Last checked at 25 Jan 2021 07:00
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").
25 January 2021
Journeo plc
("Journeo" or "the Group")
Framework agreement contract extension
Journeo plc (AIM: JNEO), the information systems and transport technical services group, is pleased to announce it has secured a 1-year extension to a framework agreement with First Bus UK ("First Bus").
The extension, which will continue to March 2022, unless further extended, is expected to generate £1.8m in revenues, and includes the provision of systems and services for new and existing vehicles along with a further 800 connections into Journeo's Software as a Service application (SaaS).
Journeo's cloud-based software solutions and on-line services are an example of the company contributing to its Corporate Social Responsibility (CSR) and sustainability commitments by helping to make the world a greener place.
The Journeo Remote Condition Monitoring (RCM) software, with machine learning is able to identify and correct an increasing range of on-board issues automatically, thereby reducing the frequency of maintenance visits, along with the associated mileage related pollution and costs.
Journeo's Agnostic Video Management Software (AVMS) further reduces the costs and carbon footprint for public transport operators, as they can access important situational awareness images and sounds remotely and securely, reducing the need in many cases, to visit vehicles for video download, insurance assessments or legal evaluation following collisions, or other incidents.
Framework Agreement
Journeo have been providers of safety critical CCTV and related on-board and depot-based IT sub-systems to First Bus through a series of framework agreements since 2010.
During the current 5-year framework agreement announced on 19th August 2016 approximately 1,000 systems have been installed on new buses and over 2,000 vehicles are connected to Journeo's cloud-based SaaS applications, ensuring high levels of performance and reliability are maintained whilst helping to protect passengers, drivers, and members of the public.
First Bus
First Bus are one of the largest bus operators in the UK, with approximately 5,200 buses serving 40 of the UK's largest towns and cities, including two thirds of the UK's 15 largest conurbations. Last year they provided 500 million passenger journeys and operate around 20% of local bus services in the £4.2bn deregulated market outside London. Since 2010 they have invested in more than 2,000 new buses, helping to improve punctuality, fuel and cost efficiency and reduce environmental impacts.
Russ Singleton, CEO of Journeo plc, said:
"We are delighted to be continuing the long-standing relationship as technical services provider with First Bus through this framework contract extension, where we will be supplying CCTV and associated onboard IT sub-systems and Smart-Vision digital wing-mirror technology. In addition, a further 800 buses are to be connected into the Journeo cloud-based SaaS application, placing First Bus amongst the market leaders in real-time remote condition monitoring and cloud-based video management.
Whilst the last 12-months have been particularly challenging for many public transport operators, and transport infrastructure providers, our innovative solutions, services and software are helping to deliver valuable efficiency gains and cost reductions for our customers in preparation for market recovery following the UK wide vaccination programme".
A digital copy of this announcement will be available on the Groups' website: www.journeo.com.
For further information, please contact:
Journeo plc Russ Singleton/ Nick Lowe | +44 (0) 844 871 7990 |
WH Ireland - Nominated Adviser and Broker Mike Coe/ Chris Savidge | +44 (0) 117 945 3470 |
Communications Portfolio Ariane Comstive | +44 (0) 7785 922 354
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Notes to editors:
Journeo plc is an 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 few years, the Company has invested around £5m in research and development, enabling it to design and supply the very best 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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