UK automotive software provider Pinewood's first-half profit rises on Seez contribution

Sept 30 (Reuters) - Automotive software firm Pinewood Technologies reported higher first-half underlying core profit on Wednesday, helped by its acquisition of car dealership automation software provider Seez AI.

Here are some more details:

• The Birmingham-based firm posted underlying core profit of £8.8 million ($11.66 million) for the six months to June 30, up 11.4% from a year earlier.

• Pinewood reaffirmed its annual underlying core profit guidance of £21 million and its fiscal 2028 target of £62 million, citing strong visibility from existing contracts.

• The results come just days after Pinewood shareholders approved a £545 million takeover by US private equity firm Ridgeview Partners, which is expected to become effective on October 9.

• Pinewood has been expanding in North America through an agreement with Lithia Motors as it looks to grow beyond the UK and strengthened its AI capabilities with the acquisition of Seez, an automotive AI software provider.

• The company said two Lithia Motors US dealerships will go live with its software in Q4, marking its US debut ahead of a broader North American rollout from first half of 2027.

• Shares of the company were marginally up at 447 pence in early trade.

($1 = 0.7546 pounds)

(Reporting by Anushka Chourasia in Bengaluru; Editing by Jochelle Mendonca)