Journeo delivers record H1 performance, FY revenues seen 'marginally ahead'

30th Jul 2024 11:04

(Sharecast News) - Information systems provider Journeo said on Tuesday that it had delivered a record first-half performance and the full-year revenues were now expected to be "marginally ahead" of current market expectations.

Journeo said interim revenues had increased 17% to £25.6m, with sales order intake up 33% to £24.0m, providing increased visibility into H2, and adjusted pre-tax profits 54% higher at £2.8m. Cash balances increased to £12.8m from £11.3m.

Within Journeo's fleet systems division, revenue increased 16% to 9.2m, while its passenger systems unit posted a 13% uptick in revenues to £5.2m.

The AIM-listed group guided to full-year revenues of £50.0m, slightly above current expectations, and said pre-tax profits were also seen £400,000 ahead at £4.8m.

Chief executive Russ Singleton said: "The record performance in H1 2024 and the uplift in sales order intake reflect the success of Journeo's strategy to harness government-backed growth opportunities in the transport industry. There is increasing recognition by our target client base of our expertise in delivering leading-edge solutions that meet the challenges of increasing the number and quality of journeys using public transport."

As of 1100 BST, Journeo shares had rallied 13.77% to 259.40p.

Reporting by Iain Gilbert at Sharecast.com