REG - Journeo PLC - Purchase Orders

JourneoAnnouncement

11/03/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240311:nRSK2475Ga&default-theme=true

RNS Number : 2475G  Journeo PLC  11 March 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.

11 March 2024

Journeo plc

("Journeo", or the "Company")

 

£1.9m Bus Safety Systems Purchase Orders

Journeo plc (AIM: JNEO), a leading provider of information systems and
technical services to transport operators and local authorities is pleased to
announce it has received purchase orders totalling £1.9m to supply and
install important safety systems on existing buses within the Transport for
London (TfL) fleet.

As part of TfL's Vision Zero, digital wing mirror Camera Monitor Systems (CMS)
have been mandated on all new vehicles entering TfL's c.9,000 vehicle fleet
and to date approximately 1,000 Journeo CMS systems have already been
supplied.

This current batch of orders is for the first tranche of legacy vehicles to
undergo a refurbishment programme and be upgraded to the same safety level as
the nation's Capital strives to reach its aim of zero deaths or serious
injuries on its road network.

The £1.9m orders are to upgrade approximately 300 buses in total which
includes over 200 New Routemasters, spread across some of the largest fleet
operators in London, including Stagecoach, Metroline, Arriva and Abellio.
Installations will be carried out over the course of this year and Journeo
will provide support for these systems for the remainder of the vehicles'
operating life in London of between 3 and 7 years.

Journeo expects that further purchase orders will be received during the year
to upgrade more of the New Routemaster fleet and anticipates that across 2025
and 2026 fleet operators will upgrade the safety systems on approximately 30%
to 50% of their legacy vehicles to comply with TfL Vision Zero.

Journeo will replace the external vehicle wing-mirrors with the UN R46
approved Journeo CMS which utilises an ultra-low profile camera module mounted
externally at high level on each side of the vehicle and the installation of
high-definition monitors inside the vehicle.

The revenues are 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.

Russ Singleton: "We are delighted to be involved in this first major retrofit
program of CMS which includes the iconic New Routemaster bus. These purchase
orders are a clear validation of Journeo's CMS which is increasingly being
adopted by fleet operators throughout the UK where we have installed over
3,000 systems, including 1,000 in London. The Journeo CMS is optimised and
approved for driver use and has a higher performance than reflective mirrors,
particularly in poor weather and at night. The ultra-low profile external
camera modules are also significantly smaller than the mechanical mirror
systems they replace, so are far safer for pedestrians and other road
users."

 

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) 207 220 0500

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 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.

·    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 £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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CNTBIGDXLUBDGSG