Last checked at 8 Jun 2022 07:00
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 June 2022
Journeo plc
("Journeo", "Company" or "the Group")
£1.7m Contract Awards for Real Time Information Systems
Journeo plc (AIM: JNEO), a leading provider of information systems and technical services to transport operators and local authorities, is pleased to announce two contract awards for software, information systems and 5-year support services totalling £1.7m with Nottingham City Council (the "Agreements").
The first contract, valued at £1.4m is for the upgrade of 1,600 existing LED outdoor displays using a 4G Intelligent Gateway, the 'Journeo Edge'. These upgraded displays will join over 1,000 displays previously supplied by Journeo throughout Nottingham City Council, Nottinghamshire County Council, Derby City Council and Derbyshire County Council, and will extend the life of the displays beyond the depreciation of the UK's 2G and 3G networks. A small number of displays will also feature Journeo's next generation 5G gateway.
The second contract, valued at £0.3m, is for Journeo's powerful new messaging software tool to enable Nottingham City Council to integrate vital travel disruption information with scheduled and real time departure data for over 10,000 bus stops throughout the region. This intelligent new service will consume data from standardised data feeds and autonomously distribute the most relevant information to transport users via displays, mobile apps and online sources already used by the authority to provide information.
It is anticipated that approximately £0.5m of the total value of the Agreements will be delivered during this financial year.
The contracted revenues under the Agreements for this financial year were 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, Chief Executive of Journeo, said: "We are delighted to be working with these councils to upgrade and connect their legacy LED display systems to our powerful content management software platform. Using the same core technology that we deploy on vehicles, the Journeo Edge will communicate in a new, standardised format which will soon be adopted across the industry. Additionally, the new messaging tool has the potential to revolutionise transport disruption messaging, disseminating the latest updates for any bus stop to any authorised endpoint".
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 information systems and technical services business focussed on public transport and related infrastructure within towns, cities, airports, and local authorities. The Company works extensively with local government departments, combined authorities, and many of the largest multinational transport operators, supporting them as systems converge towards a more efficient and sustainable smarter-cities future.
The business currently comprises two segments:
· Fleet operator solutions: 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.
· Passenger infrastructure solutions: 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.
In the last 4 years, the Company has invested over £5 million in research and development, enabling it to design and supply powerful new 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.