Transport tech firm enjoys healthy increase in profits
Ashby-headquartered information systems and transport technical services firm Journeo plc has revealed it enjoyed a healthy increase in revenue and profits last year after experiencing an uptick in sales and SaaS subscriptions to its Journeo Portal.
Revenue at the firm surged by 35% to £21.1m, gross profits increased by 29% to £7.8m and pre-tax profits, excluding share-based payments, leapt from £0.5m was £1.0m.
In a statement to the London Stock Exchange, Journeo said the £8.7m acquisition of Leicestershire rail display manufacturer Infotec was a particular highlight of 2022 which would strengthen its prospects moving forward.
Russ Singleton, CEO of Journeo plc, said: “I am very pleased with our performance in 2022 which saw sustained improvement in order intake, revenues and profits. This performance was delivered in a continuing challenging market environment coupled with pressure on our global supply chain. It is a reflection of our unwavering focus to execute on our strategy, which is proving effective.
“The recent acquisition of Infotec, complements our existing business and strategy well, and the enlarged group strengthens our position further with a healthy order book and growing sales pipeline based on our intellectual property and expert knowledge.”