TIDMJNEO
RNS Number : 8301U
Journeo PLC
28 November 2023
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.
28 November 2023
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 report an update on trading for the year
ending 31 December 2023 ("FY 2023").
As a result of both organic and acquisitive growth and a strong
second half, the Group expects to deliver revenue for FY 2023 of
approximately GBP46m, ahead of market expectations.
Strong sales order intake in Journeo's core Fleet Operator
Systems and Passenger Information Systems businesses continues and
has surpassed the GBP27m achieved for FY 2022 giving good forward
earnings visibility into FY 2024. Whilst no comparative numbers are
available, sales activity for the recently acquired businesses,
Infotec and MultiQ, is in-line with management expectations.
Sales of lower margin products were higher than expected in H1
2023 and, as reported in the H1 2023 trading update announced on 1
August 2023, this has continued throughout most of H2 2023.
As a result, the Company expects adjusted profit before tax for
FY 2023 to be ahead of current market expectations at approximately
GBP3.9m, further demonstrating the Company's resilience and ability
to maintain its performance despite the challenging macro-economic
environment.
Margins are expected to increase in FY 2024 as the effect of
component shortages in supply chains improves, delivery of delayed
rail contracts and associated SaaS revenues commence, and the
overall business mix changes as the Group's integration programme
starts to deliver consolidated products design, unified software
and integrated services to its growing international
marketplace.
Russ Singleton, Chief Executive of Journeo plc commented:
"Our continued strong performance in FY 2023 is reflective of a
carefully laid strategy to work closely with our customers to
develop leading technology products and services that encourage the
use of public transport, while reducing emissions and traffic
congestion. Journeo's acquisitions in 2023 are supporting domestic
and international growth while creating more opportunities to
integrate systems across transport modes. We have an increasingly
compelling offering, which combined with continued government
support and investment in the sector is delivering our growth plans
together with ever more advanced solutions for our customers."
A digital copy of this announcement will be available on the
Group's website: www.journeo.com .
For further information, please contact:
Journeo plc +44 (0) 203 651
Russ Singleton/ Nick Lowe 9166
C avendish Capital Markets Limited - Nominated
Adviser and Broker +44 (0) 207 220
Katy Birkin/ Callum Davidson 0500
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 GBP5 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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END
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