fixed rates of interest within the range set out below. Information regarding classification of
balances and interest, the range of interest rates applied in the period to 31 December 2025 and repricing periods, is set out in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Carrying value
\u00a0
Interest
\u00a0 \u00a0
\u00a0
Classification
\u00a3m
Classification
classification
Interest rate range
Repricing periods
Bank balances and cash equivalents
Loans and receivables
34.1
Amortised cost
Floating GBP
0% to 4.2%
n/a
Borrowings and other financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other loan notes
Other financial liabilities
0.2
Amortised cost
Fixed GBP
12.50%
n/a
Warrants
Other financial liabilities
7.9
FVTPL
Non-interest bearing
n/a
n/a
Lease liabilities
Other financial liabilities
0.6
Amortised cost
Fixed GBP
10.00%
n/a
Total non-current
\u00a0
8.7
\u00a0 \u00a0 \u00a0 \u00a0
RCF
Other financial liabilities
\u2013
Amortised cost
Floating GBP
n/a \u2013 not drawn
6 months or less
Lease liabilities
Other financial liabilities
0.7
Amortised cost
Fixed GBP
10.00%
n/a
Total current
\u00a0
0.7
\u00a0 \u00a0 \u00a0 \u00a0
Total borrowings and other financial liabilities
\u00a0
9.4
\u00a0 \u00a0 \u00a0 \u00a0
The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pound sterling
1.5
1.6
\n
Treasury policy, financial risk, funding and liquidity management
Financial risk management
During the period, the Group was exposed to the following risks from its use of financial instruments:
Funding and liquidity risk \u2013 the risk that the Group will not be able to meet its financial obligations as
they fall due.
Credit risk \u2013 the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables
from customers and investment securities.
Market risk \u2013 the risk that changes in market prices, such as interest rates and foreign exchange rates,
have on the Group\u2019s financial performance.
The Group\u2019s quantitative exposure to these risks is explained throughout these financial statements
whilst the Group\u2019s objectives and management of these risks is set out below.
Treasury policy and procedures
Group treasury matters are managed within policy guidelines set by the Board with prime areas of
focus being liquidity and interest rate exposure. Management of these areas is the responsibility of the
Group\u2019s treasury function. The Board does not permit the speculative use of derivatives.
Funding and liquidity management
The Group is financed primarily by RCF and operating cash flow. The RCF is a committed facility which
matures within appropriate timescales and is maintained at levels in excess of planned requirements,
and is not regularly used.
The maturity of non-current borrowings is as follows, excluding lease liabilities:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Between 1 and 2 years
0.2
\u2013
Between 2 and 5 years
\u2013
0.2
\u00a0
0.2
0.2
The Group has \u00a30.2m of loan notes outstanding with a contractual repayment date of June 2027. The maturities therefore represent the final repayment dates for these facilities and the total cash outflows
\n
associated with all borrowings, assuming interest rates remain at the same rates as at the period/year end, are estimated on an undiscounted basis as follows:
\n\n \n
Carrying
Contractual
Within 6
31 December 2024
amount
cashflows
months
6-12 months
1-2 years
2-5 years
over 5 years
RCF
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Loan notes
0.2
0.3
\u2013
\u2013
\u2013
0.3
\u2013
0.2
0.3
\u2013
\u2013
\u2013
0.3
\u2013
Leases liabilities
1.4
1.5
0.4
0.4
0.5
0.2
\u2013
Trade and other payables
2.1
2.1
2.1
\u2013
\u2013
\u2013
\u2013
Accruals and other payables
8.9
8.9
8.9
\u2013
\u2013
\u2013
\u2013
12.6
12.8
11.4
0.4
0.5
0.5
\u2013
Carrying
Contractual
Within 6
31 December 2025
amount
cashflows
months
6-12 months
1-2 years
2-5 years
over 5 years
RCF
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Loan notes
0.2
0.2
\u2013
\u2013
0.2
\u2013
\u2013
0.2
0.2
\u2013
\u2013
0.2
\u2013
\u2013
Leases liabilities
1.3
1.4
0.4
0.3
0.4
0.3
\u2013
Warrants
7.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade payables
1.8
1.8
1.8
\u2013
\u2013
\u2013
\u2013
Accruals and other payables
8.9
8.9
8.9
\u2013
\u2013
\u2013
\u2013
20.1
12.3
11.1
0.3
0.6
0.3
\u2013
The Group has the following undrawn borrowing facilities:
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Expiring in 1-2 years
10.0
\u2013
Expiring in 2-5 years
\u2013
10.0
\u00a0
10.0
10.0
\n
Interest rate risk management
The objective of the Group\u2019s interest rate policy is to minimise interest costs whilst protecting the Group
from adverse movements in interest rates. Borrowings issued at variable rates expose the Group to
cash flow interest rate risk whereas borrowings issued at fixed rates expose the Group to fair value
interest rate risk. The Group does not actively manage cash flow interest rate risk and it is normal
Group policy to borrow on a floating rate basis. Given that the Group is expected to remain cash
positive, interest rate sensitivity risk is not relevant.
Foreign exchange risk management
The Group faces currency risk in respect of its net assets/liabilities denominated in currencies other
than sterling. On translation into sterling, movements in currency will affect the value of these assets
and liabilities. The Group has \u00a315.5m of net current assets exposed to foreign currency risk, comprising
\u00a314.2m US Dollars, \u00a30.5m Euros, \u00a30.5m South African Rand, and \u00a30.3m Swedish Krona.
Foreign currency translation differences of foreign operations
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Foreign exchange gains / (losses) on translation of
\u00a0 \u00a0
foreign operations to sterling at balance sheet date
(0.7)
(0.1)
Net exchange gain / (loss) recognised within translation
\u00a0 \u00a0
reserve in equity
(0.7)
(0.1)
\n
The Group is financed primarily by RCF and operating cash flow. The RCF is a committed facility which
matures within appropriate timescales and is maintained at levels in excess of planned requirements.
Capital management
The Group views its financial capital resources as primarily comprising share capital, cash generated
through operating cashflow and access to an RCF, which nonetheless is expected to remain largely
undrawn. As the Group\u2019s business is Software as a Service (SaaS), involving payment of licence fees in
advance for periods of use, the Group is expected to remain cash positive.
Warrants
On 14 February 2025 the Group entered into a contract with Global Auto Holdings to implement the
Pinewood Automotive Intelligence platform. In recognition of the significant scale of this contract,
Pinewood has issued warrants to an affiliate of Global Auto Holdings in respect of a maximum of
6,098,093 ordinary shares up to an equivalent of 7% of the issued share capital of Pinewood at the
time of the transaction, which shall be exercisable at a strike price of 330.0p in tranches subject to the
satisfactory completion of the installation of the Pinewood Automotive Intelligence platform.
At the date of issuance, the Group recognized a financial liability of \u00a37.1 million, representing the
fair value of the warrants as valued using the Black-Scholes model. As these warrants were issued in
connection with a long-term service contract, the initial fair value was recorded as a contract asset.
This asset will be amortised as a reduction of revenue over the term of the contract, matching the
pattern of service delivery to Global Auto Holdings.
The valuation of warrants accounted for as debt relies on estimates of market-based inputs, including
share price volatility and risk-free rates, which are categorised within Level 2 of the fair value hierarchy.
The financial liability is classified as fair value through profit or loss (FVTPL) under IFRS 9. As at 31
December 2025, the fair value of the liability has been remeasured using the Black-Scholes model to
\u00a37.9 million. The resulting fair value movement of \u00a30.8 million has been recognised as a charge within
the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "Borrowings
As at 31 December 2025, borrowing facilities comprised of a \u00a310m RCF with Barclays Bank, expiring in
February 2027.
As at 31 December 2025, total facility commitments and expiry are as set out below:
\u00a0
Expiry date
\u00a3m
RCF
February 2027
10.0
\n
Throughout the period of account, and at the date of this report, the RCF remains undrawn.
For the 12 month period to 31 December 2025, the following margins and fees were in place:
\u00a0 \u00a0
Commitment
\u00a0
Current margin
(non-utilisation) fee
RCF
2.50%
1.00%
\n
For the 12 month period to 31 December 2025, the following covenants were in place:
The R&D adjusted net leverage covenant is calculated as the ratio of net borrowings at the end of each
relevant period to R&D adjusted EBITDA. This ratio cannot exceed 2.00 times. At the final reported
covenant end period of 31 December 2024, reported to Barclays, the ratio was 0.0 times.
The R&D adjusted interest cover covenant is calculated as the ratio of R&D adjusted EBITDA for each
relevant period to gross financing costs for such relevant period. This ratio must exceed 4.00 times. At the
final reported covenant end period of 31 December 2025, reported to Barclays, the ratio was 25.51 times.
Summary of borrowings
\u00a0
Carrying value
Fair value
Carrying value
Fair value
\u00a0
31 December
31 December
31 December
31 December
\u00a0
2025
2025
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current:
\u00a0\u00a0\u00a0\u00a0
Other loan notes
0.2
0.2
0.2
0.2
Lease liabilities
0.6
0.6
0.7
0.7
Total non-current
0.8
0.8
0.9
0.9
Lease liabilities
0.7
0.7
0.7
0.7
Total current
0.7
0.7
0.7
0.7
Total borrowings
1.5
1.5
1.6
1.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "Fair value hierarchy
Financial instruments carried at fair value are required to be measured by reference to the following levels:
Level 1: quoted prices in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "Financial instruments carried at fair value are required to be measured by reference to the following levels:
Level 1: quoted prices in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
There were no transfers between levels 1, 2 and 3 fair value measurements during the current or prior period.
The effective interest rates for all borrowings are all based by reference to SONIA. Leases are effectively held at fixed rates of interest within the range set out below. Information regarding classification of
balances and interest, the range of interest rates applied in the period to 31 December 2025 and repricing periods, is set out in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Carrying value
\u00a0
Interest
\u00a0 \u00a0
\u00a0
Classification
\u00a3m
Classification
classification
Interest rate range
Repricing periods
Bank balances and cash equivalents
Loans and receivables
34.1
Amortised cost
Floating GBP
0% to 4.2%
n/a
Borrowings and other financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other loan notes
Other financial liabilities
0.2
Amortised cost
Fixed GBP
12.50%
n/a
Warrants
Other financial liabilities
7.9
FVTPL
Non-interest bearing
n/a
n/a
Lease liabilities
Other financial liabilities
0.6
Amortised cost
Fixed GBP
10.00%
n/a
Total non-current
\u00a0
8.7
\u00a0 \u00a0 \u00a0 \u00a0
RCF
Other financial liabilities
\u2013
Amortised cost
Floating GBP
n/a \u2013 not drawn
6 months or less
Lease liabilities
Other financial liabilities
0.7
Amortised cost
Fixed GBP
10.00%
n/a
Total current
\u00a0
0.7
\u00a0 \u00a0 \u00a0 \u00a0
Total borrowings and other financial liabilities
\u00a0
9.4
\u00a0 \u00a0 \u00a0 \u00a0
The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pound sterling
1.5
1.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "Financial risk management
During the period, the Group was exposed to the following risks from its use of financial instruments:
Funding and liquidity risk \u2013 the risk that the Group will not be able to meet its financial obligations as
they fall due.
Credit risk \u2013 the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables
from customers and investment securities.
Market risk \u2013 the risk that changes in market prices, such as interest rates and foreign exchange rates,
have on the Group\u2019s financial performance.
The Group\u2019s quantitative exposure to these risks is explained throughout these financial statements
whilst the Group\u2019s objectives and management of these risks is set out below.
Treasury policy and procedures
Group treasury matters are managed within policy guidelines set by the Board with prime areas of
focus being liquidity and interest rate exposure. Management of these areas is the responsibility of the
Group\u2019s treasury function. The Board does not permit the speculative use of derivatives.
Funding and liquidity management
The Group is financed primarily by RCF and operating cash flow. The RCF is a committed facility which
matures within appropriate timescales and is maintained at levels in excess of planned requirements,
and is not regularly used.
The maturity of non-current borrowings is as follows, excluding lease liabilities:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Between 1 and 2 years
0.2
\u2013
Between 2 and 5 years
\u2013
0.2
\u00a0
0.2
0.2
\n\n
The Group has \u00a30.2m of loan notes outstanding with a contractual repayment date of June 2027. The maturities therefore represent the final repayment dates for these facilities and the total cash outflows
\n
associated with all borrowings, assuming interest rates remain at the same rates as at the period/year end, are estimated on an undiscounted basis as follows:
\n\n \n
Carrying
Contractual
Within 6
31 December 2024
amount
cashflows
months
6-12 months
1-2 years
2-5 years
over 5 years
RCF
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Loan notes
0.2
0.3
\u2013
\u2013
\u2013
0.3
\u2013
0.2
0.3
\u2013
\u2013
\u2013
0.3
\u2013
Leases liabilities
1.4
1.5
0.4
0.4
0.5
0.2
\u2013
Trade and other payables
2.1
2.1
2.1
\u2013
\u2013
\u2013
\u2013
Accruals and other payables
8.9
8.9
8.9
\u2013
\u2013
\u2013
\u2013
12.6
12.8
11.4
0.4
0.5
0.5
\u2013
Carrying
Contractual
Within 6
31 December 2025
amount
cashflows
months
6-12 months
1-2 years
2-5 years
over 5 years
RCF
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Loan notes
0.2
0.2
\u2013
\u2013
0.2
\u2013
\u2013
0.2
0.2
\u2013
\u2013
0.2
\u2013
\u2013
Leases liabilities
1.3
1.4
0.4
0.3
0.4
0.3
\u2013
Warrants
7.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade payables
1.8
1.8
1.8
\u2013
\u2013
\u2013
\u2013
Accruals and other payables
8.9
8.9
8.9
\u2013
\u2013
\u2013
\u2013
20.1
12.3
11.1
0.3
0.6
0.3
\u2013
The Group has the following undrawn borrowing facilities:
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Expiring in 1-2 years
10.0
\u2013
Expiring in 2-5 years
\u2013
10.0
\u00a0
10.0
10.0
\n
Interest rate risk management
The objective of the Group\u2019s interest rate policy is to minimise interest costs whilst protecting the Group
from adverse movements in interest rates. Borrowings issued at variable rates expose the Group to
cash flow interest rate risk whereas borrowings issued at fixed rates expose the Group to fair value
interest rate risk. The Group does not actively manage cash flow interest rate risk and it is normal
Group policy to borrow on a floating rate basis. Given that the Group is expected to remain cash
positive, interest rate sensitivity risk is not relevant.
Foreign exchange risk management
The Group faces currency risk in respect of its net assets/liabilities denominated in currencies other
than sterling. On translation into sterling, movements in currency will affect the value of these assets
and liabilities. The Group has \u00a315.5m of net current assets exposed to foreign currency risk, comprising
\u00a314.2m US Dollars, \u00a30.5m Euros, \u00a30.5m South African Rand, and \u00a30.3m Swedish Krona.
Foreign currency translation differences of foreign operations
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Foreign exchange gains / (losses) on translation of
\u00a0 \u00a0
foreign operations to sterling at balance sheet date
(0.7)
(0.1)
Net exchange gain / (loss) recognised within translation
\u00a0 \u00a0
reserve in equity
(0.7)
(0.1)
\n
The Group is financed primarily by RCF and operating cash flow. The RCF is a committed facility which
matures within appropriate timescales and is maintained at levels in excess of planned requirements.
Capital management
The Group views its financial capital resources as primarily comprising share capital, cash generated
through operating cashflow and access to an RCF, which nonetheless is expected to remain largely
undrawn. As the Group\u2019s business is Software as a Service (SaaS), involving payment of licence fees in
advance for periods of use, the Group is expected to remain cash positive.
Warrants
On 14 February 2025 the Group entered into a contract with Global Auto Holdings to implement the
Pinewood Automotive Intelligence platform. In recognition of the significant scale of this contract,
Pinewood has issued warrants to an affiliate of Global Auto Holdings in respect of a maximum of
6,098,093 ordinary shares up to an equivalent of 7% of the issued share capital of Pinewood at the
time of the transaction, which shall be exercisable at a strike price of 330.0p in tranches subject to the
satisfactory completion of the installation of the Pinewood Automotive Intelligence platform.
At the date of issuance, the Group recognized a financial liability of \u00a37.1 million, representing the
fair value of the warrants as valued using the Black-Scholes model. As these warrants were issued in
connection with a long-term service contract, the initial fair value was recorded as a contract asset.
This asset will be amortised as a reduction of revenue over the term of the contract, matching the
pattern of service delivery to Global Auto Holdings.
The valuation of warrants accounted for as debt relies on estimates of market-based inputs, including
share price volatility and risk-free rates, which are categorised within Level 2 of the fair value hierarchy.
The financial liability is classified as fair value through profit or loss (FVTPL) under IFRS 9. As at 31
December 2025, the fair value of the liability has been remeasured using the Black-Scholes model to
\u00a37.9 million. The resulting fair value movement of \u00a30.8 million has been recognised as a charge within
the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "Treasury policy and procedures
Group treasury matters are managed within policy guidelines set by the Board with prime areas of
focus being liquidity and interest rate exposure. Management of these areas is the responsibility of the
Group\u2019s treasury function. The Board does not permit the speculative use of derivatives.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "Funding and liquidity management
The Group is financed primarily by RCF and operating cash flow. The RCF is a committed facility which
matures within appropriate timescales and is maintained at levels in excess of planned requirements,
and is not regularly used.
The maturity of non-current borrowings is as follows, excluding lease liabilities:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Between 1 and 2 years
0.2
\u2013
Between 2 and 5 years
\u2013
0.2
\u00a0
0.2
0.2
\n\n
The Group has \u00a30.2m of loan notes outstanding with a contractual repayment date of June 2027. The maturities therefore represent the final repayment dates for these facilities and the total cash outflows
\n
associated with all borrowings, assuming interest rates remain at the same rates as at the period/year end, are estimated on an undiscounted basis as follows:
\n\n \n
Carrying
Contractual
Within 6
31 December 2024
amount
cashflows
months
6-12 months
1-2 years
2-5 years
over 5 years
RCF
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Loan notes
0.2
0.3
\u2013
\u2013
\u2013
0.3
\u2013
0.2
0.3
\u2013
\u2013
\u2013
0.3
\u2013
Leases liabilities
1.4
1.5
0.4
0.4
0.5
0.2
\u2013
Trade and other payables
2.1
2.1
2.1
\u2013
\u2013
\u2013
\u2013
Accruals and other payables
8.9
8.9
8.9
\u2013
\u2013
\u2013
\u2013
12.6
12.8
11.4
0.4
0.5
0.5
\u2013
Carrying
Contractual
Within 6
31 December 2025
amount
cashflows
months
6-12 months
1-2 years
2-5 years
over 5 years
RCF
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Loan notes
0.2
0.2
\u2013
\u2013
0.2
\u2013
\u2013
0.2
0.2
\u2013
\u2013
0.2
\u2013
\u2013
Leases liabilities
1.3
1.4
0.4
0.3
0.4
0.3
\u2013
Warrants
7.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade payables
1.8
1.8
1.8
\u2013
\u2013
\u2013
\u2013
Accruals and other payables
8.9
8.9
8.9
\u2013
\u2013
\u2013
\u2013
20.1
12.3
11.1
0.3
0.6
0.3
\u2013
The Group has the following undrawn borrowing facilities:
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Expiring in 1-2 years
10.0
\u2013
Expiring in 2-5 years
\u2013
10.0
\u00a0
10.0
10.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "Interest rate risk management
The objective of the Group\u2019s interest rate policy is to minimise interest costs whilst protecting the Group
from adverse movements in interest rates. Borrowings issued at variable rates expose the Group to
cash flow interest rate risk whereas borrowings issued at fixed rates expose the Group to fair value
interest rate risk. The Group does not actively manage cash flow interest rate risk and it is normal
Group policy to borrow on a floating rate basis. Given that the Group is expected to remain cash
positive, interest rate sensitivity risk is not relevant.
Foreign exchange risk management
The Group faces currency risk in respect of its net assets/liabilities denominated in currencies other
than sterling. On translation into sterling, movements in currency will affect the value of these assets
and liabilities. The Group has \u00a315.5m of net current assets exposed to foreign currency risk, comprising
\u00a314.2m US Dollars, \u00a30.5m Euros, \u00a30.5m South African Rand, and \u00a30.3m Swedish Krona.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "Foreign exchange risk management
The Group faces currency risk in respect of its net assets/liabilities denominated in currencies other
than sterling. On translation into sterling, movements in currency will affect the value of these assets
and liabilities. The Group has \u00a315.5m of net current assets exposed to foreign currency risk, comprising
\u00a314.2m US Dollars, \u00a30.5m Euros, \u00a30.5m South African Rand, and \u00a30.3m Swedish Krona.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "Capital management
The Group views its financial capital resources as primarily comprising share capital, cash generated
through operating cashflow and access to an RCF, which nonetheless is expected to remain largely
undrawn. As the Group\u2019s business is Software as a Service (SaaS), involving payment of licence fees in
advance for periods of use, the Group is expected to remain cash positive.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "4.3
Finance income and Finance Expense
Accounting policy
Finance income comprises interest income on funds invested that are recognised in profit and loss.
Interest income is recognised as it accrues in profit and loss, using the effective rate method.
Finance expense comprises interest expense on borrowings, unwinding of the discount on provisions
recognised in profit and loss. All borrowing costs are recognised in profit and loss using the effective
interest method.
Finance expense
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
Recognised in profit and loss
\u00a3m
\u00a3m
Interest payable on leases
0.1
0.1
Interest on borrowings, RCF commitment and
\u00a0 \u00a0
arrangement fees
0.2
0.2
Total finance expense
0.3
0.3
\n
Finance income
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
1.0
4.7
Total finance income
1.0
4.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "4.3
Finance income and Finance Expense
Accounting policy
Finance income comprises interest income on funds invested that are recognised in profit and loss.
Interest income is recognised as it accrues in profit and loss, using the effective rate method.
Finance expense comprises interest expense on borrowings, unwinding of the discount on provisions
recognised in profit and loss. All borrowing costs are recognised in profit and loss using the effective
interest method.
Finance expense
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
Recognised in profit and loss
\u00a3m
\u00a3m
Interest payable on leases
0.1
0.1
Interest on borrowings, RCF commitment and
\u00a0 \u00a0
arrangement fees
0.2
0.2
Total finance expense
0.3
0.3
\n
Finance income
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
1.0
4.7
Total finance income
1.0
4.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "Accounting policy
Finance income comprises interest income on funds invested that are recognised in profit and loss.
Interest income is recognised as it accrues in profit and loss, using the effective rate method.
Finance expense comprises interest expense on borrowings, unwinding of the discount on provisions
recognised in profit and loss. All borrowing costs are recognised in profit and loss using the effective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "Finance income comprises interest income on funds invested that are recognised in profit and loss.
Interest income is recognised as it accrues in profit and loss, using the effective rate method.
Finance expense comprises interest expense on borrowings, unwinding of the discount on provisions
recognised in profit and loss. All borrowing costs are recognised in profit and loss using the effective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "Finance expense comprises interest expense on borrowings, unwinding of the discount on provisions
recognised in profit and loss. All borrowing costs are recognised in profit and loss using the effective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "Finance expense
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
Recognised in profit and loss
\u00a3m
\u00a3m
Interest payable on leases
0.1
0.1
Interest on borrowings, RCF commitment and
\u00a0 \u00a0
arrangement fees
0.2
0.2
Total finance expense
0.3
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
Recognised in profit and loss
\u00a3m
\u00a3m
Interest payable on leases
0.1
0.1
Interest on borrowings, RCF commitment and
\u00a0 \u00a0
arrangement fees
0.2
0.2
Total finance expense
0.3
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "Finance income
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
1.0
4.7
Total finance income
1.0
4.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
1.0
4.7
Total finance income
1.0
4.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "4.4 Capital and reserves
Ordinary share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.
\u00a0
31 December
31 December
31 December
31 December
Allotted, called up and fully paid shares of \u00a31.00 each at 31 December 2025 and 31 December 2024 and allotted,
2025
2025
2024
2024
called up and fully paid shares of \u00a30.05 each at 1 February 2024
Number
\u00a3m
Number
\u00a3m
At 1 January 2025 / 1 February 2024
87,115,622
87.1
1,462,923,523
73.2
Share issues
27,984,355
28.0
279,388,917
13.9
Share consolidation
\u2013
\u2013
(1,655,196,818)
-
At 31 December 2025 / 31 December 2024
115,099,977
115.1
87,115,622
87.1
4.4 Capital and reserves
continued
On 22 April 2024 the Company undertook a capital reorganisation whereby 1 new Ordinary Share of
100 pence each was issued for every 20 existing Ordinary Shares of 5 pence each.
On 1 February 2024 279,388,880 new Ordinary Shares were issued to Lithia Motors, Inc. for a
consideration of 10.7377 pence per share, totalling \u00a330.0m pursuant to the business disposal
agreement. This equated to 13,969,444 further shares, following the 1 for 20 capital reorganisation.
On 25 February 2025 the Group completed an equity fundraise by way of a cash placing to institutional
investors, a separate retail offer, and direct subscriptions to the Company. In total, 11,325,031 new
Ordinary Shares of \u00a31.00 each in the Company were subscribed for at a price of 315 pence per share.
Total gross proceeds from the fundraise were \u00a335.7m. The net proceeds after directly attributable fees
were \u00a334.1m.
On 4 March 2025 2,098,633 new Ordinary Shares were issued at a value of \u00a37.4m to various
shareholders of Seez App Holding Ltd (\u2018Seez\u2019) as part of the consideration to acquire the 90.9% of the
Seez share capital not previously owned by Pinewood Technologies Group Plc.
On 31 July 2025 14,560,691 new Ordinary Shares were issued at a value of \u00a370.3m to Lithia Motors, Inc
(\u2018Lithia\u2019) as the consideration for acquiring Lithia\u2019s 51% interest in Pinewood North America LLC.
The holders of Ordinary Shares are entitled to receive dividends as declared from time to time and
are entitled to one vote per share at meetings of the Group. All shares rank equally with regard to the
Group\u2019s residual assets.
Share premium
The share premium account relates to the proceeds received in excess of the nominal value of shares
issued, net of any transaction costs.
Other reserves
At 31 December 2025, Other reserves consists of a Merger reserve \u00a361.0m (FY24: nil) and a Capital
redemption reserve \u00a35.6m (FY24: \u00a35.6m).
The Merger reserve arose during FY25 in connection with acquisitions of Seez and Pinewood North
America LLC. In accordance with Section 612 of the Companies Act 2006, the Group qualified for
merger relief on the consideration shares issued as part of these acquisitions. Consequently, the
premium arising on the shares issued, representing the difference between the fair value of the shares
and their nominal value, has been credited to a Merger reserve, which has been reduced by the value of
the directly attributable transaction costs associated with this share issuance
The Capital redemption reserve arose following the purchase by the Group of its own shares in 2023
and comprises the amount by which distributable profits were reduced on these transactions in
accordance with s733 of the Companies Act 2006. There were no transfers into the Capital redemption
reserve during the period in respect of shares purchased by the Group and subsequently cancelled.
Own shares held by Employee Benefit Trust (EBT)
Transactions of the Group-sponsored EBT are included in the Group financial statements. In particular,
the trust\u2019s purchases of shares in the Group, which are classified as own shares, are debited directly to
equity through retained earnings. When own shares are sold or reissued the resulting surplus or deficit
on the transaction is also recognised within retained earnings.
The market value of the investment in the Group\u2019s own shares at 31 December 2025 was \u00a30.0m (31
December 2024: \u00a30.0m), being 0.0m (FY24: 0.0m) shares with a nominal value of \u00a31.00p each,
acquired at an average cost of \u00a31.00 each (FY24: \u00a31.00). The number of own shares held by the EBT
at 31 December 2025 was 2,500 shares (31 December 2024: 2,500 shares). The trustee of the EBT is
Salamanca Group Trust (Jersey) Limited.
Dividends on the shares owned by the trust, the purchase of which were funded by interest free loans
to the trust from Pinewood Technologies Group Plc, are waived. All expenses incurred by the trust are
settled directly by Pinewood Technologies Group Plc and charged in the accounts as incurred.
The trust is regarded as a quasi subsidiary and its assets and results are consolidated into the financial
statements of the Group.
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the
financial information of foreign operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "Ordinary share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.
\u00a0
31 December
31 December
31 December
31 December
Allotted, called up and fully paid shares of \u00a31.00 each at 31 December 2025 and 31 December 2024 and allotted,
2025
2025
2024
2024
called up and fully paid shares of \u00a30.05 each at 1 February 2024
Number
\u00a3m
Number
\u00a3m
At 1 January 2025 / 1 February 2024
87,115,622
87.1
1,462,923,523
73.2
Share issues
27,984,355
28.0
279,388,917
13.9
Share consolidation
\u2013
\u2013
(1,655,196,818)
-
At 31 December 2025 / 31 December 2024
115,099,977
115.1
87,115,622
87.1
4.4 Capital and reserves
continued
On 22 April 2024 the Company undertook a capital reorganisation whereby 1 new Ordinary Share of
100 pence each was issued for every 20 existing Ordinary Shares of 5 pence each.
On 1 February 2024 279,388,880 new Ordinary Shares were issued to Lithia Motors, Inc. for a
consideration of 10.7377 pence per share, totalling \u00a330.0m pursuant to the business disposal
agreement. This equated to 13,969,444 further shares, following the 1 for 20 capital reorganisation.
On 25 February 2025 the Group completed an equity fundraise by way of a cash placing to institutional
investors, a separate retail offer, and direct subscriptions to the Company. In total, 11,325,031 new
Ordinary Shares of \u00a31.00 each in the Company were subscribed for at a price of 315 pence per share.
Total gross proceeds from the fundraise were \u00a335.7m. The net proceeds after directly attributable fees
were \u00a334.1m.
On 4 March 2025 2,098,633 new Ordinary Shares were issued at a value of \u00a37.4m to various
shareholders of Seez App Holding Ltd (\u2018Seez\u2019) as part of the consideration to acquire the 90.9% of the
Seez share capital not previously owned by Pinewood Technologies Group Plc.
On 31 July 2025 14,560,691 new Ordinary Shares were issued at a value of \u00a370.3m to Lithia Motors, Inc
(\u2018Lithia\u2019) as the consideration for acquiring Lithia\u2019s 51% interest in Pinewood North America LLC.
The holders of Ordinary Shares are entitled to receive dividends as declared from time to time and
are entitled to one vote per share at meetings of the Group. All shares rank equally with regard to the
Group\u2019s residual assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "Share premium
The share premium account relates to the proceeds received in excess of the nominal value of shares
issued, net of any transaction costs.
Other reserves
At 31 December 2025, Other reserves consists of a Merger reserve \u00a361.0m (FY24: nil) and a Capital
redemption reserve \u00a35.6m (FY24: \u00a35.6m).
The Merger reserve arose during FY25 in connection with acquisitions of Seez and Pinewood North
America LLC. In accordance with Section 612 of the Companies Act 2006, the Group qualified for
merger relief on the consideration shares issued as part of these acquisitions. Consequently, the
premium arising on the shares issued, representing the difference between the fair value of the shares
and their nominal value, has been credited to a Merger reserve, which has been reduced by the value of
the directly attributable transaction costs associated with this share issuance
The Capital redemption reserve arose following the purchase by the Group of its own shares in 2023
and comprises the amount by which distributable profits were reduced on these transactions in
accordance with s733 of the Companies Act 2006. There were no transfers into the Capital redemption
reserve during the period in respect of shares purchased by the Group and subsequently cancelled.
Own shares held by Employee Benefit Trust (EBT)
Transactions of the Group-sponsored EBT are included in the Group financial statements. In particular,
the trust\u2019s purchases of shares in the Group, which are classified as own shares, are debited directly to
equity through retained earnings. When own shares are sold or reissued the resulting surplus or deficit
on the transaction is also recognised within retained earnings.
The market value of the investment in the Group\u2019s own shares at 31 December 2025 was \u00a30.0m (31
December 2024: \u00a30.0m), being 0.0m (FY24: 0.0m) shares with a nominal value of \u00a31.00p each,
acquired at an average cost of \u00a31.00 each (FY24: \u00a31.00). The number of own shares held by the EBT
at 31 December 2025 was 2,500 shares (31 December 2024: 2,500 shares). The trustee of the EBT is
Salamanca Group Trust (Jersey) Limited.
Dividends on the shares owned by the trust, the purchase of which were funded by interest free loans
to the trust from Pinewood Technologies Group Plc, are waived. All expenses incurred by the trust are
settled directly by Pinewood Technologies Group Plc and charged in the accounts as incurred.
The trust is regarded as a quasi subsidiary and its assets and results are consolidated into the financial
statements of the Group.
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the
financial information of foreign operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "4.5 Dividends
No dividend was paid in FY25. In FY24 a dividend of 24.5p per \u00a31.00 ordinary share amounting
to a total of \u00a3358.4m was paid on 7 May 2024 as communicated to shareholders in the circular to
shareholders dated October 2023 in respect of the sale of part of the business to Litha Motors Inc.
Lithia UK Holding Limited, who at the time held 13,969,444 ordinary shares waived their right to a
dividend as per the terms of the business sale outlined in the afore mentioned circular.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "4.6 Share based compensation
Accounting policy
The Group operates a Long Term Incentive Plan (LTIP) and Deferred Share Plan (DSP. The fair value at the date at which the share options are granted is recognised in the income statement on a straight line
basis over the vesting period, taking into account the number of options that are expected to vest. The fair value of the options granted is measured using an option pricing model, taking into account the terms
and conditions upon which the options were granted. The number of options that are expected to become exercisable is reviewed at each balance sheet date and if necessary estimates are revised.
Awards made under the LTIP are normally able to vest following the third anniversary of the date of the grant. For Executive Directors, awards will normally be subject to a two-year holding period following the
end of the vesting period. Vesting is subject to continued employment and the achievement of market and non-market performance conditions, full details of which can be found in the Remuneration Report on
page 49. All awards are settled by physical delivery of shares.
Awards made under the DSP are normally able to vest following the third anniversary of the date of the grant. Vesting is subject to continued employment, full details of which can be found in the Remuneration
Report on page 49. All awards are settled by physical delivery of shares.
Executive Long Term Incentive Plan (\u201cLTIPs\u201d)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Weighted average
\u00a0
Weighted average
\u00a0
\u00a0
exercise price
Number of options
exercise price
Number of options
\u00a0
12m period ended
12m period ended
11m period ended
11m period ended
\u00a0
31 December
31 December
31 December
31 December
The number and weighted average exercise prices of executive LTIPs is as follows:
2025
2025
2024
2024
Outstanding at the start of the period
0.0p
2,475,729
0.0p
\u2013
Granted during the period
0.0p
2,276,282
0.0p
2,475,729
Lapsed during the period
0.0p
(331,819)
0.0p
\u2013
Exercised during the period
0.0p
\u2013
0.0p
\u2013
Outstanding at the end of the period
0.0p
4,420,192
0.0p
2,475,729
Exercisable at the end of the period
0.0p
\u2013
0.0p
\u2013
Weighted average remaining contractual life (years)
\u00a0
1.8
2.5
\u00a0
\n
The fair value at the date at which the share options are granted is recognised in the income statement on a straight line basis over the vesting period, taking into account the number of options that are expected
to vest. The number of options that are expected to become exercisable is reviewed at each balance sheet date and if necessary estimates are revised. The fair value of the services received in return for the
LTIPs is measured by reference to the fair value of the LTIPs granted. For awards with a market condition we have used a Monte-Carlo model, for awards with a non-market condition we use the Black-Scholes
model. For executive directors where a holding period applies we use the Finnerty model to determine the discount for lack of marketability.
The table below is in respect of the LTIPs granted in the year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Period ended At 31 December
2025
2024
Date of grant
16th December 2025
12th June 2025
28th April 2025
15th July 2024
Number of share options granted in period
287,405
899,028
1,089,849
2,475,729
Weighted average share price (pence)
358.00
453.00
318.00
351.50
Weighted average exercise price (pence)
\u2013
\u2013
\u2013
\u00a0
Weighted average fair value (pence)
203.95
318.65
208.26
230.70
Expected volatility (%)
38.62%
46.31%
37.76%
50.79%
Expected life (years)
2.49
3.00
2.21
3.00
Risk free interest rate (%)
3.74%
3.87%
3.67%
4.32%
\n
Expected volatility in the table above in respect of the 2025 award was determined by calculating the historical volatility of the Group\u2019s share price over the corresponding historical period.
Deferred Share Plan (\u201cDSP\u201d)
A DSP grant was made on 12th June 2025. The fair value was determined using the same inputs as the LTIP awards and the weighted average fair value of the DSP shares granted in the period was 453 (pence).
The number and weighted average exercise prices of the DSP is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Weighted average
\u00a0
Weighted average
\u00a0
\u00a0
exercise price
Number of options
exercise price
Number of options
\u00a0
12m period ended
12m period ended
11m period ended
11m period ended
\u00a0
31 December 2025
31 December 2025
31 December 2024
31 December 2024
Outstanding at the start of the period
0.0p
400,485
0.0p
\u2013
Granted during the period
0.0p
75,959
0.0p
400,485
Lapsed during the period
0.0p
\u2013
0.0p
\u2013
Exercised during the period
0.0p
\u2013
0.0p
\u2013
Outstanding at the end of the period
0.0p
476,444
0.0p
400,485
Exercisable at the end of the period
0.0p
\u2013
0.0p
\u2013
Weighted average remaining contractual life (years)
\u00a0
1.7
2.5
\u00a0
\n
Income statement
The Group recognised a total net expense of \u00a33.6m (FY24: \u00a31.0m) as an employee benefit cost in respect of all equity-settled share based payment transactions included within administration costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "Accounting policy
The Group operates a Long Term Incentive Plan (LTIP) and Deferred Share Plan (DSP. The fair value at the date at which the share options are granted is recognised in the income statement on a straight line
basis over the vesting period, taking into account the number of options that are expected to vest. The fair value of the options granted is measured using an option pricing model, taking into account the terms
and conditions upon which the options were granted. The number of options that are expected to become exercisable is reviewed at each balance sheet date and if necessary estimates are revised.
Awards made under the LTIP are normally able to vest following the third anniversary of the date of the grant. For Executive Directors, awards will normally be subject to a two-year holding period following the
end of the vesting period. Vesting is subject to continued employment and the achievement of market and non-market performance conditions, full details of which can be found in the Remuneration Report on
page 49. All awards are settled by physical delivery of shares.
Awards made under the DSP are normally able to vest following the third anniversary of the date of the grant. Vesting is subject to continued employment, full details of which can be found in the Remuneration
Report on page 49. All awards are settled by physical delivery of shares.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "4.7 Leases
Accounting policies
Leases as a Lessee
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract
is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration. To assess whether a contract conveys the right to control
the use of an identified asset, the Group uses the definition of a lease in IFRS 16. This policy is applied to
contracts entered into, on or after 1 January 2019.
The Group recognises a right of use asset and a lease liability at the lease commencement date. The
right of use asset is initially measured at cost, and subsequently at cost less accumulated depreciation
and impairment losses, and adjusted for certain remeasurements of the lease liability. Cost comprises
the initial amount of the lease liability adjusted for any initial direct costs incurred less any lease
incentives received. Depreciation is recognised on a straight line basis over the period of the lease the
right of use asset is expected to be utilised.
The lease liability is initially measured at the present value of lease payments that are not paid at the
commencement date, discounted by the interest rate implicit in the lease or when this is not readily
attainable, the Group\u2019s incremental borrowing rate. Lease payments include fixed rental payments
and amounts expected to be payable under a residual value guarantee. Generally the Group uses its
incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate
by obtaining interest rates from various external financing sources and makes certain adjustments to
reflect the terms of the lease and type of the asset leased.
The lease liability is subsequently increased by the interest cost on the lease liability and reduced by
payments made. It is remeasured when there is a change in future lease payments arising from a
change of index or rate, a variation in amounts payable following contractual rent reviews and changes
in the assessment of whether an extension/termination option is reasonably certain to be exercised.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-
use asset has been reduced to zero.
The Group presents right-of-use assets that do not meet the definition of investment property in
\u2018property, plant and equipment\u2019 and lease liabilities in \u2018loans and borrowings\u2019 in the Balance Sheet.
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value
assets and short-term leases. The Group recognises the lease payments associated with these leases as
an expense on a straight-line basis over the lease term.
Balance Sheet
The Group has a property lease with 6 months to expiry. The Group exercised the break clause and as
such the lease ends 2nd July 2026.
The Group entered into two new property leases: one in April 2025 with 1 year 3.5 months to expiry
at 31 December 2025, and one in May 2025 with 4 years 4.5 months to expiry at 31 December 2025.
Neither lease contains an extension clause however the latter contains a break clause allowing the
Group to terminate the agreement earlier than the lease expiry date. The Group has applied judgement
in calculating the lease liability and right of use asset up to the expiry date of the lease as it is not
considered likely that the break option will be exercised.
The Group has continued to lease a fleet of motor vehicles. At the 31 December 2025 the Group was
leasing 45 vehicles under a three year lease agreements which all expire in 2027, and entered into 9 new
agreements under a three year lease which all expire in 2028, taking the total fleet to 54 vehicles.
Right of use assets are presented as part of property, plant and equipment as presented in note 3.2.
Right of Use Assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land & buildings
Motor vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Balance at 1 February 2024
0.8
\u2013
0.8
Additions to right of use assets
\u2013
1.0
1.0
Depreciation charge
(0.3)
(0.1)
(0.4)
Balance at 31 December 2024
0.5
0.9
1.4
Balance at 1 January 2025
0.5
0.9
1.4
Additions to right of use assets
0.7
0.2
0.9
Depreciation charge
(0.5)
(0.4)
(0.9)
Balance at 31 December 2025
0.7
0.7
1.4
Lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land & buildings
Motor vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Balance at 1 February 2024
(1.0)
\u2013
(1.0)
Additions to right of use assets
\u2013
(1.0)
(1.0)
Interest expense related to lease liabilities
0.1
\u2013
0.1
Repayment of lease liabilities
0.4
0.1
0.5
Balance at 31 December 2024
(0.5)
(0.9)
(1.4)
Non-current
(0.4)
(0.3)
(0.7)
Current
(0.1)
(0.6)
(0.7)
Balance at 31 December 2024
(0.5)
(0.9)
(1.4)
Balance at 1 January 2025
(0.5)
(0.9)
(1.4)
Additions to right of use assets
(0.8)
(0.2)
(1.0)
Interest expense related to lease liabilities
(0.1)
\u2013
(0.1)
Repayment of lease liabilities
0.8
0.4
1.2
Balance at 31 December 2025
(0.6)
(0.7)
(1.3)
Non-current
(0.3)
(0.3)
(0.6)
Current
(0.3)
(0.4)
(0.7)
Balance at 31 December 2025
(0.6)
(0.7)
(1.3)
\n
The calculation of the lease liability and the right of use asset relies upon the estimation of a suitable
interest rate. The Group has applied rates to represent the different types of leases it has by applying
its incremental borrowing rate for shorter term leases and a higher rates based upon market rates for
borrowing against equivalent assets with similar risk profiles in specific markets for medium to longer
term leases.
Other future possible cash outflows not included in the lease liability include the payment of
dilapidations in respect of properties where the lease contains specific condition of return clauses.
Whilst the Group endeavours to maintain its properties to a high standard it is likely that such payments
will be made in the future when lease contracts end.
Amounts recognised in profit or loss
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Depreciation of right of use assets
0.9
0.4
(Losses)/gains on the disposal, termination and
\u00a0 \u00a0
assignment of leases (non-underlying) (included in Other
\u00a0 \u00a0
income \u2013 gains on the sale of businesses and property,
\u00a0 \u00a0
plant and equipment)
0.3
\u2013
Interest on lease liabilities
0.1
0.1
Expenses relating to short term leases
0.1
0.2
\n
Expenses relating to variable lease payments not included in lease liabilities relate to the accrual of a
provision of dilapidation claims made on properties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "Accounting policies
Leases as a Lessee
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract
is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration. To assess whether a contract conveys the right to control
the use of an identified asset, the Group uses the definition of a lease in IFRS 16. This policy is applied to
contracts entered into, on or after 1 January 2019.
The Group recognises a right of use asset and a lease liability at the lease commencement date. The
right of use asset is initially measured at cost, and subsequently at cost less accumulated depreciation
and impairment losses, and adjusted for certain remeasurements of the lease liability. Cost comprises
the initial amount of the lease liability adjusted for any initial direct costs incurred less any lease
incentives received. Depreciation is recognised on a straight line basis over the period of the lease the
right of use asset is expected to be utilised.
The lease liability is initially measured at the present value of lease payments that are not paid at the
commencement date, discounted by the interest rate implicit in the lease or when this is not readily
attainable, the Group\u2019s incremental borrowing rate. Lease payments include fixed rental payments
and amounts expected to be payable under a residual value guarantee. Generally the Group uses its
incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate
by obtaining interest rates from various external financing sources and makes certain adjustments to
reflect the terms of the lease and type of the asset leased.
The lease liability is subsequently increased by the interest cost on the lease liability and reduced by
payments made. It is remeasured when there is a change in future lease payments arising from a
change of index or rate, a variation in amounts payable following contractual rent reviews and changes
in the assessment of whether an extension/termination option is reasonably certain to be exercised.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-
use asset has been reduced to zero.
The Group presents right-of-use assets that do not meet the definition of investment property in
\u2018property, plant and equipment\u2019 and lease liabilities in \u2018loans and borrowings\u2019 in the Balance Sheet.
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value
assets and short-term leases. The Group recognises the lease payments associated with these leases as
an expense on a straight-line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "5.1
Related party transactions
Subsidiaries
The Group\u2019s ultimate parent company is Pinewood Technologies Group Plc. A listing of subsidiaries is
shown within the financial statements of the Group on pages 110 to 111.
Transactions with key management personnel
The key management personnel of the Group comprise the executive and non-executive directors.
The details of the remuneration, long term incentive plans, shareholdings, share option and pension
entitlements of individual directors are included in the Directors\u2019 Remuneration Report on pages 48
to 55.
Directors of the Group and their immediate relatives control 0.2% of the ordinary shares of the Group.
During the period/year key management personnel compensation was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short term employee benefits
2.5
2.4
Share based payments
1.8
0.7
\u00a0
4.3
3.1
\n
During the year Group companies entered into the following transactions with related parties who are
not members of the Group. Lithia UK Holding Ltd owned more than 25% of the Group\u2019s outstanding
shares during the period and has appointed two non-executive directors to the board. In accordance
with IAS 24 Lithia UK Holding Ltd is considered to have significant influence and has therefore been
categorised as a related party.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
11m period
\u00a0 \u00a0
\u00a0
11m period
ended
31 December
31 December
\u00a0
ended
31 December
2024
2024
\u00a0
31 December
2024
Amounts owed
Amounts owed
\u00a0
2024
Purchase of
by related
to related
\u00a0
Sale of services
services
parties
parties
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Pinewood North America LLC
0.4
\u2013
1.2
\u2013
Lithia UK Holding Ltd
8.7
0.6
16.6
\u2013
\u00a0
12m period
12m period
\u00a0 \u00a0
\u00a0
ended
ended
31 December
31 December
\u00a0
31 December
31 December
2025
2025
\u00a0
2025
2025
Amounts owed
Amounts owed
\u00a0
Sale of
Purchase of
by related
to related
\u00a0
services
services
parties
parties
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Pinewood North America LLC
1.1
\u2013
6.7
\u2013
Lithia UK Holding Ltd
9.1
0.6
2.7
\u2013
\n
During the year, the Group employed a close family member of an executive director of the Company.
The employment is on normal commercial terms and is remunerated at a salary consistent with other
employees in similar roles. Total remuneration (including salary and benefits excluding share options)
for the year ended 31 December 2025 amounted to \u00a3179,436 (2024: \u00a3nil). At the year end, amounts
owing of \u00a384,820 was outstanding. In addition, the individual was granted 34,849 share options under
the 2025 LTIP scheme. The charge to the profit and loss account in the year in respect of these options
was \u00a312,830.
During FY25, coaching services were provided to the Group by an entity in which a Non-Executive
Director is a Director and Shareholder. The services were provided by a close family member of the
Non-Executive Director. The cost of the services was \u00a340,000 (FY24: nil) and at the year end \u00a320,000
(FY24: nil) was outstanding to this entity in respect of the services provided to the Group. These services
were approved by the Board prior to commencement.
The Group has not made any allowance for bad or doubtful debts in respect of related party debtors
nor has any guarantee been given or received 12 months ended 31 December 2025 or the prior period
regarding related party transactions. Transactions and outstanding balances between the parent and
it\u2019s subsidiaries within the Group and between those subsidiaries have been eliminated on consolidation
and are not disclosed in this note.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "Subsidiaries
The Group\u2019s ultimate parent company is Pinewood Technologies Group Plc. A listing of subsidiaries is
shown within the financial statements of the Group on pages 110 to 111.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00152": { "value": "Pinewood Technologies Group Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "Transactions with key management personnel
The key management personnel of the Group comprise the executive and non-executive directors.
The details of the remuneration, long term incentive plans, shareholdings, share option and pension
entitlements of individual directors are included in the Directors\u2019 Remuneration Report on pages 48
to 55.
Directors of the Group and their immediate relatives control 0.2% of the ordinary shares of the Group.
During the period/year key management personnel compensation was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
12m period ended
11m period ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short term employee benefits
2.5
2.4
Share based payments
1.8
0.7
\u00a0
4.3
3.1
\n
During the year Group companies entered into the following transactions with related parties who are
not members of the Group. Lithia UK Holding Ltd owned more than 25% of the Group\u2019s outstanding
shares during the period and has appointed two non-executive directors to the board. In accordance
with IAS 24 Lithia UK Holding Ltd is considered to have significant influence and has therefore been
categorised as a related party.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
11m period
\u00a0 \u00a0
\u00a0
11m period
ended
31 December
31 December
\u00a0
ended
31 December
2024
2024
\u00a0
31 December
2024
Amounts owed
Amounts owed
\u00a0
2024
Purchase of
by related
to related
\u00a0
Sale of services
services
parties
parties
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Pinewood North America LLC
0.4
\u2013
1.2
\u2013
Lithia UK Holding Ltd
8.7
0.6
16.6
\u2013
\u00a0
12m period
12m period
\u00a0 \u00a0
\u00a0
ended
ended
31 December
31 December
\u00a0
31 December
31 December
2025
2025
\u00a0
2025
2025
Amounts owed
Amounts owed
\u00a0
Sale of
Purchase of
by related
to related
\u00a0
services
services
parties
parties
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Pinewood North America LLC
1.1
\u2013
6.7
\u2013
Lithia UK Holding Ltd
9.1
0.6
2.7
\u2013
\n
During the year, the Group employed a close family member of an executive director of the Company.
The employment is on normal commercial terms and is remunerated at a salary consistent with other
employees in similar roles. Total remuneration (including salary and benefits excluding share options)
for the year ended 31 December 2025 amounted to \u00a3179,436 (2024: \u00a3nil). At the year end, amounts
owing of \u00a384,820 was outstanding. In addition, the individual was granted 34,849 share options under
the 2025 LTIP scheme. The charge to the profit and loss account in the year in respect of these options
was \u00a312,830.
During FY25, coaching services were provided to the Group by an entity in which a Non-Executive
Director is a Director and Shareholder. The services were provided by a close family member of the
Non-Executive Director. The cost of the services was \u00a340,000 (FY24: nil) and at the year end \u00a320,000
(FY24: nil) was outstanding to this entity in respect of the services provided to the Group. These services
were approved by the Board prior to commencement.
The Group has not made any allowance for bad or doubtful debts in respect of related party debtors
nor has any guarantee been given or received 12 months ended 31 December 2025 or the prior period
regarding related party transactions. Transactions and outstanding balances between the parent and
it\u2019s subsidiaries within the Group and between those subsidiaries have been eliminated on consolidation
and are not disclosed in this note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "5.2 Interest in associate
The Group held a 49% interest in Pinewood North America LLC between 1 February 2024 and 31 July
2025. Pinewood North America LLC has the right to sell the Group\u2019s software in the United States of
America and Canada. The principle place of business of Pinewood North America LLC is the United
States of America.
The tables below summarises the financial information of Pinewood North America LLC as included in
its own financial statements for the periods 1 February 2024 to 31 December 2024, and 1 January 2025
to 31 July 2025 adjusting for differences in accounting policies. The Group\u2019s 49% interest in Pinewood
North America LLC arose on 1 February 2024 following the sale of the UK Motor and Leasing businesses
to Lithia UK Holding Limited. On 31 July 2025 the Group acquired the outstanding 51% interest in
Pinewood North America LLC it did not previously own from Lithia Motors, Inc. Effective from 31 July
2025 the results of Pinewood North America LLC have been fully consolidated with the equity method
accounting under IAS 28 ceasing to apply at the same date. Details of the acquisition accounting under
IFRS 3 are set out in note 3.6.
The movement in the carrying amount of the interest in associate differs from the net loss recognised
in the profit or loss by \u00a30.4m. This variance represents the reclassification of cumulative exchange
differences from other comprehensive income to the profit or loss following the loss of significant
influence, see note 3.6.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 July 2025
31 December 2024
\u00a0
\u00a3m
\u00a3m
Non-current assets
2.5
0.8
Current assets
14.9
18.8
Current liabilities
(2.0)
(0.1)
Non-current liabilities
\u2013
\u2013
Net assets
15.4
19.5
Group\u2019s share of net assets 49%
7.6
9.6
Elimination of unrealised profit on downstream sales
\u2013
\u2013
Carrying amount of interest in associate
7.6
9.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
7m period ended
11m period ended
\u00a0
31 July2025
31 December 2024
\u00a0
\u00a3m
\u00a3m
Operating loss
(3.6)
(1.7)
Finance Income
0.3
0.7
Loss from operations after tax
(3.3)
(1.0)
Other comprehensive income
\u2013
\u2013
Total comprehensive income
(3.3)
(1.0)
Group\u2019s share of total comprehensive income (49%)
(1.6)
(0.5)
\nDetails of the related party transactions with Pinewood North America LLC as set out in note 5.1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "5.3
Post balance sheet events
On 30 December 2025 the Group entered into a new lease agreement for a commercial property
located on the Blythe Valley Business Park, Birmingham, UK. The lease has a term of 10 years, with a
5 year break which the Group does not expect to exercise. The commencement date of the lease is 1
January 2026 as a result the Group expects to recognise a lease liability of approximately \u00a32.8m and a
corresponding right-of-use asset plus direct costs of approximately \u00a30.1m on 1 January 2026.
On 26 February 2026 the Group acquired Grayhams B.V., which was previously the exclusive reseller of
the Group\u2019s services and products in the Netherlands, for a total cash consideration of \u00a33.3m payable on
completion. The acquisition is aligned with Pinewood.AI\u2019s strategy to fully control its international sales
and customer service functions, and it will support the Group\u2019s growth ambitions in the Central European
market. The initial accounting for the business combination is incomplete and as such no disclosures have
been included in respect of the fair value of assets acquired and allocation of the purchase price.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "Company Statement of Comprehensive Income
12 month Period ended 31 December 2025
\n \n
Share
Share
Other
Retained
capital
premium account
reserves
earnings
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 February 2024
73.2
56.8
5.6
366.6
502.2
Total comprehensive income for the period
Loss for the year
\u2013
\u2013
\u2013
(0.9)
(0.9)
Other comprehensive income for the year, net of tax
\u2013
\u2013
\u2013
\u2013
\u2013
Total comprehensive expense for the year
\u2013
\u2013
\u2013
(0.9)
(0.9)
Transactions with owners, recorded directly in equity
Issue of ordinary shares
13.9
16.1
\u2013
\u2013
30.0
Share based payments
\u2013
\u2013
\u2013
1.0
1.0
Income tax relating to share based payments
\u2013
\u2013
\u2013
0.1
0.1
Dividends paid
\u2013
\u2013
\u2013
(358.4)
(358.4)
Total contributions by and distributions to owners
13.9
16.1
\u2013
(357.3)
(327.3)
Balance at 31 December 2024
87.1
72.9
5.6
8.4
174.0
Balance at 1 January 2025
87.1
72.9
5.6
8.4
174.0
Total comprehensive income for the period
Loss for the period
\u2013
\u2013
\u2013
(7.6)
(7.6)
Other comprehensive expense for the period, net of tax
\u2013
\u2013
\u2013
\u2013
\u2013
Total comprehensive expense for the period
\u2013
\u2013
\u2013
(7.6)
(7.6)
Transactions with owners, recorded directly in equity
Issue of ordinary shares
28.0
22.8
61.0
\u2013
111.8
Share based payments
\u2013
\u2013
\u2013
3.6
3.6
Income tax relating to share based payments
\u2013
\u2013
\u2013
0.2
0.2
Total contributions by and distributions to owners
28.0
22.8
61.0
3.8
115.6
Balance at 31 December 2025
115.1
95.7
66.6
4.6
282.0
\n
The notes on pages 108 to 113 form part of these financial statements.
\n
Company Statement of Changes in Equity
\n
12 month Period ended 31 December 2025
\n \n
31 December
31 December
2025
2024
Notes
\u00a3m
\u00a3m
Fixed assets
Investment in subsidiaries
4
291.8
184.3
Other investments
4
\u2013
3.2
291.8
187.5
Current assets
Debtors
5
9.8
14.6
Deferred tax assets (all due in over 1 year)
0.9
1.3
Cash at bank and in hand
15.7
3.7
26.4
19.6
Creditors: amounts falling due within one year
6
(28.1)
(32.9)
Net current liabilities
(1.7)
(13.3)
Total assets less current liabilities
290.1
174.2
Creditors: amounts falling due after more than one year
7
(8.1)
(0.2)
Net assets
282.0
174.0
Capital and reserves
Called up share capital
10
115.1
87.1
Share premium account
10
95.7
72.9
Other reserves
10
66.6
5.6
Profit and loss account
4.6
8.4
Equity shareholders\u2019 funds
282.0
174.0
The loss after taxation attributable to the company dealt with in its own accounts for the 12m period ended 31 December 2025 is \u00a37.6m (11m Dec24: loss \u00a30.9m).
Approved by the Board of Directors on 22 April 2026 and signed on its behalf by:
W Berman
Chief Executive
O Mann
Chief Financial Officer
The notes on pages 108 to 113 form part of these financial statements
Registered Company Number: 02304195 ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00149": { "value": "2960 Trident Court, Solihull Parkway, Birmingham B37 7YN", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }