Journeo revenues surge in 2023

(Sharecast News) - Transport systems provider Journeo said on Monday that full-year results were expected to be in line with market expectations, with revenues surging year-on-year. Journeo said revenues had increased by 118% to £46.0m, while adjusted pre-tax profits were expected to be in line with market expectations.

The AIM-listed company stated that it had seen continued momentum in both its fleet systems and passenger systems units, which together delivered 20% organic growth in revenue to £25.0m and an order intake growth of 11% to £30.0m.

Journeo added that the recently acquired Infotec and MultiQ businesses had "performed well" since joining the group and had contributed £21.0m in revenues during the year.

Chief executive Russ Singleton said: "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."

As of 1015 GMT, Journeo shares were up 5.10% at 261.70p.

Reporting by Iain Gilbert at Sharecast.com