Trading Update

Journeo PLC

12 February 2024

 

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.

12 February 2024

Journeo plc

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

Trading update

Journeo plc (AIM: JNEO), a leading provider of information systems and technical services to transport operators and local authorities is pleased to provide an update on trading for the year to 31 December 2023.

Results are expected to be in-line with market expectations, with Group revenues for the year ended 31 December 2023 increasing by 118% to £46m (2022: £21m).

The Company has continued to see continued momentum in both Fleet Systems and Passenger Systems which together delivered 20% organic growth in revenue to £25m (2022: £21m) and an order intake growth of 11% to £30m (2022: £27m).

The acquired businesses, Infotec and MultiQ, have performed well since joining the Group and contributed £21m in revenues during the year.

Adjusted profit before tax is anticipated to be in-line with market expectations.

Cash balances at the year-end were £8.1m, including payments in advance of £1.6m (2022: £0.5m).  The Company invoice discounting facility of £2.75m was unutilised at the year end.

Further details will be provided in the Group's FY2023 Annual Report. The figures in this announcement remain subject to audit.

Russ Singleton, Chief Executive of Journeo plc commented:

"I am very pleased with the progress we made in 2023, both organically and through two acquisitions. These developments are fuelling our strategy to broaden our customer base, extend our geographic reach, deepen our capabilities and provide us with access to thematically linked adjacent markets.  We have strengthened our recurring revenue alongside our order book and pipeline, providing good forward earnings visibility and a solid base on which grow the business further. Together with significantly improved cash balances, we are investing in our people and technologies to develop innovative products and services that meet our customer requirements, as well as anticipating the future needs of the public transport sector. With a strong sense of momentum and an increasingly compelling customer offering, we look forward to further organic and acquisitive growth."

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]
Cavendish Capital Markets Limited - Nominated Adviser and Broker Katy Birkin/ Callum Davidson	[phone]

Notes to editors:

Journeo plc is a leading Intelligent Transport Systems provider, delivering solutions in towns, cities, airports, and the public transport networks that connect them. The Company works extensively with local and combined authorities, Network Rail and many of the largest multinational transport operators, supporting them as systems converge towards a more efficient and sustainable future.

The business has five operating companies:

·    Journeo Fleet Systems: 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.

·    Journeo Passenger Systems: 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.

·    Infotec: design, advanced manufacture, installation and software management of information displays hardware for rail applications in stations, on-platform and on-vehicle.

·    MultiQ (based in Aarhus, Denmark): full-service provider of Intelligent Transport Systems ("ITS") with customers in Denmark, Sweden and Iceland.

·    21st Century AB (based in Stockholm, Sweden): technical services provider to public transport customers in Sweden.

In the last 4 years, the Company has invested over £5 million in research and development, enabling it to design and supply powerful innovative 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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