Contract Award

RNS Number : 0769K

Journeo PLC

19 December 2022

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

19 December 2022

Journeo plc

("Journeo, the "Company" or the "Group")

Contract Win

£1.2m software and associated services contract from Network Rail

Journeo plc (AIM: JNEO), the information systems and transport technical services group, is pleased to announce a £1.2m contract with Network Rail for ScotRail for the provision of advanced Journeo Portal software and associated services including set-up, commissioning, and two years of software licencing (the "Contract").

This is the first major software led contract for Journeo's in house developed intellectual property and provides an opportunity for further licencing contracts in the UK and internationally.

ScotRail operates over 400 trains across the UK's network. These trains will add to the growing number of Journeo Portal's SaaS connections, which have increased from 4,000 to 10,000 vehicles over the course of 2022, each generating monthly recurring revenue.

The Journeo Portal has been developed as an intelligent cloud-based platform that operates across different modes of transport, following a period of investment in research and development during the last 4-years, alongside work in image processing, remote sensing, artificial intelligence and machine learning.

Over 800 of the current Journeo Portal connections are rail-based vehicles following recent successes by Journeo with Northern Trains and South Western Trains, where on-board technology provides the British Transport Police ("BTP") with direct access to view the Forward-Facing CCTV ("FFCCTV") for fast incident management.

On completion of the Contract approximately 95% of the current ScotRail fleet will be connected to the Journeo Portal, with the remainder due to be taken out of service shortly. The service will provide access for BTP and Network Rail, as well as the operator, to access the FFCCTV images remotely utilising advanced cyber security techniques with GPS coordinates for location accuracy.

The Contract includes the supply of a new software application within the Journeo Portal known as Track Incursion Monitoring ("TIM") which scans and detects objects in front and around the kinematic envelope of the train. Journeo developed the TIM software and carried out a successful proof of concept trial which analysed foliage creep and track obstruction using existing camera equipment over many tens of thousands of miles covered by the FFCCTV systems connected to the Journeo Portal.  New layers will be added to the Journeo Portal real time map and user interface to alert users to potential safety issues in vegetation hotspots.

This Contract is included in management's expectations of performance for FY2023 and FY2024 and further adds to the Company's strong order book, providing future revenue visibility reflecting the Group's strengthening market position.

Russ Singleton, Chief Executive of Journeo plc, commented:

"We are delighted to be providing Network Rail, ScotRail and British Transport Police with a fleet-wide deployment of our high security safety analytics software and data management applications within the SaaS based Journeo Portal.  Developing and licencing software is a strategic objective of Journeo which is complementary to the historic hardware-based installations undertaken. This bonds Journeo even more closely with its growing list of customers, whilst delivering substantially higher returns for our shareholders."

A digital copy of this announcement will be available on the Group's website: www.journeo.com .

For further information, please contact:

Journeo plc Russ Singleton/ Nick Lowe	[phone]
Cenkos Securities  - Nominated Adviser and Broker K aty Birkin/ Callum Davidson	[phone]

Notes to editors:

Journeo plc is an information systems and technical services business focussed on public transport and related infrastructure within towns, cities, airports, and local authorities. The Company works extensively with local government departments, combined authorities, and many of the largest multinational transport operators, supporting them as systems converge towards a more efficient and sustainable smarter-cities future.

The business currently comprises two segments:

· Fleet operator solutions: CCTV video surveillance to improve passenger & driver safety, telematics for vehicle and driver performance monitoring, real-time communications for remote condition monitoring and automatic passenger counting.

· Passenger transport infrastructure solutions: design, manufacture, installation, and management of hardware and software for electronic public transport information systems, in and around towns, cities, ferry terminals and airports which includes smart-ticketing and wayfinding.

In the last 4 years, the Company has invested over £5m in research and development, enabling it to design and supply the best solutions for customers' complex requirements and the demands of modern public transport. With an Internet of Things (IoT) approach and open standards, together with field-proven and reliable engineering, Journeo is able to offer flexible, scalable products and services that can integrate with existing technology while preparing for future advancements.

 

END

 

 

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