Source - LSE Regulatory
RNS Number : 4998W
Journeo PLC
18 April 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.

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.

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.

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