Trading Update

Journeo

29/07/2025 07:00

RNS Number : 8777S

Journeo PLC

29 July 2025

 

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.

29 July 2025

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, announces a trading update for the six months ended 30 June 2025 ("H1 2025"), and current outlook confirming trading in line with expectations.

Russ Singleton, Chief Executive of Journeo plc commented:

"The Group performed well in H1 2025 and is on-track to achieve another record year. Strong organic growth in UK revenues almost replaced the value of sales made in the USA by Infotec in H1 2024 and we have recently secured over £9m new business in Rail, North America and Europe. The Company remains on track for another year of growth in line with current market expectations, with full year revenue expected at approximately £52m and adjusted profit before tax of £5.2m".

 

Financial Highlights

·    Adjusted profit before tax of £2.8m (H1 2024: £2.8m)

·    Gross profit increased by 3% to £9.2m (H1 2024: £9.0m)

·    Group revenue decreased by 4% to £24.5m (H1 2024: £25.6m)

o  Fleet revenue increased by 46% to £13.5m (H1 2024: £9.3m)

o  Passenger revenue increased by 17% to £6.1m (H1 2024: £5.2m)

o  Infotec revenue down due to end of phase 1 of the New York subway contract in H1 2024*

·    Cash balance increased to £18.0m (H1 2024: £12.9m)

·    Sales order intake increased by 25% to £30m (H1 2024: £24m) providing increased visibility into H2 2025 and beyond

·    Sales opportunity pipeline increased to £80m (H1 2024: £60m)

·    The Board is confident in meeting full year market expectations

* H1 2024 included £3.4m of revenue from the first phase of the New York City subway contract which completed during 2024.  H1 2025 includes no revenue from this contract with two purchase orders announced in April ($2.5m) and June ($2.7m) that will benefit H2 2025 revenue.

Journeo performed in line with management expectations in H1 2025 with Group revenue of £24.5m (H1 2024: £25.6m) and adjusted profit before tax of £2.8m (H1 2024: £2.8m).

The Fleet Systems division continued its strong progression with revenue increasing by 46% to £13.5m (H1 2024: £9.3m).

Passenger Systems revenue increased by 17% to £6.1m (H1 2024: £5.2m) and Infotec delivered revenue of £3.6m (H1 2024: £8.5m).

Cash balance at 30 June 2025 was £18.0m (H1 2024: £12.9m). The Company's invoice discounting facility of £2.75m was unutilised during the period.

Outlook

Revenue for the full year is expected to be approximately £52m, in line with current market expectations, with adjusted profit before tax expected to also be in line at £5.2m.

The Company expects revenue in H2 2025 to be ahead of H1 2025, following the trend of prior years, with the exception of 2024 which included the New York City subway contract.  This demonstrates the resilience of the Group with a strong order book and a growing customer base for its software, products and services.

In addition to strong organic growth, Journeo is at an advanced stage in progressing its stated strategy for strategic, complementary acquisitions, with an expectation to utilise the Group's excess cash reserves in this regard.

The Company will publish its interim results in September 2025.

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

 

For further information, please contact:

Journeo plc
Russ Singleton/ Nick Lowe
+44 (0) 203 651 9166
Cavendish Capital Markets Limited- Nominated Adviser and Broker
Katy Birkin/ Callum Davidson
+44 (0) 207 220 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 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.

·    Journeo A/S (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 £6million 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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