Journeo PLC Purchase Orders

RNS Number : 2475G

Journeo PLC

11 March 2024

 

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.

11 March 2024

Journeo plc

("Journeo", or the "Company")

 

£1.9m Bus Safety Systems Purchase Orders

Journeo plc (AIM: JNEO), a leading provider of information systems and technical services to transport operators and local authorities is pleased to announce it has received purchase orders totalling £1.9m to supply and install important safety systems on existing buses within the Transport for London (TfL) fleet.

As part of TfL's Vision Zero, digital wing mirror Camera Monitor Systems (CMS) have been mandated on all new vehicles entering TfL's c.9,000 vehicle fleet and to date approximately 1,000 Journeo CMS systems have already been supplied.

This current batch of orders is for the first tranche of legacy vehicles to undergo a refurbishment programme and be upgraded to the same safety level as the nation's Capital strives to reach its aim of zero deaths or serious injuries on its road network.

The £1.9m orders are to upgrade approximately 300 buses in total which includes over 200 New Routemasters, spread across some of the largest fleet operators in London, including Stagecoach, Metroline, Arriva and Abellio. Installations will be carried out over the course of this year and Journeo will provide support for these systems for the remainder of the vehicles' operating life in London of between 3 and 7 years.

Journeo expects that further purchase orders will be received during the year to upgrade more of the New Routemaster fleet and anticipates that across 2025 and 2026 fleet operators will upgrade the safety systems on approximately 30% to 50% of their legacy vehicles to comply with TfL Vision Zero. 

Journeo will replace the external vehicle wing-mirrors with the UN R46 approved Journeo CMS which utilises an ultra-low profile camera module mounted externally at high level on each side of the vehicle and the installation of high-definition monitors inside the vehicle.

The revenues are 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: "We are delighted to be involved in this first major retrofit program of CMS which includes the iconic New Routemaster bus. These purchase orders are a clear validation of Journeo's CMS which is increasingly being adopted by fleet operators throughout the UK where we have installed over 3,000 systems, including 1,000 in London. The Journeo CMS is optimised and approved for driver use and has a higher performance than reflective mirrors, particularly in poor weather and at night. The ultra-low profile external camera modules are also significantly smaller than the mechanical mirror systems they replace, so are far safer for pedestrians and other road users."  

 

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	[phone]
Cavendish Capital Markets Limited - Nominated Adviser and Broker Katy Birkin/ Callum Davidson	[phone]

 

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 has five operating companies:

·    Journeo Fleet Systems: 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: 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: design, advanced manufacture, installation and software management of information displays hardware for rail applications in stations, on-platform and on-vehicle.

·    MultiQ (based in Aarhus, Denmark): full-service provider of Intelligent Transport Systems ("ITS") with customers in Denmark, Sweden and Iceland.

·    Journeo AB (based in Stockholm, Sweden): technical services provider to public transport customers in Sweden.

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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