REG - Journeo PLC - Framework agreement extension

JourneoAnnouncement

18/04/2023 07:00

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RNS Number : 4998W  Journeo PLC  18 April 2023

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

18 April 2023

Journeo plc

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

Framework agreement contract extension

Journeo plc (AIM: JNEO), the information systems and transport technical
services group, is pleased to report a 1-year extension to its framework
agreement with Arriva UK Bus. The agreement was initially entered into on 22
May 2019 and extended on 7 December 2021.

This new framework contract extension will continue to April 2024 and is
expected to generate c.£1.1m in revenue.  This contract is sperate to and
sits alongside the Company's existing 3-year fleet-wide SaaS contract with
Arriva UK Bus, announced on 24 November 2021.

Arriva UK Bus has a fleet of approximately 5,000 buses and is the UK's third
largest bus operator outside of London, with over 15% market share. In London,
Arriva's 1,500 buses provide 17% of the capital's bus services. Outside of
London, Arriva's 3,500 buses provide vital regional bus services.

Pursuant to the extended framework agreement, Journeo will provide
high-definition CCTV systems and nationwide engineering support, along with
technical design, new technology evaluation and project management services
for new and legacy vehicles.

It is anticipated that the majority of the revenue will be recognised this
financial year and this contract, in conjunction with other recent wins,
supports the Company's medium term growth expectations.

Russ Singleton, Chief Executive Officer of Journeo plc, commented: "We have
been working with Arriva UK bus since 2010 and are delighted to continue this
long-standing relationship through this framework contract extension. Our
safety critical CCTV and associated on-board IT systems are designed to assist
Arriva in protecting their passengers, drivers and members of the public and
enhance the passenger travel experience".

 

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

 Cenkos Securities - 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 three 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.

 

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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