Journeo plc (AIM: JNEO), the information systems and transport technical services group, announces its final results for the year ended 31 December 2020.
· Revenue increased 19% to £13.6m (2019: £11.4m)
· Gross profit increased 17% to £5.3m (2019: £4.5m)
· Underlying profit before tax £0.5m (2019: loss of £0.8m)
· Profit before tax £0.2m (2019: loss of £0.9m)
· Profit before tax excluding share-based payments £0.3m (2019: loss of £0.9m)
· Cash and cash equivalents at 31 December 2020 £1.3m (2019: £0.7m)
· Diluted earnings per share 2.26p (2019: loss per share of 1.08p)
· Business has adapted well to remote working and continued to provide support services during the challenging environment brought about by the Coronavirus pandemic.
· Journeo is increasingly being seen as a technology provider, solving complex operational requirements within our towns and urban centres.
· Increased adoption of Journeo technologies amongst the Group's Fleet Operator customers, with 50 customers and over 3,000 vehicles connected to Journeo's platforms, assisting the Fleet Systems business to grow recurring revenue.
· Passenger segments delivered 43% growth for year-on-year sales revenues as a result of flagship orders received for passenger information and associated infrastructure technologies, including the City of Edinburgh Council and a northern transport partnership.
· Investment in research and development continues to build our own IP; early customer adoption of Journeo's full-colour LED and low-power/renewables based display technology.
Russ Singleton, CEO of Journeo plc, said: "The Government's decision to continue to support national infrastructure projects during the Covid-19 pandemic provided us with opportunities and a degree of stability during the year. More than ever, our customers are looking for solutions that provide enhanced functionality, reduced carbon emissions and improved economics. Our ability to leverage existing systems and apply our R&D capabilities in a "customer-led, applied development" model differentiates us at a time when our customers are focused on solutions that lengthen the lifecycle of existing assets.
"2021 has started encouragingly, with purchase orders and contract awards valued at £4.2m announced during Q1. There is also a rising level of enquiries and sales opportunities in our order pipeline, which is now predominantly based upon our own IP, technologies, and software.
"The UK Government's £2.4bn Transforming Cities Fund ("TCF") and the recent release of the National Bus Strategy for England, to help deliver on the £3bn commitment to carbon zero solutions in public transport, will provide us with further opportunities in the years to come.
"Journeo is now positioned to capture an increasing share of a sizeable, dynamic and growing market. The combination of an increasing demand for our technologies and software with significant government funding, underpins our confidence and ambitious growth plans."