REG - Journeo PLC - Contract Awards

JourneoAnnouncement

16/07/2024 07:00

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RNS Number : 4891W  Journeo PLC  16 July 2024

The information contained within this announcement is deemed by the Company to
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time.

16 July 2024

 
Journeo
plc

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

£3m Rail technology solutions contracts

Journeo plc (AIM: JNEO) a leading provider of information systems and
technical services to transport operators and authorities, is pleased to
announce it has secured two contract awards totalling £3.0m for the provision
of its on-board CCTV and Automatic Passenger Counting ("APC") solutions.

 

The first contract is for £2.4m where Journeo will provide CCTV and APC,
along with design and support services, to the Porterbrook(1) Class 170 fleet,
which comprises 35 trains for East Midlands Railway ("EMR")(2) and 29 for
CrossCountry(3) totalling 158 carriages.

The second contract for £0.6m is with Arriva Train Care(4). Journeo will
provide CCTV and APC, along with design and support services, to Angel Trains
Class 158 fleet, which comprises 16 trains for EMR totalling 32 carriages.

Under both contracts, Journeo will provide full support during the design
phase and first fitment of the systems. All systems will be securely connected
to the Journeo cloud-based software application via the existing
train-to-shore communications, generating additional monthly recurring SaaS
licensing revenues.

It is anticipated that approximately £1.0m of revenue will be generated by
the end of December this year and while both contracts are included in
management's expectations of performance for the current year these add to the
Company's strong order book and provide further future revenue visibility.

Russ Singleton, Chief Executive of Journeo plc, commented,

 

"I am delighted that these large rail companies have selected our technology,
software and services to enhance passenger safety, monitor infrastructure and
provide a fleet-wide view of live and historical occupancy data. As each
system comes on-line, our services and live passenger information will be
available to these operators and their end users on the Journeo portal, adding
to Groups' monthly recurring SaaS revenues."

 

(1) Porterbrook has invested over £3 billion to become a leading participant
in the rail leasing market with a rolling stock fleet of around 5,000 vehicles
on lease or on order, including c.4,500 passenger vehicles.

(2) East Midlands Railway is a British train operating company owned by
Transport UK Group.

(3) CrossCountry is a Train Operating Company with 139 trains owned by the
Arriva Group.

(4) Angel Trains is one of Britain's leading train Asset Management companies
and has invested over £5 billion in new rolling stock and refurbishment
programmes.

 

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

For further information, please contact:

 Journeo plc                                                          +44 (0) 203 651 9166

 Russ Singleton/ Nick Lowe

 Cavendish Capital Markets Limited - Nominated Adviser and Broker     +44 (0) 207 397 8900

 Katy Birkin/ Callum Davidson

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 currently has five operating companies:

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

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

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

 

In the last 4 years, the Company has invested over £6 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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