REG - Journeo PLC - First Bus £9m Framework Agreement

JourneoAnnouncement

08/04/2022 07:00

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RNS Number : 7226H  Journeo PLC  08 April 2022

 

The information contained within this announcement is deemed by the Company to
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European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time.

 

8 April 2022

 

Journeo plc

 

("Journeo" or "the Group")

£9m Framework Agreement based on Software as a Service

Journeo plc (AIM: JNEO), a leading provider of information systems and
technical services to transport operators and local authorities is pleased to
announce a new framework agreement with First Bus UK ("First Bus") based upon
Journeo's Software as a Service (SaaS) platform (the "Agreement").

The Agreement, which is the Group's largest to date and will initially run for
three-years until March 2025, is expected to generate £9m in revenues and
includes an option to extend the term by a further two-years through to March
2027.

 

First Bus completed an extensive and successful trial of Journeo's IoT EDGE
vehicle gateway and cloud SaaS portal for the tracking, video management and
remote condition monitoring of on-vehicle systems. Work will commence
immediately on the rollout across the remainder of their fleet comprising a
further 3,300 vehicles, in addition to the 1,200 already connected.

 

Journeo has been providing safety and security solutions to First Bus since
2010 and will continue to supply the latest high-performance CCTV and safety
critical digital wing mirror systems under the Agreement  along with
technical design, new technology evaluation and project management services
backed up by nationwide engineering support.

 

Once the roll-out phase is completed, it will take the total number of
vehicles connected and using Journeo's SaaS platform to over 13,000.

The contracted revenues under the Agreement were included in management's
expectations of performance for the current financial year and add to the
Company's strong order book, providing further future revenue visibility.

About First Bus:

First Bus operates around a fifth of local bus services in the deregulated
market outside London and are the second largest regional bus operator in the
UK with a fleet of approximately 5,000 buses. In 2020/21, despite the
pandemic, they provided 465,000 passenger journeys a day and serve 40 of the
UK's largest towns and cities including two-thirds of the UK's 15 largest
conurbations.

Since 2010 they have invested in more than 2,000 new buses which have helped
improve punctuality, fuel and cost efficiency and reduce their environmental
impact.  As a leader in the transition to a low-carbon future for public
transportation, First Bus have committed to operate a zero-emission bus fleet
by 2035, and do not plan to purchase any new diesel buses after December 2022.

About Journeo SaaS:

Journeo's cloud-based SaaS solution provides authorised users with
authenticated, high-security access to video and associated data from any
connected vehicle using local Wi-Fi or the 4G capability of the EDGE vehicle
gateway. It is a secure platform for connecting other vehicle services, where
Journeo's machine learning software provides vital in-service performance data
for predictive maintenance schedules, and the transfer of critical information
in real-time from the fleet to back-office business systems.

 

Russ Singleton, Chief Executive Officer of Journeo, said: "We are delighted
that First Bus have selected Journeo's cloud-based video management solution
for their entire UK bus fleet. We designed our SaaS solution specifically for
the transport sector where secure and scalable communications and
open-architecture standards offer a clear path for operators and authorities
to connect assets using a range of IoT gateways and sensors to benefit from
the data insights that it provides".

 

For further information, please contact:

 Journeo plc                                        +44 (0) 203 651 9166

 Russ Singleton/ Nick Lowe

 Cenkos Securities - Nominated Adviser and Broker  +44 (0) 207 397 8900

 Katy Birkin/Callum Davidson

 

Notes to editors:

Journeo plc is a leading 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 £5 million in research and
development, enabling it to design and supply powerful new 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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