Trading Update

RNS Number : 0586A

Journeo PLC

31 January 2022

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

31 January 2022

Journeo plc

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

Trading Update

Journeo plc (AIM: JNEO), the information systems and transport technical services group, is pleased to provide an update on trading for the year ended 31 December 2021.

Trading update 

The Group's strategy of developing technologies, IP and information services centred around customers in public and freight transport applications, led to a significant increase in order intake during 2021. Revenues increased by 15% in 2021 to £15.6m (2020: £13.6m). Due to the type of work completed and the varying margins involved, profit for the full year is anticipated to be in line with market expectations.

A number of the contracts won in the year include support services over three to five years, reflecting an increase in the long-term nature of relationships with our growing customer-base.

During the first six months of the year the number of  vehicles connected to Journeo's software and services platform increased by 30%. In June Abellio placed orders to connect their 900 buses onto the platform, which is underway and in November a 3-year SaaS contract was awarded by Arriva to connect a further 4,700 buses which are expected to come on-line during 2022.

The GB Railfreight contract announced today will take the number of trains connected to over 640 and they are the first rail operator to adopt Journeo's forward facing video system and software fleet-wide for remotely monitoring safety, maintenance and operations.

The benefits of highly secure, scalable and remote condition monitoring are being evaluated by a number of other public transport bodies and further growth in the number connections to the SaaS platform is expected. 

In September we announced a five-year £2.5m contract with Transdev Airport Services at London Heathrow airport, building on our portfolio which includes Gatwick and Stansted, where our software and real time information management systems were chosen to provide enhanced airport mobility solutions.

Journeo's airport solutions are generating interest from operators at other airports, including within the EU. Prior to the year end, an initial purchase order was received from Bristol Airport.

Supply chain issues and associated price increases continue to be monitored closely. At this point in time there are some uncertainties as to what their impact on future results might be, but we will continue to work closely with suppliers and customers in managing any exposure encountered.

Russ Singleton, Chief Executive of Journeo plc, commented: "I am pleased with our achievements in 2021. We are making excellent progress in developing the next generation products and services for fleet operators, local authorities, and airports. We enter 2022 with a strengthening order book and a growing sales pipeline of future opportunities based on Journeo IP."

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]
WH Ireland  - Nominated Adviser and Broker Mike Coe/ Sarah Mather	[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 few years, the Company has invested over £5m in research and development, enabling it to design and supply advanced 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.

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