TIDMJNEO
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")
GBP1m 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 GBP1m 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
GBP0.5m 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 GBP1m
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
K aty Birkin/ Callum Davidson +44 (0) 207 3 97 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 GBP5 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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