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
|
+44 (0) 203 651 9166
|
Cavendish Capital Markets
Limited - Nominated Adviser and
Broker
Katy Birkin/ Callum Davidson
|
+44 (0) 207 220 0500
|
|
|
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.