(Alliance News) - Journeo PLC on Monday posted a swing to profit for the first six months of 2020 as it noted it has seen a "good start" to the second half of the year.
Shares in the transport information systems and technical services provider, formerly known as 21st Century Technology, were trading 3.0% higher in London at 52.00 pence.
For the half year to June 30, Journeo posted pretax profit of GBP88,000, a significant swing from the GBP412,000 loss recorded a year prior.
This was as revenue surged 19% year-on-year to GBP6.8 million from GBP5.7 million, with Passenger revenue increasing 41% to GBP3.6 million. Fleet revenue was unchanged at GBP3.2 million.
Looking ahead, Chief Executive Russ Singleton said: "Despite the Covid-19 challenges, the group performed well in the first half and has made a good start to the second half, securing a contract valued at GBP2 million with Abellio London and the GBP800,000 purchase orders from West Midlands Combined Authority. In the last few days, we have also received a further GBP300,000 Transforming Cities Fund order, adding to the GBP1.9 million order announced in February 2020.
"The order book is strengthening and we have a growing sales pipeline of future opportunities, particularly in government-backed transport infrastructure projects, where we have the capabilities and financial resources to deliver throughout the second half."
As at June 30, Journeo had cash of GBP1.2 million.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Journeo (JNEO)