Journeo (JNEO,), a transport technology specialist, has announced its final results for the year ended 31 December 2022, reporting profits doubling and revenue up 35%. In a separate statement, the company announced two contract awards totalling £1.6m for passenger information systems in Wales.
The first contract, valued at £1m, was awarded by the City of Cardiff for the replacement of legacy 3-line LED displays with Journeo's latest TFT LCD in-shelter displays.
The second contract, valued at £0.6m, is for Transport for Wales where a variety of TFT LCD display technology is to be installed in Cardiff's new flagship bus station.
Journeo said it expects £1m of the contract revenue will be recognised in the 2023 financial year.
In the company’s announcement of results for the year ended 31 December 2022, underlying profit before tax doubled to £1.2m, alongside revenue increasing 35% to £21.1m. The transport technology specialist also noted strong growth in SaaS subscriptions to the Journeo Portal, which saw the number of connections climb 150% to 10,000 connected vehicles.
Journeo also acquired Infotec for £8.7m after the period end, following an oversubscribed placing and retail offer.
Russ Singleton, CEO of Journeo plc, said: "I am very pleased with our performance in 2022 which saw sustained improvement in order intake, revenues and profits. This performance was delivered in a continuing challenging market environment coupled with pressure on our global supply chain. It is a reflection of our unwavering focus to execute on our strategy, which is proving effective.”
View from Vox
Journeo has delivered an impressive set of results for 2022, demonstrating that the company is enjoying success post-pandemic and is well-positioned in the current economic climate as people opt for public transport amid soaring energy and fuel costs. Investors reacted well to the double hit of positive news from the company, with Journeo’s shares climbing 5% this morning.
The company is also well-placed to help the UK government achieve Net Zero by 2050. Making mass transit more efficient through implementing Journeo’s technology will encourage people out of personal-use vehicles and into public transport.
Figures relating to public transport use post-pandemic show that bus travel, the most popular form of public transport, may still remain some 27% behind pre-COVID levels of usage, but Department for Transport statistics for 2021/2022 shows a 55% increase in bus passenger journeys across the year, indicating that public confidence in mass transit is returning.
Tying all this together, the socioeconomic backdrop puts Journeo in a favorable position going forward, and on top of, this the recent acquisition of Infotec further strengthens the company’s already healthy position, with a healthy order book and growing sales pipeline.
Follow Journeo for more News and Updates .