Trading Update

Journeo plc (AIM: JNEO), a leading provider of information systems and technical services to transport operators and local authorities is pleased to provide an update on trading for the year to 31 December 2023.

Results are expected to be in-line with market expectations, with Group revenues for the year ended 31 December 2023 increasing by 118% to £46m (2022: £21m).

The Company has continued to see continued momentum in both Fleet Systems and Passenger Systems which together delivered 20% organic growth in revenue to £25m (2022: £21m) and an order intake growth of 11% to £30m (2022: £27m).

The acquired businesses, Infotec and MultiQ, have performed well since joining the Group and contributed £21m in revenues during the year.

Adjusted profit before tax is anticipated to be in-line with market expectations.

Cash balances at the year-end were £8.1m, including payments in advance of £1.6m (2022: £0.5m). The Company invoice discounting facility of £2.75m was unutilised at the year end.

Further details will be provided in the Group's FY2023 Annual Report. The figures in this announcement remain subject to audit.

Russ Singleton, Chief Executive of Journeo plc commented:

"I am very pleased with the progress we made in 2023, both organically and through two acquisitions. These developments are fuelling our strategy to broaden our customer base, extend our geographic reach, deepen our capabilities and provide us with access to thematically linked adjacent markets. We have strengthened our recurring revenue alongside our order book and pipeline, providing good forward earnings visibility and a solid base on which grow the business further. Together with significantly improved cash balances, we are investing in our people and technologies to develop innovative products and services that meet our customer requirements, as well as anticipating the future needs of the public transport sector. With a strong sense of momentum and an increasingly compelling customer offering, we look forward to further organic and acquisitive growth."

A digital copy of this announcement will be available on the Group's website: www.journeo.com.