Source - LSE Regulatory
RNS Number : 2208S
Journeo PLC
08 March 2023
 

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.

8 March 2023

Journeo plc

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

£1m software and services contract from Transport for Wales

Journeo plc (AIM: JNEO), the information systems and transport technical services group, is pleased to announce that it has signed a Software as a Service ("SaaS") contract with Transport for Wales to supply a new displays Content Management System ("CMS") for the Welsh Bus Data Content Management System (WBDCMS). The initial contract value is £1m and has a five year term, with two additional one-year extensions available through to 2030.

 

WBDCMS is one of two key requirements identified by Transport for Wales ("TfW") to ensure consistent and reliable bus departure information for passengers across Wales.  This contract will provide Principal Authorities in Wales the ability to utilise a nationwide CMS to deliver high accuracy information rather than procuring their own data services.

 

The initial software engineering and configuration work is underway and is expected to generate revenue of approximately £0.5m during the current year. This contract is included in management's expectations for FY2023, adding to the Company's strong order book and strengthening market position.

 

The total value of the contract award will be determined by the number of displays TfW, and the Principal Authorities connect to the system, as each further display connection will generate additional monthly recurring revenue, regardless of the display manufacturer. The current prudent valuation of approximately £1m is based upon TfW's own base case estimates.

 

WBDCMS will use the Journeo Portal, which is to host the next evolution of the Company's widely adopted EPIX CMS, already in use by over 40 local authorities within the UK.  Possessing advanced display management and intelligent messaging features, the CMS has been designed specifically for the transport market.  

 

Russ Singleton, Chief Executive of Journeo plc, commented, 

 

"TfW have been heavily engaged with the transport market in recent years and we are delighted that they have selected our highly scalable solution to provide passengers with consistent and reliable bus departure information across Wales.  To encourage more people to use public transport, they need well-presented and accurate information including timely travel disruption information.  The Journeo Portal has been developed to operate across transport modes and is capable of connecting to displays from any vendor that adopts the latest open communication standards.

 

"By adopting a nationwide data solution, TfW are ensuring that all authorities have access to the best data available and enabling authorities to focus their time on where best to deploy that information through real time displays and infrastructure-free solutions such as apps and QR-codes."

 

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



Cenkos Securities Nominated Adviser and Broker

Katy Birkin/ Callum Davidson

 +44 (0) 207 397 8900





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.

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 or visit 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.
 
END
 
 
CNTSSSEEWEDSELD
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Journeo PLC (JNEO)

+2.50p (+0.93%)
delayed 15:57PM