Journeo plc

Annual Report and Financial Statements 
for the year ended 31 December 2024 
Connected systems,  
for connected journeys

Journeo plc is a leading Intelligent 
Systems provider, delivering powerful 
technology solutions and services 
for towns, cities, airports and the 
transport networks that connect them, 
contributing to safer, smarter and 
more sustainable communities.
Our values are...
We are inquisitive
•  We listen and collaborate with customers to get to 
the heart of the challenge. 
•
We iterate, develop and refine our solutions.
•  We spend time in our communities to learn, reflect 
and include their perspectives.
We are industrious
•  We act with urgency, focus and dedication. 
•  We work with energy and expertise. 
•  We engage with all stakeholders and seek to 
integrate their needs.
We are innovative
•  We deliver the right solutions and support for the 
years ahead.
•  We care for our customers’ legacy, current and 
emerging needs.
•  We use our knowledge and experience to 
collaborate in and across industries. 
We operate with integrity
•  We take responsibility and ownership to deliver the 
right solution and outcome. 
•  We act with honesty. 
•  We support our communities whenever and 
wherever we can.
Our vision is...
Converged networks of intelligent 
systems, autonomously moving 
people, goods and services, for safe and 
seamless mobility.
Our mission is...
To make the movement of people, 
services and goods safer, more efficient 
and accessible through innovation and 
systems integration, delivering a future 
of connected systems, for connected 
journeys.

journeo.com
1
Financial highlights
Operational highlights
•
Formed the Journeo Design Centre (JDC) to build upon the work of our R&D 
team, to create new, scalable, world-class products.
•
Initiated organisational developments and senior leadership appointments
to support the Group in its next phase of growth.
•
Worked with Transport for London (TfL) to deliver Journeo’s digital wing 
mirror system, as part of the transport executive’s Vision Zero programme.
•
Implemented a new Group-wide HR system and employee support 
programme.
•
Successfully completed phase 1 of Infotec’s major US contract for the New 
York Subway.
•
Continued integration of Infotec and Journeo A/S, with cross-selling 
opportunities identified.
•
Retained all ISO 9001, 14001, 27001, 45001 accreditations and cyber security 
and ICO certification.
 Read more in the Chief Executive’s report on pages 14 to 17
£49.6m 
Revenue
(2023: £46.1m)
£17.7m  
Gross profit
(2023: £14.3m)
£5.0m  
Profit before tax
(2023: £3.7m)
£14.3m  
Cash and cash equivalents 
at 31 December 2024 
(2023: £8.1m)
26.29p     
Diluted earnings per share 
(2023: 17.96p)
Read more in the Consolidated 
statement of accounts on 
pages 52  to 82
Contents
OVERVIEW
Highlights
1
Investment proposition
2
At a glance
4
Chairman’s statement
10
STRATEGIC REPORT
Chief Executive’s report
14
Markets
18
Business model
22
Strategy and objectives
24
Chief Financial Officer’s report
26
Chief Technical Officer’s report
27
Stakeholder engagement
28
ESG report
30
Principal risks and management
33
GOVERNANCE
Board of Directors
38
Senior Leadership Team
39
Report on corporate governance
40
Report of Directors’ remuneration
42
Statutory Directors’ report
44
Independent Auditor’s report
47
FINANCIAL STATEMENTS
Consolidated statement 
of comprehensive income
54
Consolidated statement 
of changes in equity
55
Consolidated statement 
of financial position
56
Consolidated statement 
of cash flows
57
Notes to the consolidated 
financial statements
58
Company statement 
of financial position
83
Company statement 
of changes in equity
84
Notes to the Company 
financial statements
85
Corporate information
91
Highlights
Overview

Investment proposition
Journeo is a leading provider of 
Intelligent Transport Systems, 
supporting customers to deliver 
operational enhancements 
and make public transport and 
commercial freight safer, more 
sustainable, more attractive to 
passengers and the de-facto 
choice for journeys of all types.  
Our solutions are applied in two key 
market segments of the transport 
sector: On-vehicle systems and 
Infrastructure systems.  They are 
delivered through our four operating 
companies:
Journeo Fleet Systems Ltd:  
Advanced on-vehicle systems 
integration backed by Journeo 
cloud-based services, and nationwide 
support teams.
Journeo Passenger Systems Ltd: 
On-street passenger information 
solutions including displays 
technology and the cloud solutions 
that power them.
Journeo A/S: On-vehicle and 
on-street transport solutions for 
our customers in the Nordic and 
Scandinavian regions.
Infotec Ltd: Designer and 
manufacturer of advanced passenger 
information display solutions to 
highly complex and regulated 
markets such as rail.
2
Journeo plc Annual Report and Financial Statements 2024
You can learn more about the 
operating companies within the 
Group on pages 6 to 9

3
journeo.com
We have identified attractive growth opportunities where there 
is a focus on increasing the number and quality of journeys using 
public transport, particularly in, around and connecting cities, to 
reduce congestion and support low-emissions goals. This is backed 
by significant Government funding and the regulatory changes from 
the Bus Services Act 2017. The National Bus Strategy for England 
allocated £1.4bn funding resulting in ambitious technology-led Bus 
Service Improvement Plans (BSIPs) by local authorities.  The new 
Labour Government is advancing this agenda and has committed a 
further £1bn to BSIP funding alongside the introduction of the Better 
Buses Bill, which is currently going through Parliament. Control 
Period 7 (CP7), launched in April 2024, will deliver the next tranche of 
central Government funding for the UK’s rail infrastructure.
The capabilities of our powerful software solutions are being 
recognised by a growing number of specialist equipment 
manufacturers, who use the Journeo Portal to present their 
performance data to end users.  As a result, the Company is achieving 
long-term contracts that generate recurring revenues, alongside the 
SaaS-based income from its latest software solutions.
The Journeo Portal has the capability to manage on-vehicle 
technology and transport-related infrastructure from a single 
interface, providing a powerful and compelling proposition for 
authorities that are progressing through the franchising process.
We compete by listening to our customers and focusing on meticulous 
systems design, engineering and long-term support, all driven by 
continuous innovation. 
This approach is driving our growth and we are discovering valuable 
insights through the application of Artificial Intelligence (AI) and 
Machine Learning (ML) techniques on the large amounts of data 
generated from connected vehicles and infrastructure systems. This is 
guiding us as we improve safety and performance, as well as optimise 
maintenance in both new and legacy applications. 
By leveraging economies of scale, we reduce costs for our customers, 
including fleet operators, vehicle manufacturers, local authorities, 
transport executives and Network Rail.
We operate in niche markets  with few competitors and high barriers to 
entry due to enterprise risk and technical complexity. Managing long-
lifecycle assets across large geographic areas and our ability to navigate 
growing complexity and converging solutions on the cloud provides us 
with an increasingly differentiated position. Bolt-on acquisitions will 
provide a additional routes to market for our core technology in other 
attractive market niches. 
In the last four years, Journeo has invested over £6m in Research 
and Development and in 2024 formed the Journeo Design Centre 
(JDC), a Group-wide resource to support the development of  new 
scalable solutions which capture, process, analyse and display essential 
information to deliver connected journeys safely. 
We use AI, automation and ML techniques to deliver powerful new 
solutions for customers, and our service offering includes design, 
installation, on-site support, analytics and back-office systems. 
In addition, the Group’s growing market presence is enabling exclusive 
relationships to be forged with specialist equipment manufacturers, 
which have the potential to significantly increase revenue.
Bolt-on acquisitions are being targeted to supplement the Group’s 
impressive organic growth and accelerate penetration into new 
markets where our technology can add value to customers.
Competitive position
Investing in growth
Opportunities for growth
Recurring revenue and SaaS
Overview

Birmi
X10
Bus D
Service
Destinati
Stour
287
Dudle
208
Achieve true end-
to-end journey 
management
Reliable, installed 
systems and reduced 
fleet ‘down-time’
Passenger flow 
management
Connected journey data 
management
Innovative engineered 
solutions keeping you 
one step ahead
4
Journeo plc Annual Report and Financial Statements 2024
At a glance
Converged passenger 
transport software
Journeo Portal
•
Feature-rich dashboard
•
Operational management
•
Agnostic CCTV management
•
Real-time health
•
Real-time mapping
•
Automatic Passenger Counting
•
Dataset management
•
Content management
•
‘RTI anywhere’
•
Complex messaging management
Javelin Content and Asset 
Management
•
Asset mapping 
•
Health monitoring
•
Self-managed playlists
•
Template management

ham
partures
Operator
Occupancy Level
Time
dge
8 mins
12 mins
12:30
High
Medium
Low
Improved operational 
efficiency
Confidence to meet 
current and future 
compliance and 
safety needs
Trusted partner 
offering skilled field 
services
5
journeo.com
Infrastructure systems 
•
Bay displays
•
Stretched in-shelter displays
•
Summary displays
•
Full-colour LED displays
•
Low-power E-ink displays
•
Solar-powered TFT displays
•
Interactive wayfinding totems
•
Air quality sensors
•
In-shelter CCTV
•
Bus station Wi-Fi
On-vehicle systems 
Bus, coach and specialist vehicle
•
Automatic passenger counting
•
CCTV
•
Driver displays
•
Next stop announcement displays
•
On-board Wi-Fi
•
Journeo Camera Monitoring System 
(Journeo CMS)
•
Telematics and driver behaviour
Rail
•
Forward-Facing CCTV
•
Automatic passenger counting
•
Saloon CCTV
•
Station information security 
systems
•
Train Wi-Fi
•
Track Incursion Monitoring (TIM)
Overview

Passenger Systems
At a glance CONTINUED
We provide our solutions to 
local authorities and Passenger 
Transport Executives (PTEs) 
across the UK and have over 
7,000 display systems under 
software or support contracts. 
These systems are driven by our powerful 
Content Management Systems (CMS).  Our 
solutions give local authorities and PTEs 
the ability to display scheduled and real-
time transport information in conjunction 
with supporting media and vital disruption 
messaging for routes and services.  Our 
latest iteration, delivered through the 
secure and scalable Journeo Portal, is the 
nationwide CMS for transport displays 
throughout Wales and multiple customers 
are seeking to migrate to this from our 
legacy ‘EPIX’ CMS. 
Our ruggedised outdoor display products 
are designed with sustainability in mind 
and are manufactured in long-lasting 
and robust materials to withstand harsh 
environments for many years. We use 
high-performance imaging panels, the 
latest communications technology and 
low-energy semiconductors. 
INTELLIGENT DISPLAY TECHNOLOGY
We have developed a range of specialised 
display solutions including ultra-low power 
versions, full-colour LED and TFT/LCD models 
to suit most locations. Our displays are built 
around our own core technology and use 
open-platform communication methods and 
machine-learning techniques. We monitor 
the health and performance of our displays 
to provide customers with durable city-
wide solutions for passenger information 
and vital disruption messaging. Our latest 
display products can be integrated into new 
bus shelters and bus stops or retrofitted to 
existing locations. Additionally, our graphics 
controllers can be applied to third-party 
display technology, enabling the Company to 
take over pre-existing estates. 
CONTENT MANAGEMENT 
Our powerful CMS manages scheduled and 
real-time information updates for millions of 
departures each day. The software manages 
display templates, disseminates critical 
disruption and public service messaging, 
and can be supplemented with advertising 
content for revenue generation. Our 
innovative ‘RTI anywhere’ solution enables 
users to access information on any transport 
location held in our CMS directly from their 
own device, without the need for a display.
INTERACTIVE WAYFINDING
To highlight points of interest, destinations 
and transport services, our interactive 
wayfinding totems allow local authorities 
and PTEs to provide the information needed 
to move people around towns and cities.  
Integration with web technologies enables 
our customers to extend the reach of 
their messaging directly to the user’s own 
personal device.
6
Journeo plc Annual Report and Financial Statements 2024
SOLUTIONS
£9.5m
Revenue
5% increase
(2023: £9.0m)
Read more in the Chief Executive’s 
report on pages 14 to 17

Fleet Systems
We provide vital on-board 
safety and efficiency solutions 
to fleet operators, large and 
small, with many thousands of 
vehicles connected to our SaaS 
platform in the UK, Ireland and 
Sweden. 
With a growing share of the UK bus market, 
we are proud to include leading companies 
such as Transport UK (formerly Abellio),
Stagecoach, First Group, National Express 
and Translink among our many customers. 
We have around 30% of the UK bus market 
connected to the Journeo Portal. We also 
serve customers in rail, light-rail and 
specialist commercial vehicle sectors. 
Journeo management software provides 
fleet operators with powerful tools to 
improve operational efficiency, revealing 
valuable data insights of their business 
performance and in the delivery of smarter, 
safer cities. Our key enabling technology 
is the Journeo Edge which runs vehicle 
applications such as remote condition 
monitoring, agnostic video management 
and passenger counting. Our FITAS-
approved engineering services cover the 
design, systems integration, installation 
and field service support.
ON-BOARD TECHNOLOGIES
Our solutions include Voice Over 
Internet Protocol (VOIP), Closed Circuit 
Television (CCTV), Automatic Passenger 
Counting (APC), Telematics, Next Stop 
Announcements and Passenger Wi-Fi. Our 
design engineering complies with European 
Committee for Standardisation (CEN) 
standards. 
Installations are completed in accordance 
with Federation of Communication Services 
(FCS) regulations. We are members of 
Information Technology for Public Transport 
(ITxPT) and systems’ data are securely 
communicated to our Journeo Portal via 
our Journeo Edge intelligent gateway in 
open formats.
JOURNEO PORTAL
The Journeo Portal is a secure, scalable 
and easy-to-use interface that enables 
our customers to gain operation-critical 
insights from the data generated in real 
time by their vehicles.  
Sold as SaaS, the Journeo Portal integrates 
seamlessly with new and legacy on-board 
solutions to provide a complete view of 
on-board system health monitoring, whilst 
enabling users to perform key tasks more 
easily, such as video evidence handling, 
driver performance monitoring and 
operational safety management.
OPERATION OPTIMISATION 
TECHNOLOGIES
We capture and process data from 
multiple on-board technologies to optimise 
operations. Using intelligent automation, 
we provide solutions that can manage 
customers’ operations for them, provide 
exception alerts and disseminate data 
to key decision makers; for example, 
improving the utilisation of large area 
car parks for bussing services at major 
European and UK airports.
7
journeo.com
SOLUTIONS
£23.7m 
Revenue
45% increase
(2023: £16.3m)
Read more in the Chief Executive’s 
report on pages 14 to 17
Overview

Infotec 
At a glance CONTINUED
Infotec designs and 
manufactures robust passenger 
information display solutions 
for the heavily regulated rail 
market.  Working with Network 
Rail and Train Operating 
Companies (TOCs), Infotec has 
around 80% market share for 
on-platform display signage 
within the UK; with over 12,000 
devices shipped and installed.
Infotec displays are built to withstand the 
challenging environment of public-space 
operation for very long operational life and 
are designed, manufactured and compliance 
tested at its Leicestershire factory. 
Installed displays are supported through 
Infotec’s cloud-based Javelin content and 
asset management software to ensure its 
customers can provide the correct priority 
information to passengers through open 
platform protocols.
Infotec entered the North American market, 
where it has supplied over 5,000 displays to 
Outfront Media for the New York Subway/
Metropolitan Transportation Authority (MTA). 
Bespoke display formats have been created 
to meet the unique requirement, providing 
the MTA with a tailor-made solution, backed 
by proven quality and reliability.
TETRUS HARDWARE PLATFORM
On-station and in-vehicle displays can be 
seen at rail stations or on trains throughout 
the UK, built on a common hardware 
platform that enables Infotec to provide 
single-colour LED, RGB LED or TFT displays, 
all operating through open standard 
protocols. Robust and designed for long-
term use in public space environments, 
quality is assured via strict compliance 
testing completed in-house through 
state-of-the-art EMC and safety testing 
centre, resulting in products accredited to 
EN50121-4, EN50155, EN45545 and PRM-
TSI Standards. Infotec works closely with 
customers to deliver a constant evolution 
of displays to meet the current and future 
needs of the rail market.
TSPLAYER
Exclusively created for Customer 
Information Systems, Infotec’s agnostic 
software platform has been designed and 
developed to convert open-protocol data 
into understandable information displayed 
on any LED or TFT screens, for the benefit 
of the travelling public. As robust as the 
hardware platforms it operates on, tsPlayer 
provides super smooth animations and 
pixel-perfect presentation. Integrated 
audio and Text To Speech (TTS) capability 
ensures that the information delivered to 
passengers remains accessible to all users 
of the system.
JAVELIN CONTENT AND ASSET 
MANAGEMENT
Cloud-based content and asset 
management software puts the power 
to manage and monitor information 
estates directly in the hands of customers. 
Users have the ability to set and create 
templates, build and deploy playlists, or 
simply monitor the health and performance 
of the displays that they oversee. Easy to 
navigate and understand, the software has 
been designed to ensure that customers 
are able to get the most from their displays, 
without the need to constantly manage 
the system.
8
Journeo plc Annual Report and Financial Statements 2024
SOLUTIONS
£12.4m 
First full year revenue
(2023: £19.7m)
Read more in the Chief Executive’s 
report on pages 14 to 17

Journeo A/S
Journeo A/S is a leading 
provider of fleet management 
and infotainment solutions 
to the Nordic market.  The 
business works with local 
transport executives and 
leading operators throughout 
Denmark, extending into 
Sweden.
Journeo A/S has an in-house development 
resource and provides customers with an 
end-to-end solution that includes tailored 
solution design, project management, 
on-site installation services and extended 
maintenance and support services.
The Company has a strong history of 
building SaaS-based revenues, providing 
cloud-based solutions to monitor and 
manage the advanced solutions that 
Journeo A/S provides.
IBI FLEET MANAGEMENT
The IBI Fleet Management platform 
gives customers the power to manage 
the solutions installed within their 
fleet, including CCTV, on-board systems 
communications and Voice Over Internet 
Protocol (VOIP) systems. Designed to 
be simple, fast and intuitive, customers 
have the power to track their vehicles and 
obtain service critical information from 
Elastic big data storage, such as vehicle 
location, fuel consumption and battery 
status information.
ON-VEHICLE SYSTEMS
Specialists in the design and integration 
of on-board systems, Journeo A/S creates 
on-vehicle system networks that enable 
operators to collect data from on-vehicle 
systems that is essential to demonstrating 
to regional transport executives that they 
are performing against their contracts 
in a highly regulated environment. 
Data captured is also leveraged to drive 
other on-board systems within the 
network such as advanced passenger 
infotainment systems.
DIGITAL SIGNAGE
Journeo A/S provides a comprehensive 
range of on-vehicle and in-street signage, 
built to its own designs. The robust 
solutions have been created to operate in 
the challenging conditions of the Nordic 
and Scandinavian region, delivering clear 
and reliable information to passengers.  
Journeo A/S works with local and regional 
data providers to ensure that real time 
information is correctly handled and the 
right information is delivered to the right 
location, at the right time.
9
journeo.com
SOLUTIONS
£4.0m 
First full year revenue 
(2023: £1.1m)
Read more in the Chief Executive’s 
report on pages 14 to 17
Overview

10
Journeo plc Annual Report and Financial Statements 2024
Chairman’s statement
The Group is now well positioned 
to benefit from the transition to 
the sustainable communities and 
transport of the future.”
Mark Elliott
Non-executive Chairman
Introduction
I am pleased to be able to report another 
set of strong results to our shareholders 
and other stakeholders for the financial 
year ended 31 December 2024.  This 
is the fifth year in a row that we have 
grown revenues, recurring revenues and 
Profit Before Tax (PBT) with good cash 
generation.  This is an excellent track record 
delivered by the whole Journeo team.
Whilst we did not complete any acquisitions 
in the year, those completed in prior 
periods contributed strongly to our 
performance in 2024, and increasing 
adoption of our solutions and systems 
enabled us to deliver revenue growth of 8% 
and PBT growth of 33%.
Our addressable market is growing 
and important initiatives, such as the 
implementation of the Journeo Design 
Centre (JDC), are well underway.  This 
important new extension of our Research 
and Development capability is giving the 
Group’s operating companies access to 
new and innovative solutions and powerful 
software that will enter the market over 
the course of 2025. 
Markets
Since my last report, the UK has 
transitioned to a new government.  This 
can always be a time for speculation 
as priorities around public policy and 
public spending shift.  However, the UK’s 
commitment to achieving Carbon Net 
Zero by 2050, and the promotion of public 
transport as a key method of reducing 
emissions persists and, in some ways, has 
been further strengthened.
We welcome the announcement of the 
Better Buses Bill as an extension of 
the previously announced National Bus 
Strategy.  The new Government is clearly 
signalling its commitment to putting bus 
services at the centre of local transport 
strategy and supporting the effort to 
increase patronage.  Local authorities are 
following suit through the implementation 
of Bus Service Improvement Plans.
2024 also signalled a transition year 
within the rail market, as Network Rail 
moves from one five-year funding Control 
Period (CP) to the next.  Historically, 
transition between control periods leads 
to an initial dip in industry activity with a 
ramp-up towards the end as budgets and 
programmes are completed. The situation 
was further complicated as the change 
from CP6 to CP7 (in April 2024) coincided 
with the election and subsequent change in 
Government.  
However, I am pleased to report that we 
are seeing an upturn in activity as project 
implementation teams assess their new 
funding streams and priorities.
In the USA, we continued to successfully 
deliver our large order of the initial phase 
of displays technology for 535 Metropolitan 
Transportation Authority (MTA) subway 
cars with our customer, OutFront Media 
(OFM).  Whilst plans to push forward with 
media screens for the second phase are on 
hold due to suppressed ridership on the 
New York Subway, newly elected President 
Trump is committed to returning people to 
work in their offices, potentially increasing 
passenger footfall. Further opportunities 
are arising through our relationships and 
our engagement in the US market.
Strategy
We continue to seek out and target 
complementary acquisitions that can 
support the Group with its growth 
ambitions.  Both recent acquisitions, 
initially Infotec and more recently, Journeo 
A/S (previously MultiQ in Denmark), have 
proved to be valuable additions to the 
Group.  On top of access to customers, 
markets and opportunities, both have 
brought significant insight and expertise 
that is assisting the Group to refine its 
solutions and offerings.
All parts of the Group focus on the 
importance of building deep, long-lasting 
bonds with customers.  It is these strong 
relationships that have, and continue, to 
enable Journeo to target Research and 
Development where valuable Intellectual 
Property can be created for the Group.  This 
supports our customers for their current 
and future needs and in turn enables the 
Company to technically differentiate itself 
and support our organic growth.
When assessing new organisations as 
potential acquisitions, it is important that 
they share a customer-centric approach.  
We have identified several targets that 
we are pursuing with interest and I 
look forward to updating you further, in 
due course.
“

11
journeo.com
Environmental, social and 
governance
The Group has continued its work on ESG 
and will shortly be releasing its first Carbon 
Reduction Plan (CRP). A full update on our 
activities can be found on pages 30 to 32 of 
this report. 
People
The Group continues to invest in attracting 
talented individuals to join us at many 
levels throughout the organisation. 
In recent years, and as we grow, it is 
important to retain the people that 
helped make the businesses in the Group 
successful and attractive acquisition 
targets in the first place. To achieve this, 
we are supporting our teams with personal 
development through training and the 
introduction of new talent.
As a result, I am delighted to welcome 
some new appointments to the Senior 
Leadership Team; Richard Webb and 
Scott Cannon. Richard joined the Group in 
November 2024 as Group Sales Director 
and Scott recently joined as Group Head of 
Software in March 2025. Both bring with 
them a wealth of experience in establishing 
and nurturing teams in growing 
technology businesses.
We will continue to develop the Senior 
Leadership Team over the course of 2025 
as we ready ourselves for future growth 
stages of the business.
I would like to take the opportunity to 
thank all those that helped make 2024 a 
successful year and underscore the Board’s 
commitment to supporting them as we 
continue to develop and grow.
Outlook
The Group strategy is working and as part 
of this we are now executing the next 
stage of the Group’s evolution to generate 
further growth and increasing value to 
our customers, shareholders and people.  
To achieve this we are increasing our 
investment to develop the environment 
from which we can grow; creating new 
systems and solutions, strengthening 
our management teams and targeting 
acquisitions that align with our strategy 
and fuel our growth.  
The development and innovation of next 
generation solutions has always been, 
and remains, absolutely fundamental to 
the future prosperity of the Group. We 
invest in our Research and Development 
to ensure that we can support our 
customers with their legacy systems and 
prepare them for the transition to their 
new systems. The introduction of the JDC 
and similar initiatives within the Group 
is rapidly creating synergies within our 
product development and we will see 
several of these solutions come to market 
during 2025. 
The strong cash position of the Group 
and the availability of debt enables us to 
finance complementary acquisitions and 
we have well-developed criteria to assess 
the suitability of target companies. We 
have identified a number of organisations 
that will provide new routes to market 
for Journeo technology, deepen our 
capabilities or are in adjacent markets. 
The Group is now well-positioned to benefit 
from the transition to the sustainable 
communities and transport of the 
future.  We have a strong orderbook and 
an unprecedented sales opportunity 
pipeline, centred around our own core IP, 
giving the Board confidence that we will 
continue to grow and deliver increasing 
stakeholder value.
Mark Elliott
Non-executive Chairman
25 March 2025
Read more in the Consolidated 
statement of accounts  
on pages 52 to 82
Overview

12
Journeo plc Annual Report and Financial Statements 2024
Strategic Report
IN THIS SECTION
Chief Executive’s report
14
Markets
18
Business model
22
Strategy and objectives
24
Chief Financial Officer’s report
26
Chief Technical Officer’s report
27
Stakeholder engagement
28
ESG report
30
Principal risks and management
33

13
journeo.com

14
Journeo plc Annual Report and Financial Statements 2024
Chief Executive’s report
Introduction and strategic
update
Throughout last year we generated 
increased sales, profits and cash as we 
focused on the continued development 
of the Group and further consolidation of 
the acquired businesses.  We are making 
significant progress in establishing Journeo 
as a market leader in Intelligent Transport 
Systems.
In January 2024 we formed the Journeo 
Design Centre (JDC), to build upon the work 
of our Research and Development teams to 
deliver new products and solutions that can 
scale for worldwide sales.
Strategic Group-level appointments in sales 
and procurement have also been made to 
drive growth. Further appointments will be 
made in 2025 as we rationalise the supply 
chain and introduce high-performance 
procedures and processes across 
the Group.
Cumulatively, these actions provide the 
capabilities that we need to ensure Journeo 
can scale alongside the increasing adoption 
of our solutions, maintaining the customer-
focused approach that is the cornerstone of 
our business.
More widely within the industry, there 
remain challenges with ridership and 
the volume of users of public transport 
services.  However, the need to develop 
a sustainable public transport network 
to meet Carbon Net Zero goals and to 
Profit before tax 
£0.9m
22
£3.7m
23
£5.0m
24
Diluted earnings per share 
9.80p
22
17.96p
23
26.29p
24
£21.1m
22
£46.1m
23
£49.6m
24
Group revenue
efficiently move people, goods and services 
to create the communities of the future is 
essential.  
As such we were encouraged, both by the 
announcement in September 2024 from 
the new UK Government that they will be 
introducing the Better Buses Bill that aims 
to deliver faster, cheaper and improved 
bus networks, and early market indications 
towards the end of the year that the 
conventional hiatus of activity in the rail 
markets during Control Period transition 
(Control Period 7 commenced in April 2024) 
is beginning to alleviate. 
These strong market drivers, backed by 
defined Government funding, align with 
our strategy; and we are accelerating the 
development of products, services and 
solutions to capitalise on the opportunities 
emerging.  As a result, we expect to deliver 
continued organic growth and intend to 
capture adjacent market opportunities 
through carefully targeted acquisitions.
Operational review
Fleet Systems
The performance of our Fleet Systems 
business has been exceptionally good, 
finishing the year slightly ahead of 
management expectations.  The continued 
adoption of our systems across the year 
resulted in strong revenue growth of 45% 
to £23.7m (2023: £16.3m).  This has been 
achieved whilst also generating a 4% 
margin improvement across the year.
Strong market drivers, backed by 
defined Government funding, align with 
our strategy; and we are accelerating 
the development of products, services 
and solutions to capitalise on the 
opportunities emerging.”
Russ Singleton
Chief Executive
“

15
journeo.com
In March 2024, we announced two 
significant purchase order awards valued at 
£1.9m and £1.1m respectively.  Both awards 
were for retrofit programmes of Journeo’s 
market-leading Camera Monitoring System 
(CMS) digital wing mirrors, for bus operator 
customers operating within the Transport 
for London (TfL) fleet.  The solution is a core 
tenet of TfL’s Vision Zero strategy, which 
aims to remove all deaths and serious 
injuries from London’s transport network 
by 2041 and the retrofit programmes, 
spread across several large operators 
including Stagecoach, Metroline, Arriva 
and Transport UK (formerly Abellio) has 
seen installations across multiple vehicle 
types including London’s iconic New Route 
Master to stringent United Nations R46 
Standards.  The purchase order values were 
increased significantly to include systems 
support for the remainder of the vehicles’ 
operating life in London of up to five years.
The business is also growing its presence 
in the rail market, with sales direct to 
vehicle owning Rolling Stock Companies 
(ROSCOs) that are somewhat independent 
of Network Rail control periods. In July, 
£3.0m of technology solutions contracts 
were secured with Porterbrook and Arriva 
Train Care, split across two Train Operating 
Companies (TOCs).  The rail market is 
complex with long sales cycles and the 
award signals the beginning of a greater 
adoption of our solutions in this market.  
Built upon core technologies developed 
in our Bus and Airport solutions, the 
contracts are  for the delivery of on-board 
CCTV and Automatic Passenger Counting 
(APC) systems.  In addition to providing 
hardware, system design and first fitment 
support, all systems are securely connected 
to the Journeo Portal via existing train-to-
shore communication platforms delivering 
valuable recurring SaaS revenues.
Also, in July, the Fleet Systems business 
increased its presence in the North-West of 
the UK, following purchase orders of £2.1m 
from Metroline Manchester.  A subsidiary 
of ComfortDelGro, the operator has been 
successful in franchising awards from 
Transport for Greater Manchester (TfGM) 
part of Greater Manchester Combined 
Authority (GMCA), winning four franchises.  
Journeo Fleet Systems was engaged to 
install safety critical CCTV systems prior 
to the end of December 2024 and was 
selected based upon successful completion 
of prior projects and our secure and easy 
to use Journeo Portal platform, with 
the order including the first years’ SaaS 
subscriptions. The project was successfully 
delivered in time for the launch of the 
newly franchised Bee Network routes and 
we look forward to further increasing our 
presence in both Metroline and the region, 
with Journeo CCTV and CMS systems 
specified on all new vehicles entering 
the fleet.
In November, purchase orders totalling 
£1.7m were received for further installations 
of Journeo’s CMS digital wing mirror 
solution, for RATP buses operating within 
TfL, increasing the dominant position 
Journeo’s solution has in the market, 
beyond competitor systems and providing 
valuable future visibility of earnings for the 
business.
The Fleet Systems business achieved 
record order intake in the year and entered 
2025 with a strong orderbook and a 
growing pipeline of opportunities.
Passenger Systems
The Passenger Systems business continues 
to perform in line with management 
expectations, delivering a 5% growth in 
revenues to £9.5m (2023: £9.0m).  Margins 
have improved  by 3% across the year.  
In February 2024, we announced the award 
of a framework agreement with a Northern 
Transport Partnership, with an expected 
value of £5.0m through to January 2028.  
Part of a longstanding relationship, the 
framework provides the Partnership with 
access to Journeo’s latest high-definition 
TFT, ultra-bright LED and low-power E-ink 
display solutions, that communicate using 
the latest industry open standards.  Orders 
have already been placed on the framework 
as the Partnership looks to evolve into a 
more consolidated combined authority, 
with greater transport powers.
In March 2024, our Passenger Systems 
business was awarded a £1.5m purchase 
order from Swansea Council, for a range of 
Real Time Information (RTI) technology that 
further extends the presence of Journeo 
technology in Wales.  The order included 
the delivery, installation and maintenance 
of TFT and interactive totem technology, 
and more than a third of the technology to 
be delivered will operate entirely on solar 
power, assisting the authority in meeting 
its Carbon Net Zero targets.  Furthermore, 
the order also included the provision for 
Journeo’s innovative new ‘RTI anywhere’ 
QR code solution for 500 bus stops.  All data 
will be sourced from the Transport for Wales 
(TfW) new nationwide content management 
system, also provided by Journeo and 
announced in previous reports.
In December 2024, we announced a 
four year contract extension with City 
of Edinburgh Council.  The extension is 
expected to generate over £1.5m revenue 
over the extension period and will focus 
on delivering continuous improvement 
and expansion of the RTI display network, 
following successful completion of phase 
1 and 2 of the initial contract. Work will 
include improving the dynamic provision of 
information to alert passengers to delays, 
diversions and service changes, further 
promoting the use of public transport.
Key business development initiatives were 
commenced in 2024 and we have begun 
to see their impact, with £2.5m of orders 
secured in January 2025, just after the year 
end.  With substantial Government funding 
being invested in the development of our 
towns, cities and sustainable transport 
networks, this remains a highly attractive 
market sector for Journeo.  
Infotec
Infotec had another good year which was 
in line with management expectations. 
Revenue decreased to £12.4m (2023: 
£19.7m), however, we entered the year 
knowing that the transition between 
Control Periods and the successful 
completion of the first phase of the 
Metropolitan Transportation Authority 
(MTA) of New York/OutFront Media contract 
would lead to a reduction in revenues.  
Overall, the business performed very well 
and delivered a 7% margin improvement 
across the period.  
The installation of on-board digital 
advertising within the next phase of 
640 subway cars for the MTA has been 
postponed while ridership numbers remain 
suppressed compared to pre-pandemic 
levels.  However, the customer relationships 
are good and further opportunities are 
presenting themselves.  
The work that the business is undertaking 
to consolidate technology platforms 
and deliver next generation products 
certified for sale worldwide will benefit 
our customers and the Group.  We 
have recently invested in additional 
business development resources to drive 
Infotec’s future growth, in domestic and 
international markets.
Strategic Report

16
Journeo plc Annual Report and Financial Statements 2024
Chief Executive’s report CONTINUED
Journeo A/S
The performance of Journeo A/S (formerly 
MultiQ) in its first full year of trading was 
ahead of management expectations, 
delivering revenues of £4.0m and 0.4% 
margin improvement on the prior year.  
We are excited by the opportunities our 
increased presence in the Scandinavian and 
Nordic markets present and look forward 
to developing our activities in the region 
further.
The business was rebranded to Journeo A/S 
in September 2024, as part of the ongoing 
integration process into the Group and to 
increase the Journeo brand presence in the 
region.
In April 2024, we announced a contract 
for the provision of display hardware, 
installation and technical support services, 
for a period of up to six years, with 
Grassfish AB, who have been appointed 
by Skånetrafiken.  The contract will be 
serviced by Journeo’s Stockholm-based 
engineering team and provides valuable 
customer access to the regional transport 
authority in the Skåne county region, 
where Skånetrafiken operates more than 
1,000 buses.
Journeo A/S has also sold one of the 
modules of our airport passenger transfer 
software application to Copenhagen 
airport in Denmark.  The system was 
deployed within a month, demonstrating 
the adaptability and flexibility of Journeo’s 
core technology and the potential to sell 
our airport solutions throughout the Nordic 
region.  
In October, Journeo A/S was also awarded 
a contract from Umove, for up to £0.5m, 
to provide intelligent transport systems 
and services to 58 buses.  The initial 
contract is for six years to 2031, with two 
potential four-year extensions through 
to 2039.  Umove was founded in 2013 and 
has already become Denmark’s largest 
privately owned public transport operator, 
with 650 buses.  The contract provides 
valuable SaaS revenues and extends 
Journeo’s activity with the operator, with 
our Danish subsidiary already providing 
services on over 430 of Umove’s vehicles.
Central services
Throughout 2024, we made important 
improvements to our central services.  
Procurement and supply chain 
management is being unified following 
the appointment in October 2024 of a new 
Group Head of Purchasing. 
Innovation and our Research and 
Development (R&D) continues to underpin 
the Group’s strategy and, in January 2024, 
we established the Journeo Design Centre 
(JDC).  Comprising team members from the 
Group’s operating companies, the JDC is 
leading the enhancement of our products 
and solutions that will fuel future growth 
in all business areas.  Several new products 
are in development, which are scheduled to 
come to market in 2025.
Throughout the year, we maintained all ISO 
and cyber accreditations as we continue to 
focus on demonstrating our commitment 
to quality and governance. 
The Group also completed its second annual 
customer survey, to further engage with 
our customers and gain an understanding 
of how they feel about our products and 
services.  We strive to maintain open and 
transparent communication channels with 
our customers to ensure that we continue 
to develop close customer relationships and 
the outcome of these surveys determines 
changes we make within the business to 
ensure continuous improvement.  
Across 2025, we will continue to invest 
in the Senior Leadership Team and the 
development and training of our people 
as we prepare the Group for further 
organic and acquisitive growth. This will 
complement the appointments made in 
2024.  We have ambitious plans and want to 
ensure that we continue to deliver a high-
quality experience for our customers and 
reinforce the longevity of our hard‑earned 
successes to date.  
Russ Singleton
Chief Executive
25 March 2025

17
journeo.com
Strategic Report

18
Journeo plc Annual Report and Financial Statements 2024
Markets
Transport trends
Government policy
The transport sector, and particularly 
public transport, plays a key part in 
any strategy to reduce emissions 
and congestion. Most cities and 
governments have policies to 
encourage the use of public transport, 
and these policies have a major effect 
on the markets we serve. 
Bus UK
Buses remain the most popular form 
of public transport in England.  
However, bus journeys (individual 
trips conducted by passengers) have 
been declining for many years.  In 
the 15 years since 2009, English bus 
journeys have decreased from 4.6 
billion, to 3.6 billion in 2024.  Journey 
numbers are also yet to recover to 
pre-pandemic levels, and are around 
12% lower than the year ending 
March 2020 (patronage figures are 
published 1 April – 31 March).
This is unsurprising as bus mileage, 
which is often used as an indicator 
of how many bus routes are being 
operated, over a similar period 
(2005 – 2024), is around 29% lower.  
The one region that has defied this 
trend is London, where mileage has 
remained relatively stable over the 
same period, and passenger journeys 
have stayed consistently higher than 
the national average.
The industry continues to be heavily 
subsidised by public funding, with 
44% of all bus industry income 
coming from the public purse.  The 
remaining income is predominantly 
generated from fares.
Successive Governments have 
been committed to improving the 
use of public transport, particularly 
buses, as this is essential for the 
country to meet its Carbon Net Zero 
targets, reduce congestion and 
ensure mobility is accessible for all 
communities.
The UK became the first major 
economy to commit to Net Zero by 
2050 in law. The ministerial foreword 
to the Department for Transport 
(DfT) report Decarbonising Transport 
– Setting the Challenge sets out that:
“Public transport and active travel 
will be the natural first choice for 
our daily activities. We will use our 
cars less and be able to rely on 
a convenient, cost-effective and 
coherent public transport network.”  
Significant investment from bus 
manufacturers is seeing technologies 
(predominantly hydrogen and 
electric vehicles) mature rapidly, 
and several large bus operators 
have already stated that they will 
never buy another diesel vehicle. 
We can expect this technology shift 
to accelerate, with most consumer-
grade vehicles now also focusing on 
zero-emission vehicles.
The Bus Services Act 2017 sought 
to reverse some of the changes 
introduced by its predecessor, the 
Transport Act 1985.  Under the 
initial act, all bus services outside 
of London were deregulated and 
operated on a purely commercial 
basis by operators who were able 
to determine services, timetables 
and fare charges.  The role of local 
transport authorities was largely 
limited to providing infrastructure 
solutions such as bus stops, 
passenger information and bus 
lanes, on top of providing funding for 
concessionary travel and supported 
services, where there was a 
demonstrable community need, but 
the route was commercially unviable.
The Bus Services Act 2017 provided 
two routes for local authorities 
to gain greater control of the 
bus services that operate within 
their communities: Enhanced 
Partnerships (EPs) and Franchising.
An EP is an agreement between the 
local authority and its operators that 
operates on an exchange basis.  The 
local authority will agree to fund 
infrastructure projects, such as 
enhancing the provision of real time 
information, or new bus lanes to 
make bus services more attractive to 
the public and therefore profitable.  
In exchange, the operator commits to 
a minimum set of standards, such as 
vehicle types and amenities, and the 
frequency of services.
A franchise agreement gives the local 
authority a higher level of control, 
specifying the services that it needs 
(including fare levels, vehicle types 
Increased congestion.
Changing passenger 
demand.
Vehicle production 
rising in Asia.
Continuing 
globalisation and 
standardisation within 
supply chains.
Move to zero-emission 
vehicles.
Use of renewable 
energy.
Fewer journeys per 
person due to rise of 
the internet.
Long-term reduction 
in young people 
holding driving 
licences.
Transport in the 
Smarter City and IoT.
More intelligent 
transport.
A future of driverless 
and on-demand 
services.
Global  
megatrends 
Climate change 
and resource 
scarcity
Rapid  
urbanisation
Shift in global  
economic power
Demographic 
and social 
change
Technological 
breakthroughs

19
journeo.com
and amenities, routes and services).  This is 
the same model operated by TfL for many 
years that prevented the decline in the bus 
market.  The operators enter a competitive 
tender process to access tranches of routes 
and, if successful, contract to complete these 
services for a set fee.  Franchising is only 
available for Mayoral Combined Authorities 
(MCAs) outside of London.
To augment this change in operations, the UK 
Government provided substantive funding.
In March 2021, the UK Government launched 
the National Bus Strategy for England, 
mandating local authorities to commit to 
either an EP or franchising through the 
creation of a Bus Service Improvement Plan 
(BSIP).  Once a BSIP is created, the local 
authority is eligible to receive discretionary 
funding from the DfT.  At launch, the National 
Bus Strategy made available £1.4bn of BSIP 
funding that included important changes to 
revenue support and the creation of ‘turn-up-
and-go’ high-frequency networks in England. 
It was also designed to make ticketing 
simpler, with flat fares, daily ‘capping’ and 
high-quality passenger information.
Additionally, City Region Sustainable 
Transport Settlements (CRSTS) totalling 
£5.7bn were announced for Transport 
Executives in 2022, to enable major city areas 
to level-up their transport networks in line 
with the public transport provision available 
in London.
At the same time, operators were provided 
with Zero Emission Bus Regional Areas 
(ZEBRA) funding, an incentive-based 
programme, through Enhanced Partnerships 
and franchising run by local authorities. To 
access funding, services must have a plan for 
improvement, with the Government’s goal to 
make buses and bus services so appealing 
that they become the de facto choice for mid-
range and inner-urban journeys.
To date, nearly all local authorities have 
committed to EPs. So far only Greater 
Manchester has completed the migration 
(commencing in 2024 and completing as 
recently as January 2025) to a franchised 
network, however, most MCAs including 
Liverpool City Region, West Yorkshire, 
Cambridgeshire & Peterborough and West 
Midlands have signalled their intent to 
follow suit.
The new Labour Government has established 
its intent to carry on the work of the previous 
Government.  In the King’s speech 2024, the 
Government pledged to introduce the Better 
Buses Bill.  This is designed to make it easier 
for local authorities to emulate the success 
of London and Greater Manchester – the 
latter has already seen passenger numbers 
increase by 5% year-on-year since franchising 
commenced.
The Bill also includes new powers to remove 
the ban on publicly owned bus companies 
and enhance powers to reform bus services 
and deliver on local transport priorities.
In the October 2024 budget, the new 
Government also committed to £925m of 
new funding into BSIPs.  Actual allocations 
announced in November 2024 saw this 
figure reach £955m, and this in addition to 
the £151m the Government committed to 
extend the bus fare cap to the end of 2025, 
albeit raising the cap from £2 to £3.  This 
funding takes local authorities into 2025/26, 
whilst the Better Buses Bill completes 
Parliamentary process.
Rail UK
Rail travel remains the most viable and 
often the fastest option for longer-distance 
journeys that do not rely on a personal use 
vehicle. It is also a more carbon-friendly 
option than travel by car and the Williams-
Shapps Plan for Rail, published in May 
2021, aims to highlight and deliver service 
improvements that support modal transition 
to the rail network.  
The release of Network Rail’s most recent 
funding Control Period (CP), CP7, in April 2024, 
also set the next tranche of funding for the 
UK’s rail network.
The franchising model, already replaced with 
Emergency Recovery Measures Agreements 
(ERMA) due to the financial impact of 
COVID-19 on train operators’ revenues, 
will change to a concession model using 
Passenger Service Contracts (PSC), led by the 
proposed Great British Railways (GBR) body.
GBR is set to replace Network Rail, and 
network nationalisation is expected to 
commence in 2025 and be completed in 2027.
The PSC establish demanding passenger 
satisfaction requirements, in which the 
passenger experience is one of five pillars 
that PSC holders must meet to receive 
performance incentives.
The William-Shapps Plan for Rail sets 
out a ‘New Deal for Passengers’ of which 
making the railway easier to use is a key 
deliverable. Number one on the Plan’s list of 
ten key deliverables is a ‘modern passenger 
experience’ and the Plan sets out that 
clear, consistent passenger information is a 
must-have. 
The quality of information at railway stations 
and on-board trains is specifically referenced 
in the Plan. GBR will be made up of powerful 
regional divisions, with budgets and delivery 
held at local level, not just nationally, to 
ensure that railway stations meet new 
standards for passenger information.
Existing passenger rolling stock is expected 
to be refurbished with upgraded passenger 
information systems. This is likely to be part 
of the DfT’s 30-Year Strategy, which provides 
clear long-term plans for transforming the 
railways to strengthen collaboration, unlock 
efficiencies and incentivise innovation.
The DfT has commissioned a Whole Industry 
Strategic Plan that will become the first 30-
Year Strategy.
The Plan for Rail also says that passenger 
safety and security, of which CCTV is a key 
component, is ‘critical’ and ‘must continue’.
Non-domestic transport markets
As Journeo grows, our reach into non-
domestic transport markets extends and 
our understanding of public policy within our 
operating regions deepens.  Driven by the 
same global megatrends, it is not surprising 
that many of the overarching themes remain 
consistent.
For example, in Scandinavia and the Nordics, 
where Journeo A/S operates, Denmark is 
committed to achieving Carbon Net Zero 
by 2050 and Sweden, who have a more 
ambitious target of Carbon Net Zero by 2045, 
expect to have achieved a 70% reduction 
of emissions from domestic transport 
(excluding domestic flights) by 2030, when 
held in comparison with 2010 figures.
This in turn drives Government policy with 
initiatives to ensure that public transport is 
powered by renewable fuels and that public 
transport is made more accessible and 
attractive.  There are signs that this is having 
a positive impact and in 2024, 42% of all 
journeys in Sweden were made by some form 
of sustainable transport, including walking, 
cycling and public transport.
Policy is once again underpinned by 
substantive Government backing.  Denmark’s 
Infrastructure Plan has €19bn funding for 
road, rail and green transport earmarked 
to 2035 and Norway’s National Transport 
Plan, which is again focused on rail, road 
and carbon-neutral transport, has €120bn of 
planned spending between 2022 and 2033.
Strategic Report

20
Journeo plc Annual Report and Financial Statements 2024
Markets CONTINUED
On-vehicle systems
The market
We supply safety and information 
systems to bus, rail, rail freight, light-
rail and specialist vehicle operators, as 
well as integrated solutions to enclosed 
transport operations, at locations such 
as airports. Our solutions tend to be 
provisioned at a fleet-wide level with 
hardware installed on each vehicle.
UK bus is currently our largest market 
where the main drivers for revenue are 
the systems for new vehicles, the fleet-
wide adoption of new technology to meet 
operational needs and ongoing services 
to the fleet.
The National Bus Strategy for England 
(2021) and ZEBRA funding signalled a 
move away from restricted funding to 
an incentive-based programme, through 
Enhanced Partnerships (EPs) and 
franchising run by local authorities. To 
access funding, services must have a plan 
for improvement, with the Government’s 
ultimate goal to make buses and bus 
services so appealing that they become 
the de facto choice for mid-range, inner-
urban and rural journeys.
As the effect of changing Government 
policies filters through, we are seeing 
more movement in the sector.
A similar shift is occurring in the 
passenger rail market and the 
publication of the Williams-Shapps 
Plan for Rail report sets out how the 
quasi-nationalisation of the railways 
that occurred during the pandemic, is 
paving a way out of the ‘feast and famine’ 
approach of franchise-era upgrades to a 
more stable, nationalised approach.
The Plan puts passenger experience and 
satisfaction at its heart, with demanding 
standards for the delivery of passenger 
information directly linked to rail 
operators’ performance incentives. 
The DfT is to publish a 30-Year Strategy 
for the railways, which is expected to 
include improved on-board passenger 
information systems to be fitted during 
refurbishment.
Our response
We strive to continuously improve the 
range and quality of our services to 
customers and invest in IT systems and 
our core capabilities which are applied 
across all our customer accounts.
The National Bus Strategy is beginning 
to drive the quality and consistency of 
bus services throughout England and 
is expected to be further enhanced 
by the Better Buses Bill. It will create 
demand for new technologies that drive 
operational efficiencies and improve the 
passenger experience, which will be key 
to achieving the Government’s goals.
We have invested more than £6m into 
Research and Development over the last 
four years, placing us in a strong position 
to capture market share and growth.
For instance, our Remote Condition 
Monitoring (RCM) solution provides 
operators with a cost-effective route for 
ensuring the critical systems on their 
vehicles are working to meet regulatory 
and operational requirements. RCM also 
helps improve availability and reduces 
lifecycle costs through predictive 
maintenance and extends product life. 
Further, our Agnostic Video Management 
System has proved valuable to customers 
looking to standardise and enhance 
data security in accordance with GDPR 
processes across large fleets with a 
mixed technology base. 
We continue to broaden the range of 
safety solutions by introducing more 
complementary products. For example, 
the Journeo Camera Monitoring System 
(CMS – otherwise known as Digital Wing 
Mirrors) has had particular success in 
London, where the transport executive is 
striving to remove all deaths and serious 
injuries from TfL’s road network by 2041.  
Early indications from activity in Greater 
Manchester demonstrate that other 
MCAs that franchise will follow suit.
Many customers are multinational fleet 
operators and our technology-based 
approach is opening new opportunities 
and routes to market.
Through its operating companies, Journeo addresses two key market segments within the 
transport sector, On-vehicle systems and Infrastructure systems.

21
journeo.com
Infrastructure systems
The market
We supply passenger information 
systems to local authorities, Passenger 
Transport Executives (PTEs), and 
transport network management bodies 
such as Network Rail.
Changes in Government policy 
have led to increased activity in 
the UK Passenger Information 
Systems market. The first tranche 
of Transforming Cities Funding was 
released to PTEs and local authorities 
in 2019. 
Following the release of the National 
Bus Strategy for England, local 
authorities submitted their BSIP to 
the DfT and £1.4bn of funding was 
announced.  A further £5.7bn was 
announced to support Transport 
Executives in major city regions 
to level-up their public transport 
provision. 
This has been supplemented by a 
further £1bn of funding announced by 
the new Labour Government to support 
BSIP projects.
Enhanced Partnerships deliver better 
influence over bus service provision in 
local authority regions and stimulate 
investment in bus prioritisation and 
service improvement measures.  
Franchised networks will provide greater 
opportunities, too, with even greater 
controls over the quality of operator 
service provision in the power of MCAs.
Passenger information systems 
deployed for rail applications must 
meet a higher grade of regulatory 
acceptance in order to be deployed, 
both on-vehicle and on train station 
concourses and platforms.
The Williams-Shapps Plan for Rail 
sets out a ‘New Deal for Passengers’. 
Number one on the Plan’s list of ten 
key deliverables is a ‘modern passenger 
experience’ and the Plan sets out that 
clear, consistent passenger information 
is core to that deliverable.
Our response
Our strategy of combining engineering 
services, partnerships with 
complementary industry specialists and 
our latest generation of industry-specific 
solutions has produced a powerful 
competitive advantage for large and 
complex infrastructure projects.
We are continuing to invest in the 
development of our passenger 
information content management 
software, now integrated into the 
Journeo Portal, to meet the emerging 
needs of our customers as their 
requirements grow with their new 
powers and responsibilities.
We are also developing new solutions 
in response to the needs of local 
authorities and PTEs as we seek to 
extend our role in the transport sector 
of the wider Smarter City; for example 
integration of CCTV systems into public 
transport infrastructure to protect 
vulnerable passengers. 
We have emerging business 
opportunities in cycling and walking, 
low-power solutions and emissions 
measurement; all of which will support 
local authorities as they work to achieve 
the UK Government’s goal of making 
public transport the de facto choice 
of mobility in an effort to meet their 
Carbon Net Zero targets.
We acquired Infotec Ltd, the market-
leading provider for passenger 
information systems in the rail market, 
in January 2023. This is providing further 
opportunity for core Journeo technology 
and delivers enhanced manufacturing 
techniques to the displays we deploy in 
the bus market.
Additionally, Infotec has an international 
reach with flagship contracts in the 
USA that will provide an avenue for 
the international expansion of Journeo 
solutions.
Strategic Report

22
Journeo plc Annual Report and Financial Statements 2024
Activities
Key resources
Competitive 
advantage
Diversified income 
streams
Business model
Engineering excellence
Our people and culture are 
aligned to the needs of our 
customers. The importance 
of our solutions in the 
day-to-day operations of 
our customers informs our 
actions. Our customers 
demand engineering 
excellence, and this is at 
the heart of our expertise.
Technology leadership
We support our customers’ 
legacy systems, today’s 
new purchases and 
tomorrow’s strategic 
direction. We have a 360° 
view of the technology 
relevant to our customers 
and the capability to 
develop products and 
software that meet the 
transport community’s 
unique requirements. 
Affinity with customers
Like our customers, 
we have a long-term 
commitment to the 
transport sector. We are 
specialists and understand 
the importance of creating 
leading-edge, durable and 
cost-effective solutions 
over the long term.
Third-party 
relationships
We are key members of 
the transport ecosystem 
and work inclusively 
and collaboratively with 
industry complementors 
to deliver the solutions our 
customers require.
Engineering services
A full spectrum of services 
from design to installation, 
management and field 
support services.
Technology provider
We combine a deep 
understanding of customer 
needs with our Research 
and Development 
capabilities to create 
innovative, new, open-
platform products and 
software solutions that 
increase performance and 
decrease costs for our 
customers. 
Support services
We provide vital services to 
our customers, delivering 
best practices and 
processes to enable them 
to deliver efficient and 
consistent results for their 
customers.
Open technology
We leverage industry 
standards, enabled by our 
own IP, to ensure we can 
support legacy solutions 
directly alongside the 
latest technology solutions.
Bespoke solutions from 
core technology
The flexibility of our 
technology enables 
Journeo to deploy the 
same core technology 
across both on- and off-
board technology solutions, 
adapted to its use case.
Long product lifecycle
The longevity of Journeo 
solutions enables us 
to maintain customer 
relationships for longer and 
create a barrier to entry for 
new entrants.
Installation and 
servicing
Our expertise enables us 
to support our customers 
for the full lifecycle of the 
solutions we install, further 
embedding Journeo into 
our customers’ operations.
Our core capabilities have developed through practical experience in creating market-leading 
solutions for the unique requirements of the transport community. 
Solutions sales
into vehicle fleets and 
passenger transport 
infrastructure.
Integrated sales 
creating new converged 
solutions from previously 
disparate or closed 
technologies and 
applications.
Know-how and IP sales 
enhancing legacy systems 
by driving additional value 
from the systems our 
customers have already 
invested in.
Design, installation, 
services and support 
assuring high performance 
and reliability across 
the total lifecycle for our 
customers.
Managed solutions 
providing our customers 
with total peace of mind.

23
journeo.com
Value created for stakeholders
Customer end user
We seek to become a trusted partner and are proud of the long-
term relationships we forge, with new and existing customers. Our 
solutions are designed to continuously deliver value, in the short, 
medium and long term.
>31,000 
assets connected to our cloud 
platforms (2023: 22,000)
Key suppliers and complementors
Our market presence and engineering capabilities provide an 
attractive route to market to global product businesses and our 
supply chain. As innovators, we work closely with industry influencers. 828  
partners in our global supply 
chain (2023: 720)
Our people
We aim to attract and retain great people by providing interesting 
and rewarding roles that allow and encourage opportunities for 
personal development.
197 
people 
(2023: 194)
Shareholders
By developing our own intellectual property and technologies, we 
have reduced our reliance on third-party suppliers and are now 
accessing opportunities that were previously inaccessible to us. As we 
apply these to more complex projects and a wider range of markets, 
we expect to generate increasing value for our shareholders.
26.29p 
Diluted earnings per share  
(2023: 17.96p)
Passengers
The systems we create improve the provision of information, increase 
the efficiency of services, seek to minimise environmental impact and 
safeguard members of the public whilst they use public transport. 
>1 million
passenger journeys rely on 
Journeo, every day
Strategic Report

24
Journeo plc Annual Report and Financial Statements 2024
Strategy and objectives
Connected systems for connected journeys.
Our overall strategy is developed through initiatives grouped into four strategic goals focused 
on our customers, our capabilities and our stakeholders:
Customer bonding
Engineering excellence
We aim for deep customer bonding through  
the critical technology solutions we provide 
to the transport community which capture, 
process and display essential information to 
improve journeys. We carefully select niche 
markets where we can generate significant 
market share. 
We support our customers’ legacy systems, 
today’s new purchases and tomorrow’s strategic 
direction. 
We invest in the skills and capabilities of our 
people to deliver engineering excellence and 
technical leadership across the lifecycle of 
solutions.
2024 Objective
2024 Objective
Build upon our initial customer satisfaction survey and create a 
framework for measuring improvement in our performance.
Review processes to ensure customer success for the entire 
lifecycle of customer projects.
Establish a centre of excellence for solution design to work at a 
Group level across all our companies, accelerating consolidation 
and strengthening consistency.
Progress
Progress
In 2024 the Group completed its second customer satisfaction 
survey, to enable comparison against our baseline data.  
We seek to enhance satisfaction levels further and deliver 
continuous improvement using the data we are collecting.
We established the Journeo Design Centre (JDC) to deliver new 
solutions built on the Group’s Research and Development.  The 
working group meets regularly and we expect to see the first 
solutions pioneered by the JDC enter the market in H2 2025.
Future objectives
Future objectives
Build upon our initial customer satisfaction scores.
Implement new Group-wide Customer Relationship 
Management (CRM) platform.
Further empower our nationwide engineering teams through 
the deployment of more powerful cloud-based tools to support 
the delivery of an improved customer service experience.
Continue unification of manufacturing processes to deliver a 
consolidated approach across the Group that will achieve the 
required accreditation for worldwide sales.

25
journeo.com
Technology leadership 
Business growth
We are an open technology provider and 
partner with many leading global-scale product 
companies and local industry specialists to 
deliver our solutions.
We have a 360° view of the technology relevant 
to our customers and the capability to develop 
products and software that meet the transport 
community’s unique requirements, as well as 
the engineering services to deliver and support 
the solutions.
We are strategically positioned for growth, 
as solutions in the transport community 
converge, with significant presence in passenger 
transport infrastructure and fleet operators’ 
safety and management systems. Journeo’s 
software and services are driving an increasing 
number of our new business opportunities.
We continue to evaluate acquisitions where 
they provide a route to market for our core 
capabilities.
2024 Objective
2024 Objective
Improve our alarming and alerting platforms through enhanced 
machine learning techniques.
Continue process of rationalising procurement and 
manufacturing to reduce lead times and deliver lower cost 
solutions to our customers.  
Continue to target further complementary acquisitions.
Progress
Progress
Work is advanced, with many of the underlying components 
now complete and ready for integration into the Journeo Portal.  
Complex integration with other business systems has slowed 
progress, but customers will begin to see the benefits of the 
work in H2 2025.
We have consolidated purchasing under a new Group Head of 
Purchasing and initiated an internal programme to enhance 
quality and consistency in our solutions further.
We are focused on securing the right bolt-on acquisitions 
for the right price.  We maintain a list of potential target 
acquisitions and continue to pursue companies that provide 
attractive routes to market for core Journeo IP.
Future objectives
Future objectives
Initiate customer trials of new, next generation products 
developed by the JDC.
Consolidate software development under a new Group Head of 
Software.
Continue organic growth trajectory among our current 
operating companies and target complementary acquisitions 
to enter new markets as we scale the Group.
Strategic Report

26
Journeo plc Annual Report and Financial Statements 2024
Chief Financial Officer’s report
Group performance
Group results for the year ended 
31 December 2024 show underlying profit 
increased by 13% to £4.8m (2023: £4.3m).
Overall sales increased by 8% to £49.6m 
(2023: £46.1m) and gross profit increased 
by 24% to £17.7m (2023: £14.3m).  The 
gross profit growth was driven by a 
combination of the sales uplift and 
a significant increase in gross profit 
margins.
Gross margin increased by 5% to 36% 
(2023: 31%), as the increase in Group 
purchasing power, easing of supply chain 
restraints and a changing revenue mix 
came together to reduce cost of sales.
Group recurring revenue increased by 
40% to £7.0m (2023: £5.0m).
Underlying administrative expenses 
increased to £12.9m (2023: £10.1m), 
reflecting the full year impact of the 
acquired businesses, inflationary 
cost pressure, and investment into 
multiple teams including Research and 
Development and sales.
Profit before tax was up by 33% to 
£5.0m (2023: £3.7m).
Diluted earnings per share (EPS) 
grew strongly to 26.29p (2023: 17.96p), 
reflecting the strong Group profit 
performance and a low tax charge.
Cash and cash equivalents at the year 
end were £14.3m (2023: £8.1m), with a 
net cash flow from operations of £7.6m.
The Group has delivered improved 
margins across all operating 
companies and is cash generative, 
putting us in a strong position to 
fund further growth.”
Nick Lowe
Chief Financial Officer
“
Operating company 
performance
Fleet sales increased by 45% to £23.7m 
(2023: £16.3m) as bus operators increased 
their spend on new vehicles, supported by 
government stimuli.  In addition, a number 
of new customers, such as Metroline 
Manchester, announced in July 2024 and 
other industry initiatives, including the 
mandating of digital wing mirror Camera 
Monitor Systems by TfL, first announced in 
March 2024, contributed to the growth.
Gross profit increased to £6.7m (2023: 
£3.9m) with margins increasing by 4% 
to 28% (2023: 24%).  This was due to two 
key factors, with prior year installations 
contributing to recurring revenue and the 
Group margin gains mentioned above.
Key performance indicators
2024 
£’000
2023
£’000
Movement
£’000
%
Revenue
49,558
46,092
3,466
8%
Gross profit
17,680
14,310
3,370
24%
Total administrative expenses
12,915
10,337
2,578
25%
Underlying profit
4,825
4,284
541
13%
Operating profit
4,765
3,973
792
20%
Recurring revenue
7,021
5,006
2,015
40%
Profit before taxation
4,953
3,733
1,220
33%
Net current assets
16,519
10,407
6,112
59%
Net cash flows from operating activities
7,591
1,644
5,947
362%
Cash and cash equivalents
14,318
8,116
6,202
76%
Pence
Pence
Pence
%
Profit per share - basic
27.44
18.64
8.80
47%
Profit per share - diluted
26.29
17.96
8.33
46%
Passenger sales increased by 5% to £9.5m 
(2023: £9.0m). Margins improved by 3% to 
47% (2023: 44%), generating a gross profit 
of £4.4m (2023: £4.0m), primarily due to 
improved Group purchasing, including 
forward purchasing, and the easing of the 
global supply chain.
As expected, Infotec revenue decreased 
to £12.4m (2023: £19.7m) with the last 
deliveries on the first phase of the MTA 
contract during the year.  Gross margins 
improved strongly to 37% (2023: 30%), 
contributing to a gross profit of £4.6m 
(2023: £5.9m).
Journeo A/S (formerly MultiQ) revenue 
increased to £4.0m (2023: £1.1m) with it 
being part of the Group for the full year.  
Margins remained strong at 48% (2023: 
48%), delivering a gross profit of £2.0m 
(2023: £0.6m).

27
journeo.com
Chief Technical Officer’s report
Technological development, 
and ongoing expansion of 
our capabilities, has always 
been a key business strategy 
driver. While this will always 
remain the case, 2024 marked 
a necessary shift towards 
further enabling scalability. 
The enviable success of the Journeo 
Portal has brought with it the inevitable 
challenges of rapid growth, but with 
perfect timing. The coming of age 
of both Machine Learning (ML) and 
practical Artificial Intelligence (AI) 
solutions, alongside cloud support for 
these technologies, made 2024 the ideal 
moment to accelerate our adoption of 
these tools. To continue to scale, and 
possibly at an increased pace, requires 
absolute commitment to a first-time-fit, 
and first-time-fix ethos, as well as an 
accurate understanding of the health of all 
our underlying components.
We are well underway in building the 
necessary support infrastructure tools to 
enable this. Made more complex by the 
need to integrate with other business 
systems, the Journeo Portal, with its 
knowledge of all customer assets, is fast 
becoming the centre of truth for all our 
internal systems, in addition to those of 
our customers.
The constant addition of new third-party 
devices and services into our agnostic 
solutions has driven a significant push 
towards a full end-to-end agnostic 
experience. No IT department wants to 
install any software that is not absolutely 
necessary and this is a particular 
challenge of today’s paradigm where every 
product used in a solution needs its own 
management or player software. With the 
brilliant support of many of our partners 
we were able to proof-of-concept a truly 
agnostic environment which, over the 
course of 2025, will become an embedded 
web solution within the Journeo Portal, 
thus having no need of installation, and be 
independent of hardware platform.
The Journeo Portal is now a true data 
exchange, both ingesting and processing 
third-party data and, at the same time, 
supplying trusted third parties with data 
and results through secure APIs. By the 
end of 2025 we aim to be providing bus 
departure information for just about any 
location within the UK, regardless of the 
presence of on-street infrastructure. 
Adoption of the new RTIG (Real Time 
Information Group) open standard 
for communicating with on-street 
public facing signage is now complete, 
already with significant deployments 
across the UK. This is of huge benefit 
to local authorities in facilitating their 
procurement operations and places 
us well for the next evolution of public 
information services. 
With all things considered, 2025 promises 
to be an exciting year for Journeo and its 
solution development. 
The Journeo Portal is now a true 
data exchange, both ingesting and 
processing third party data and, at 
the same time, supplying trusted 
third-parties with data and results 
through secure APIs.”
Dr Andy Houghton
Chief Technical Officer
“
Strategic Report

28
Journeo plc Annual Report and Financial Statements 2024
Stakeholder engagement
Journeo’s success is built 
upon a deep understanding of 
our stakeholders and how the 
Company culture underpins 
our interactions with them. 
The disclosures in this section are aligned 
with the factors set out in The Companies 
Act 2006, Section 172 and describe how 
the Directors have acted in the way they 
consider, in good faith, would be most likely 
to promote the success of the Company for 
the benefit of shareholders as a whole.
When performing their duties under 
Section 172, the Directors consider:
•  the likely consequences of any decision in 
the long term; 
•  the interests of the Company’s employees; 
•  the need to foster the Company’s business 
relationships with suppliers, customers 
and others; 
•  the impact of the Company’s operations on 
the community and the environment; 
•  the desirability of the Company 
maintaining a reputation for high 
standards of business conduct; and 
•  the need to act fairly between members of 
the Company. 
The Board has identified key stakeholder 
groups to be its customers, investors and 
shareholders, employees, supply chain and 
the communities in which we work.
Our customers
Our investors and shareholders
Building close relationships with our 
customers, underpinned by a deep 
understanding of their requirements, 
is core to the ongoing success of the 
business. The Group works hard to 
understand our customers’ requirements 
for legacy, current and future systems, 
ensuring that we remain their 
technology partner of choice.
The Board maintains strong 
relationships with our shareholders 
and works to promote an investor base 
that will achieve long-term value from 
their holding in the Company. The Board 
ensures that all decisions are aligned 
to delivering increasing value and is 
committed to achieving substantive 
growth in the medium term.
What is important to this group
What is important to this group
• Deep understanding of their requirements 
and operational demands.
• Robust, reliable and sustainable technology 
solutions. 
• Maintaining an exceptional customer 
experience.
• Delivering on project commitments, both on 
time and on quality.
• The Board’s ambition and growth strategy.
• Financial performance.
• The Group’s ESG practices.
• The Group’s underlying values and wider 
Company culture.
How we interact
How we interact
We interact through:
• Regular customer engagement, fostering a 
relationship of trust.
• Regular customer surveys and seeking 
direct feedback.
• Exhibitions, roadshows and industry 
events.
• Development of our solutions to deliver 
ongoing and iterative improvement.
We engage with our shareholders through a 
range of mediums:
• Annual and interim (half year) reports.
• Regulatory stock exchange 
announcements.
• Investor-meet-company presentations.
• Company website.
• Regular meetings with our corporate 
brokers, analysts and major shareholders.
• Investor site visits.
Decisions taken in FY24 that impacted our 
stakeholders
Decisions taken in FY24 that impacted our 
stakeholders
• Recruited a new Group Sales Director to 
ensure a consistent approach to customers 
across all areas of the Group.
• 12 exhibitions and roadshows completed, 
with additional industry events attended.
• Further progress of our ESG strategy and 
commenced development of a Carbon 
Reduction Plan.
• Development of new and existing customer 
relationships.
• Formation of the Journeo Design 
Centre (JDC).
• Development of our Senior 
Leadership Team.
• Communication of financial results and 
performance.
• Investor-meets-company webinars 
conducted for the Annual and Interim 
results.
• Investor days at our Head Office and Infotec 
factory.

29
journeo.com
Our people
Our supply chain
The communities in which we work
We are proud of the team that has 
been built at Journeo, and they are the 
cornerstone of our current, and future 
success.  We strive to attract and retain 
the talent that we need to build the 
long-term prosperity of the Group. We 
work closely with our team members 
to ensure that their safety, wellbeing 
and professional development are 
underpinned by all that we do; and to 
ensure that Journeo remains an exciting, 
vibrant and engaging place to work.
The Group has an extensive supply 
chain, ranging from global-scale 
manufacturers to niche component 
specialists that is essential to 
meeting the ever-evolving needs of 
our customers and their technical 
requirements.
Journeo is fortunate to work delivering 
solutions that have a positive impact on 
the communities in which we operate. 
Both in locations where we have 
offices, and for where our solutions 
are deployed.  It is important that we 
maintain our behaviour as a responsible 
member of the corporate community.
What is important to this group
What is important to this group
What is important to this group
• Continuing professional development.
• Safety and wellbeing.
• Diversity and inclusion.
• Recognition and remuneration.
• ESG practices.
• Fair commercial terms and payment 
schedules in line with industry standards.
• Market demand insights including 
expectation management.
• ESG practices.
• Feedback on quality and reliability.
• ESG practices.
• Social value contributions for works 
completed.
• Job and opportunity creation.
• Investment in partnership development.
How we interact
How we interact
How we interact
We interact with our people in several ways:
• Team member training and policies.
• Regular annual reviews and interim 
informal meeting and feedback sessions.
• ‘Open door’ policy with Senior Leadership.
• Employee induction and exit interviews.
The long-term supply chain partnerships we 
foster are underpinned by:
• New supplier engagement as part of our 
ISO 9001 Quality Management System.
• Continuing due diligence with regular 
supplier reviews.
• Continuous and open dialogue between 
Journeo and key suppliers.
We strive to ensure that Journeo has a 
positive impact in every community that it 
touches:
• Social Value contributions on public 
contracts, including supporting school 
clubs, STEM initiatives and foodbank 
contributions.
• Participation in local community and 
sponsorship events.
• Investment in low-power and low-carbon 
technologies.
Decisions taken in FY24 that impacted our 
stakeholders
Decisions taken in FY24 that impacted our 
stakeholders
Decisions taken in FY24 that impacted our 
stakeholders
• Recruitment of Group Sales Director and 
Group Head of Software.
• Continuing Professional Development 
courses for a number of team members.
• Implementation of new Group-wide 
HR system.
• Implementation of Employee support 
programme.
• 1-2-1 coaching sessions for management 
teams and team leaders.
• Numerous internal promotions and role 
changes to reflect the changing needs 
of the business and development of our 
people.
• Centralisation of Group procurement 
strategy under a new Group Head of 
Purchasing.
• Development of our ESG practices and 
review of our procurement practices.
• Developing relationships with new and 
existing supply partners.
• Involvement within our local community 
including entering a 5-a-side tournament 
for local businesses.
• Engagement at careers fairs at local 
universities.
• Summer internships for two PhD students.
• Contributions to before and after-school 
clubs for our customer communities.
• Continued investment in our low-power 
and low-carbon technologies.
• Attended career day for ex-military 
personnel looking for engineering-
based roles.
• Further development of our ESG strategy 
and creation of our Carbon Reduction Plan.
Strategic Report

30
Journeo plc Annual Report and Financial Statements 2024
ESG report
Journeo remains committed to 
developing its Environmental, 
Social and Governance (ESG) 
reporting standards.  
In previous Annual Reports, we have 
described the methodology we have 
undertaken to create a framework that will 
establish Journeo as a sustainable business 
that maintains its position as a responsible 
member of the corporate community, based 
upon feedback from our stakeholders.
Within this framework, we established 
topics on which we wanted to lead within 
our industry, those that we had marked 
for management, and those that we would 
monitor.  This report highlights the further 
progress that we have made throughout 
the course of 2024 as we strive to take up 
leading positions on the items that are most 
important to Journeo and its stakeholders.
The work completed throughout 2024 
has resulted in tangible benefits for our 
customers, our people, shareholders and 
other industry groups.
Innovation and product responsibility
As a growing and leading supplier of 
intelligent systems to the transport market, 
it is imperative we continually engage with 
new technologies and new methodologies. 
For many years, we have highlighted the 
important role that our Research and 
Development (R&D) teams have in the 
Business. We continue to invest in R&D with 
over £6m spent over the past four years to 
support the creation and advancement of 
scalable and sustainable solutions.
In January of 2024, we extended this capability 
through the creation of the Journeo Design 
Centre (JDC). The JDC is formed of members 
from across our operating companies, and 
includes technical and industry specialists. 
The goal of the JDC is simple; to take what 
the Group has learned through its R&D and 
how it has been applied to customer projects, 
and create world-class products that can be 
deployed in transport systems and throughout 
transport networks across the globe.
The process of developing these new 
products is meticulous and requires strict 
attention to detail to ensure that they will 
meet the certification and accreditation 
requirements in our target markets. 
Customer trials of our initial suite of new 
products are due to commence in H2 2025.
The JDC has not, however, been the only 
area of focus for our products. Carbon usage 
and energy consumption is becoming ever 
more important to us and our customers. 
Many of our installations, especially those 
completed by our Passenger Systems and 
Infotec businesses, rely on unmetered energy 
supplies to source their power.
To assist our customers in being able to 
accurately monitor the power consumption of 
their information estates, we have extended 
an existing programme to have all Journeo 
products that could be connected via an 
unmetered supply re-assessed for total energy 
usage, to provide customers with updated 
unmetered supplies operational charge codes. 
We are prioritising new products and those 
items that have recently undergone significant 
re-design to include low-energy components.
We have also continued to develop our cloud 
platforms. The Journeo Portal now extends 
beyond connection to on-vehicle systems to 
enable local authority customers to manage 
their passenger information estates from a 
single, centralised location. As more Mayoral 
Combined Authorities (MCAs) franchise, taking 
greater responsibility for the vehicle fleets in 
their region, the power to be able to manage 
all transport assets from a single cloud portal 
will be a defining feature of our solution. In 
addition we have also commenced integration 
works with third-party system manufacturers 
to present data and other information to users 
that has come from multiple systems.
The further integration of Artificial Intelligence 
(AI) and Machine Learning (ML) in our 
solutions is also a key driver. In 2024 we 
supported two PhD students with summer 
internships, challenging them with looking at 
ways that we can support greater integration 
of these technologies into our solutions. 
Practical challenges were set and the outcome 
of the work is currently being integrated into 
our asset management and health alerting 
platforms within the Journeo Portal. 
The topics selected to place at the 
forefront of our ESG strategy are:
• Innovation and product responsibility
• Energy use and carbon emissions/
low-carbon products
• Health, safety and wellbeing
Lead
• Customer satisfaction
• Operational data privacy and security
• Attracting and retaining talent
• Diversity, inclusion and equality
• Responsible supply chain
Manage
• Corporate governance
• Social impact investment
• Waste and recycling
• Economic contribution
• Ethical conduct
• Risk management
Monitor
Lead topics
At a glance
Innovation and product 
responsibility
Energy use and carbon 
emissions/low carbon 
products
Health, safety and 
wellbeing
Creation of the Journeo 
Design Centre (JDC), with a 
focus on carbon usage and 
energy consumption
Completed a baseline 
Greenhouse Gas (GHG) 
emissions assessment 
for 2024
Launch of occupational 
health service, supporting 
new joiners
Developing our Cloud 
platforms to focus on single, 
centralised locations
Producing a Carbon 
Reduction Plan (CRP) in 
accordance with PPN 06/21
Group-wide launch of 
an employee assistance 
programme offering around 
the clock support to all 
colleagues
Integration of artificial 
Intelligence (AI) and 
Machine Learning (ML) in 
our solutions, supporting 
cutting-edge research
Formation of a 
Sustainability Committee to 
be completed in H1 2025
Implementation of a new 
HR system in 2024 that will 
collate baseline data

31
journeo.com
Energy use and carbon emissions/ 
low-carbon products
The challenges that are presented by climate 
change should not be underestimated.  
The UK Government has set a clear target 
of achieving a Carbon Net Zero economy 
by 2050 and the work required to achieve 
this, whilst still maintaining an active and 
productive economy, is substantial.
An important step for Journeo on the path to 
Carbon Net Zero is to measure emissions and 
we are pleased to confirm that Journeo has 
completed a baseline Greenhouse Gas (GHG) 
emissions assessment for 2024, the first full 
year of trading to include the acquisitions of 
Infotec and Journeo A/S (formerly MultiQ). 
Emissions for the Group are calculated 
using methodologies consistent with the 
GHG Protocol: A Corporate Accounting and 
Reporting Standard.
As a company quoted on AIM and subject 
to the reporting requirements for large 
companies under the Companies Act 2006, 
the Group is required to report under the 
Streamlined Energy and Carbon Reporting 
(SECR) regulations. The table below presents 
our Scope 1 and Scope 2 emissions  and 
intensity metric.
Emissions (tCO2e)
2024 - Baseline
UK and offshore
Global 
(excluding 
UK and offshore)
Scope 1
Emissions from combustion of gas 
16
2
Emissions from combustion of fuel for transport purposes
143
14
159
16
Scope 2
Emissions from purchased electricity 
59
2
Total Scope 1 & 2
218
18
Intensity ratio (tCO2e per £m of sales)
4.4
0.4
Energy consumption used to calculate emissions (MWh)
Scope 1 - combustion of gas
86
14
Scope 2 - purchased electricity
305
18
The methodology used is the GHG Protocol 
with a hybrid approach with 33% activity-
based and 67% spend-based.
In addition, we are in the final stages of 
producing a Carbon Reduction Plan (CRP) in 
accordance with PPN 06/21 which requires the 
baseline to include Scope 3 emissions. This has 
highlighted the complexities of record keeping 
and determining emission factors for Scope 3 
to support a comprehensive GHG inventory for 
our baseline.
The major targets that will be present in our 
CRP are:
•	 Carbon Net Zero by 2050.
•	 Achieve a 30% reduction in operational 
emissions (Scope 1 and 2) against our 2024 
baseline by 2030.
•	 Achieve a 30% reduction on Scope 3 
emissions (excluding emissions in scope 
3.1) against our 2024 baseline by 2035.
The Group is creating a carbon task force, 
composed of members present within 
our teams that know and understand our 
business. The team members will be targeted 
with setting ambitious targets to reduce 
our carbon footprint through changes in 
policies, processes and practices that can 
be embedded throughout the business to 
become an integrated part of the day-to-day 
work carried out by all of our people.  
The Board will provide overall governance 
to the task force through the assembly 
of a Sustainability Committee in H1 2025, 
thus ensuring that not only is sustainability 
and the goal of achieving Carbon Net Zero 
understood at all levels within the Group; 
all internal stakeholders will have a shared 
responsibility for ensuring that we meet it.
To achieve a 30% reduction against our 
2024 Scope 1 and 2 emissions baseline by 
2030, our teams will initially focus on the 
areas where we have greater control. This 
will include reviewing our energy provisions, 
emissions associated with our buildings and 
targeting the reformation of our company 
fleet of vehicles.  
Many of these practices have, in fact, already 
begun, but will now be reinforced through 
changes to policies and procedures that 
form part of our ISO-accredited business 
management systems.  For example, a 
number of team members on our company 
car scheme have already migrated to plug-
in hybrid or full electric vehicles. This is a 
productive start, but we recognise that we 
can, and will, do more.
The reduction of our emissions that fall 
under Scope 3, especially those that involve 
purchased goods and services, will no doubt 
pose a more significant challenge, and be 
part of a longer-term goal for our teams and 
Sustainability Committee.  We must engage 
with our supply chain not only to achieve a 
more accurate understanding of this scope 
of emissions, but to constructively work with 
them to support their own carbon reduction 
journeys.  The target of 2050 may seem far 
away, but it is only through dedicated action, 
taken now, that we will achieve our aim 
of taking up a leading position for carbon 
reduction and low‑carbon technology, within 
our chosen markets.
Strategic Report

32
Journeo plc Annual Report and Financial Statements 2024
Health, safety and wellbeing
Since joining the Group in 2023, HR 
Manager, Bex Hodds has implemented an 
uncompromising agenda to improve the 
performance of Journeo in this area.  Across 
2024, Bex has been focusing on developing 
a culture of care and support, whilst 
maintaining regulatory compliance.  Several 
initiatives have been launched and are 
progressing well.
Early in the year, we engaged the expertise 
of an occupational health service, primarily 
targeted to support new joiners.  The service 
conducts new starter health assessments, 
advising the Company as to whether new 
colleagues require additional tools or support 
to successfully fulfil their role. We also use 
this service to gain valuable insight into 
longstanding health concerns, enabling the 
Company to ensure colleagues continue to 
feel supported and the business continues 
to offer solutions and adjustments that 
are reasonable.
This was swiftly followed by the Group-
wide launch of an employee assistance 
programme. Designed to act as a mechanism 
for gaining support on all manner of personal 
or professional concerns, the service offers 
signposting to useful charities, contacts and 
tools to manage situations. 
Colleagues experiencing challenges that 
result in mental and physical health concerns, 
have 24/7/365 access to a contact centre 
that can triage requests and direct requests 
to the appropriate professional service.  The 
confidential employee assistance service 
enables colleagues struggling with mental 
health concerns such as anxiety, depression 
and post-traumatic stress, the opportunity 
to receive up to eight face-to-face counselling 
sessions per year, per issue. The service also 
extends to provide support for those colleagues 
experiencing menopausal symptoms. 
Colleagues can access the service through a 
mobile app, making it discreet, inclusive and 
easy to use. It also provides additional tools 
for eating healthily, increasing movement 
and mindfulness.  Whilst the service remains 
confidential, the Company has access to 
anonymised high-level information on service 
usage and issue categorisation, enabling us 
to monitor, manage and implement initiatives 
to support our people and the challenges that 
they are facing in real time.
In our wider community, several other 
activities have taken place.  We have 
worked with local universities and other 
organisations, attending careers events, 
especially those with a particular focus 
on Science, Technology, Engineering and 
Mathematics (STEM), to help encourage 
the next generation of individuals that will 
design, develop and implement the solutions 
that will further enhance public transport 
and related infrastructure. Further, Journeo 
engaged two summer interns, both young 
female PhD students from the University of 
Warwick and both non-UK nationals. Working 
on a specific project, their work is supporting 
our new alarming and alerting platforms 
that are currently being implemented by our 
technical and development teams.
In Q4 2024, the Group also implemented 
a new HR system that will underpin our 
work going forward.  Whilst work on this 
is formative, colleagues are engaging with 
the system and it is being used to collate 
baseline data for our future development.  
Throughout the course of 2025, Bex will be 
using this baseline data to create a reporting 
framework within Health Safety and 
Wellbeing to form the basis of future reports.
ESG report CONTINUED

33
journeo.com
Principal risks and management
It is the responsibility of the 
Board to ensure that there is 
a well-defined and effective 
framework in place to 
measure and respond to risks 
that are material to the Group. 
The Board uses the Risk Management 
Framework of the business to identify and 
mitigate risks and is supported by the Audit 
Committee and the Senior Leadership 
Team.  The Audit Committee is chaired by 
Barnaby Kent.
The Audit Committee has responsibility 
for reviewing the Risk Management 
Framework, its effectiveness, and the 
internal controls that manage it, to ensure 
that the Group complies with all laws and 
regulations within its active markets.
The Audit Committee has established 
auditor independence processes, that 
enable the Committee to oversee the 
relationship with external auditors and 
the fees payable for the services provided.  
The Committee is provided with a detailed 
audit plan of the financial year end 
that highlights the key risks identified.  
The Committee reviews the scope of the 
audit and ensures that the proposed fees 
are reasonable and represent good value 
for the services provided.
As part of the Governance structure 
operated by the Board, a robust set of 
processes and systems of control have 
been developed for the identification and 
management of risk, based upon the 
likelihood of the risk, and the severity of the 
impact.
The Board’s role in Risk Management 
includes:
• Setting acceptable levels and appetite 
for risk;
• Embedding risk management at the core 
of business processes;
• Ensuring our values, especially that of 
integrity, are core elements of Group 
culture
• Determining the principal risks:
- Ensuring these are effectively 
communicated to the business; and, 
• Setting policies for risk management and 
control
Principal or emerging risks that may impact 
the Group are identified by the Senior 
Leadership Team and are reviewed by 
the Board.
When assessing risk, the Group focuses 
on five categories.  Some risks may span 
multiple categories.  Where this is the case, 
the primary risk category is highlighted.  
The categories are:
• Commercial risk;
• Strategic risk;
• Operational risk;
• Technical risk; and,
• Financial risk
The assessment of principal risks is an 
ongoing process, which is under constant 
review.  The scoring of a risk is based upon 
the pre-mitigation impact assessment and 
year-on-year changes are reflected in the 
change in likelihood of the risk having a 
significant impact.
The principal risks and mitigations 
presented have been updated from those 
presented in the Annual Report for the year 
ended 31 December 2023.
Risk matrix chart
1
Changes in Government policy
2
Supply chain management
3
Major project delivery
4
Dependence on key suppliers
5
Competition
6
Technology
7
Key staff retention
8
Cyber security
9
Forecasting and liquidity 
Impact
10
9
6
8
8
1
5
7
9
6
7
5
4
4
2
3
3
2
1
1
2
3
4
5
6
7
8
9
10
Likelihood
Strategic Report

34
Journeo plc Annual Report and Financial Statements 2024
Principal risks and management CONTINUED
Risk or uncertainty and potential impact
Primary 
category
Management activities and mitigations
Trend
1   Changes in Government policy
Whilst successive Governments have pursued an agenda 
of decarbonisation and promotion of public transport, we 
must remain mindful of potential impacts on the transport 
market, such as:
•	 Changes to decision making processes restricting what 
customers can buy.
•	 Changes to funding streams impacting project viability.
Strategic
Through our Passenger segment, Journeo works very 
closely with local authorities and has been engaging 
with customers on their Enhanced Partnership and 
Franchising plans.
The Board continues to monitor changes in Government 
policy closely and sets strategy based upon emerging 
changes, such as the announcement of the Better Buses 
Bill and commencement of CP7.
Product development remains closely tied to the emerging 
needs of our customers, to ensure that solutions fit 
customer requirements based on price and technical 
specification.
2   Supply chain management
The Group has an international supply chain and a growing 
overseas customer base.
Access to, and delivery of, equipment, people and materials 
could be negatively impacted by global events. 
Operational
The Group has centralised supply chain management 
into a new Group function, to oversee the quality and 
management of our supply chain.  A process of supply 
chain rationalisation has been undertaken, reviewing all 
suppliers.
3   Major project delivery
Failure to deliver a major project on time or to specification, 
or technical performance falling significantly short of 
customer expectations, would have potentially significant 
adverse financial and reputational consequences.
Operational
Risk assessments are conducted for all projects and the 
major ones are subject to Board approval.
Major projects are reviewed throughout the project 
lifecycle. Any material exceptions are escalated to the 
Senior Leadership Team and Board.
4   Dependence on key suppliers
Wherever possible, the Group retains a choice of suppliers 
in the supply chain. In instances where we are reliant on the 
performance of one supplier for a product or a subsystem, 
our risk is increased. 
Operational
We manage this risk by rigorously evaluating key suppliers’ 
financial and technical performance. We also monitor their 
general performance closely and apply the mitigation 
covered above for major projects.
There is an increased level of Journeo IP in our solutions 
giving us greater flexibility with solution components.
5   Competition
The Group may face increased competition as technology 
on and off vehicles moves away from point solutions to 
broader integrated solutions.
This changing technology landscape creates openings for 
new product and service entrants that may possess better 
technical and capital resources than the Group.
Commercial
The Group continually increases its technical capability.  
The formation of the JDC will further increase the level of 
Journeo IP in each sale.
The Group’s organic and acquisitive growth is providing us 
with increased resource but we remain mindful that the 
advent of Artificial Intelligence (AI) and rapid iteration of 
software systems remains an ever-growing threat.
Risk change:
	 Increased likelihood
	 Decreased likelihood
	 No change
Risk impact:
	 High
	 Medium
	 Low

35
journeo.com
Risk or uncertainty and potential impact
Primary 
category
Management activities and mitigations
Trend
6   Technology
As transport systems become more intelligent and 
converged, there is a risk that solutions or products can be 
overtaken by new approaches. The speed of innovation may 
increase with the use of new tools, such as AI and ML.
Technical
We are a customer-led business that has made significant 
investments in Research and Development resources in 
carefully selected niche markets in which we are recognised 
experts with substantial field engineering experience. 
Journeo implements AI and Machine Learning (ML) tools 
within its own solutions, but is mindful that the advent 
of these tools may in future reduce the barrier to entry 
for others.
The Board regularly reviews progress on product development.
7   Key staff retention
Journeo designs, manufactures, supplies and supports 
highly complex systems.  Businesses processes are 
constantly adhered to as part of our ISO 9001 Quality 
Management System.  However, recruiting some skill sets 
can prove challenging in the event of staff turnover.
Operational
Journeo is fortunate to have a low staff turnover.  However, 
we recognise more can be done, and throughout 2024, 
Journeo implemented a new HR system and employee 
assistance programme.
The Board prefers to develop internal talent wherever 
possible and generate more ‘strength in depth’ with 
strategic recruitments into key areas where necessary. 
This recruitment programme commenced in 2024 and will 
continue into 2025.
8   Cyber security
The threat to cloud-based solutions is an ever-evolving 
landscape.  This is coupled with a growing potential attack 
surface as Journeo integrates more solutions into the 
cloud and develops new solutions.  The potential of a 
successful attack could have significant commercial and 
reputational impact.
Technical
Journeo applies stringent measures to ensure the safety 
of our systems, including processes within our ISO 27001 
accredited Information Security Management System, 
and practical reviews of our solutions including regular 
penetration testing and vulnerability scanning. 
The highly critical nature of our solutions and critical 
locations of our implementations, however, makes Journeo 
a target and we strive to remain ever-vigilant.
9   Forecasting and liquidity
Should the business not maintain sufficient funds to 
continue its growth plans, stakeholder value could 
be impacted.
Financial
Journeo prepares financial forecasting to evaluate the 
level of funding required.  We are a profitable and cash 
generative business that is focused on meeting our growth 
targets.  
We are strategic with our acquisition targets and invest to 
return enhanced value to the Group.
Risk change:
	 Increased likelihood
	 Decreased likelihood
	 No change
Risk impact:
	 High
	 Medium
	 Low
Strategic Report

36
36
36
Journeo plc Annual Report and Financial Statements 2024
Governance
IN THIS SECTION
Board of Directors
38
Senior Leadership Team
39
Report on corporate governance
40
Report of Directors’ remuneration
42
Statutory Directors’ report
44
Independent Auditor’s report
47
36

37
journeo.com

38
Journeo plc Annual Report and Financial Statements 2024
Board of Directors
Mark Elliott
Non-executive Chairman 
Mark Elliott joined the Company in December 
2010 as a Non-Executive Director before taking 
on the role of Executive Chairman in August 
2013 after a period in the role of Interim 
Finance Director from January 2013. In August 
2014 Mark was appointed Non-Executive 
Chairman. Mark is a Chartered Accountant who 
was an Equity Partner with Baker Tilly (now 
RSM UK) specialising in audit and corporate 
finance. More recently he has advised and 
been on the board of two companies listed on 
AIM. He is also Non-Executive Chairman of AIM 
listed Malvern International plc.
A  N  R  	
Nick Lowe
Chief Financial Officer and  
Company Secretary
Nick Lowe joined the Company in May 2017 
as Chief Financial Officer. Nick is an FCA 
with experience at finance director level in 
growing, technology-led, SME businesses. 
He has strong group reporting, process and 
control skills developed whilst at the prestige 
motor dealer, Sytner Group. Nick qualified 
as a Chartered Accountant with Tenon in 
Nottingham, before joining KPMG.
James Cumming
Non-executive Director and Senior 
Independent Director
James Cumming joined the Board as a Non-
Executive Director in August 2013. Following a 
long career in corporate advisory and broking 
in the City, including acting as Chief Executive 
Officer of N+1 Brewin LLP, and latterly as a 
Senior Adviser to Cantor Fitzgerald, James 
has significant experience in working with 
small and mid-sized UK companies. James 
was previously a Non-Executive Director 
of CareTech Holdings PLC and chaired the 
Independent Committee in the group’s 
£1.2bn MBO. He was an associate of Ruffena 
Capital and has qualified as a fellow of the 
Chartered Institute of Securities & Investment.
A  N  R  
Barnaby Kent
Non-executive Director 
Barnaby Kent joined Journeo as a Non-
Executive Director in March 2023, bringing 
over 20 years’ technology and M&A leadership 
to the organisation. He was previously CEO 
at Plumtree Group and was COO at LSE:AIM 
listed Ideagen for over a decade before a $1bn 
acquisition by private equity in 2022. Barnaby 
is currently CEO at Plumtree Consultants, 
a private investment fund in the UK. He 
holds a BSc (Hons) from the University of 
Southampton, and an MBA from Edinburgh 
Business School.
A  N  R
Russ Singleton
Chief Executive Officer 
Russ Singleton joined the Company in October 
2013 as Chief Executive. Russ is a Chartered 
Engineer with a strong track record, including 
forming and growing electronics businesses for 
Synectics plc, formerly Quadnetics Group plc, 
where, after moving to AIM in 2002, he led the 
group as Chief Executive, achieving a five-fold 
increase in turnover and substantial profits. This 
growth came organically and through acquisitions. 
Committees key:
A  	Audit Committee
N  	Nomination Committee
R  	Remuneration Committee

39
journeo.com
Senior Leadership Team
Dr Andy Houghton
Chief Technical Officer
Richard Webb
Group Sales Director
Tim Court
Managing Director – 
Infotec
Mark Johnson
Director of Fleet Systems
Scott Cannon
Group Head of Software
Neil Scott
Chief Operating Officer - 
Infotec
Mads Henrik Hansen
Managing Director – 
Journeo A/S
Bex Hodds
Human Resources 
Manager
Phil Harrison
Group Financial Controller
Chris Smith
Group Projects Manager
Darren Maher
Group Development and 
Communications Director
Steve Kesterton
Group Operations Manager
Governance

40
Journeo plc Annual Report and Financial Statements 2024
Report on corporate governance
Summary
	•
The Board met 12 times in 2024. All of 
the Directors of the Company were in 
attendance at the time of the meetings.
	•
The Audit Committee met with the 
Auditor twice during the year.
	•
Several meetings of the Remuneration 
Committee were held during 2024.
	•
An ongoing process to identify, evaluate 
and manage the significant risks faced 
by the Group has been in place for the 
full year under review.
The Company has adopted the Quoted 
Companies Alliance’s (QCA) Corporate 
Governance Code for small and mid-size 
quoted companies (revised in November 
2023 and meeting the requirements of AIM 
Rule 26).
The QCA Code is constructed around ten 
broad principles and a set of disclosures. 
The QCA has stated what it considers to 
be appropriate arrangements for growing 
companies and asks companies to provide 
an explanation about how they are meeting 
the principles through the prescribed 
disclosures. The Board has considered how 
it applies each principle to the extent that 
the Board judges these to be appropriate 
in the circumstances, and provides an 
explanation of the approach taken in 
relation to each on the Company’s website. 
The Board considers that it does not depart 
from any of the principles of the QCA Code.
The Company has chosen to adopt the 
recommendations of the QCA and will 
include proposals for the re-appointment 
of all Directors and the approval of the 
Directors’ Remuneration Report at the 
Annual General Meeting.
The workings of the Board 
and its Committees
The Board
The Board currently comprises two 
Non-executive Directors, a Non-Executive 
Chairman and two Executive Directors, 
and is responsible for the management of 
the Group. The Board meets at least ten 
times a year, setting and monitoring Group 
strategy, reviewing trading performance 
and formulating policy on key issues.
Day-to-day operational decisions are 
delegated to the Senior Leadership Team. 
Key issues reserved for the Board include 
the consideration of potential acquisitions, 
share issues and fundraising, the setting 
of Group strategy, City public relations, and 
the review and evaluation of significant 
risks facing the business.
Briefing papers are distributed by the 
Company Secretary to all Directors in 
advance of Board meetings. All Directors 
have access to the advice and services of 
the Company Secretary who is responsible 
for ensuring that Board procedures 
are followed, and that applicable rules 
and regulations are complied with. 
The appointment and removal of the 
Company Secretary is a matter for the 
Board as a whole. In addition, procedures 
are in place to enable Directors to obtain 
independent professional advice in the 
furtherance of their duties if necessary, 
at the Company’s expense.
Biographies of the Directors, including 
details of their experience and role within 
the Group, are set out on page 38.
Attendance at meetings
The Board met 12 times in 2024. All of the 
Directors of the Company at the time of the 
meetings were in attendance.
The Audit Committee
The Audit Committee comprises the three 
Non-Executive Directors: Barnaby Kent, as 
Chairman, Mark Elliott and James Cumming. 
The Audit Committee’s remit is set out 
in its terms of reference. The Committee 
assists the Board in ensuring that the 
Group’s published financial statements 
give a true and fair view and, where the 
Auditor provides non-audit services, 
that its objectivity and independence is 
safeguarded. The Audit Committee reviews 
arrangements by which employees may, in 
confidence, raise concerns about possible 
inappropriateness in the financial reporting 
of the Company or other matters. The Audit 
Committee has procedures in place for the 
investigation and follow-up of any such 
matters reported to it by staff.
The Remuneration Committee
The Remuneration Committee comprises 
the three Non-Executive Directors: James 
Cumming, as Chairman, Mark Elliott and 
Barnaby Kent. Several meetings of the 
Committee were held during 2024. The 
Committee is responsible for making 
recommendations to the Board on the 
remuneration of senior management and 
all Directors.
The Nomination Committee
The Nomination Committee comprises 
the three Non-Executive Directors: Mark 
Elliott, as Chairman, James Cumming and 
Barnaby Kent. It meets as necessary and is 
responsible for making recommendations 
to the Board on the appointments of 
Executive and Non-Executive Directors. 
When required, it is the usual practice of the 
Nomination Committee to employ specialist 
external search and selection consultants to 
assist in the appointment process for new 
Executive and Non-Executive Directors.
Election and re-election of Directors
All Directors of the Company are subject 
to election by shareholders at the first 
AGM following their appointment by the 
Nomination Committee. Thereafter, each 
Director is subject to re-election by rotation 
at intervals of no more than three years.
Terms of reference
The terms of reference for the Audit, 
Remuneration and Nomination Committees 
are available on request from the Company 
Secretary and are available for inspection on 
the Company’s website – journeo.com.
Internal controls
The Directors acknowledge that they 
are responsible for the Group’s system 
of internal control and for reviewing its 
effectiveness. The internal control systems 
are reviewed annually by the Board. 
Internal control systems are designed to 
meet the particular needs of the Group and 
the risks to which it is exposed. Internal 
control procedures are regularly reviewed 
in light of an ongoing process to identify, 
evaluate and manage the significant risks 
faced by the Group. The procedures are 
designed to manage rather than eliminate 
risk of failure to achieve business objectives 
and can only provide reasonable but not 
absolute assurance against material 
misstatement or loss. The process has been 
in place for the full year under review and 
up to the date of approval of the Annual 
Report and Financial Statements.
The key procedures which the Directors 
have established with a view to providing 
effective internal controls are as follows:
Management structure
The Board has overall responsibility for the 
Group and there is a formal schedule of 
matters specifically reserved for decision by 
the Board.

41
journeo.com
Each Executive Director has been given 
responsibility for specific aspects of the 
Group’s affairs. The Executive Directors, 
together with the senior management 
team, constitute the Management 
Committee, which meets weekly to discuss 
day-to-day operational matters.
Control environment
The Group’s control environment is the 
responsibility of the Group’s Directors 
and managers at all levels. A review 
of the key risks facing the business 
and the effectiveness of the Group’s 
internal controls was last performed in 
January 2025. During the year, the Board 
reviewed and updated its internal control 
arrangements to ensure they remained 
appropriate.
Main control procedures
The Directors have established control 
procedures in response to key risks. 
Standardised financial control procedures 
operate throughout the Group to ensure 
the integrity of the Group’s financial 
statements. The Board has established 
procedures for authorisation of capital and 
revenue expenditure.
Monitoring system used by the Board
The Board reviews the Group’s performance 
against budgets on a monthly basis. The 
Group’s cash flow is monitored monthly by 
the Board.
Internal audit
The Group does not have an independent 
internal audit function, as the Board does 
not consider the current scale of operations 
warrants such a function. However, the 
Board will keep this under review, with a 
view to creating an internal audit function 
when it is warranted.
Going concern
The Group’s business activities, together 
with factors likely to affect its future 
development, performance and position, 
are set out in the Strategic Report along 
with the principal risks and uncertainties.
The Group’s net underlying profit for 
the year was £4,825k (2023: £4,284k). 
At 31 December 2024 the Group had net 
current assets of £16,519k (2023: £10,407k) 
and net cash reserves of £14,318k (2023: 
£8,116k).
The Directors have prepared Group cash 
flow projections for the period to 30 June 
2026 based on latest forecasts that show 
that the Group will be able to operate within 
the Group current funding resources with 
significant headroom.
As with all businesses there are particular 
times of the year where our working capital 
requirements are at their peak. The Group 
is well placed to manage these business 
risks effectively and the Board reviews 
the Group’s performance against budgets 
and forecasts on a regular basis to ensure 
action is taken where needed. The Directors 
also monitor a rolling cash flow forecast, 
and key management review working 
capital movements and requirements on a 
daily basis.
The projections, taking account of 
reasonably possible changes in trading 
performance, indicate that the Group will 
operate within available facilities throughout 
the projection period and therefore, based 
on these projections, the Directors have 
a reasonable expectation that the Group 
has adequate resources to continue in 
operational existence for the foreseeable 
future and for at least 12 months from 
the date of these financial statements. 
The Directors therefore continue to adopt 
the going concern basis in preparing the 
financial statements.
Governance

42
Journeo plc Annual Report and Financial Statements 2024
Report of Directors’ remuneration
As an AIM company, the Company is 
required to comply with AIM Rule 19 and 
not with Schedule 8 to the Accounting 
Regulations under the Companies 
Act 2006. Nevertheless, the Board prefers 
to follow best practice and has therefore 
prepared the following report which meets 
the majority of these regulations.
This Report on Directors’ Remuneration 
sets out the Company’s policy on 
the remuneration of Executive and 
Non-executive Directors together with 
details of Directors’ remuneration 
packages and service contracts.
Remuneration Committee
For the financial year ended 31 December 
2024, the remuneration policy for Executive 
and Non-executive Directors and the 
determination of individual Executive 
Directors’ remuneration packages 
have been delegated to the Board’s 
Remuneration Committee.
In setting the remuneration policy, the 
Remuneration Committee considers a 
number of factors including:
(a)	 the basic salaries and benefits available 
to Executive Directors of comparable 
companies;
(b)	 the need to attract and retain Directors 
of an appropriate calibre;
(c)	 the need to ensure Executive Directors’ 
commitment to the continued success 
of the Company by means of incentive 
schemes; and
(d)	 the need for the remuneration awarded 
to reflect performance.
Remuneration of the  
Non-executive Directors
The Non-executive Directors receive fees 
for their services which are agreed by 
the Board following recommendation by 
the Chief Executive with a view to rates 
paid in comparable organisations and 
appointments.
The Non-executive Directors did not receive 
any pension or other benefits from the 
Company, nor did they participate in any 
bonus or incentive schemes.
Remuneration policy for Executive Directors
The Company’s remuneration policy for Executive Directors is to:
(a)	 have regard to the Directors’ experience and the nature and complexity of their work in 
order to pay a competitive salary that attracts and retains management of the highest 
quality;
(b)	 link individual remuneration packages to the Group’s long-term performance through 
the award of share options and discretionary bonus schemes; and
(c)	 provide employment-related benefits including life assurance, insurance relating to the 
Directors’ duties and medical insurance.
The Remuneration Committee meets at least once a year in order to consider and set 
the annual salaries for Executive Directors, having regard to personal performance and 
information regarding the remuneration practices of companies of similar size and of 
industry competitors.
Directors’ service contracts
Details of individual Directors’ service contracts are as follows:
Contract 
date
Unexpired 
term
Notice 
period
Executive
R C Singleton
10 Oct 2013
None
Twelve months
N Lowe
15 May 2017
None
Six months
The Non-executive Directors do not have service contracts, but their terms are set out in 
letters of appointment.
Date of letter of 
appointment
Notice period
Non-executive
M W Elliott
18 August 2014
One month
J Cumming
22 August 2013
None
B Kent
21 March 2023
None
The Directors are required to retire by rotation and the appointment of new Directors 
has to be approved at the next Annual General Meeting (AGM) subsequent to their 
appointment by the Board. All Directors will be proposed for re-appointment at the AGM.
Other than the notice periods afforded to some of the Directors, there are no special 
provisions for compensation in the event of loss of office. The Remuneration Committee 
considers the circumstances of individual cases of early termination and determines 
compensation payments accordingly.
Non-executive directorships
With the permission of the Board, the Executive Directors may accept appointments as 
non-executive directors elsewhere. Any fees related to such employment may be retained 
by the Director concerned.

43
journeo.com
Directors’ detailed emoluments and remuneration
Details of individual Directors’ emoluments and remuneration for the year are as follows:
Salary and 
fees
£
Bonuses 
£
Benefits
£
Pension 
£
Total
2024 
£
Total
2023
£
Executive
R C Singleton
250,000
125,000
12,978
—
387,978
362,558
N Lowe
180,000
99,000
1,295
18,000
298,295
256,739
Non-executive
M W Elliott
67,600
—
—
—
67,600
66,775
J Cumming
37,500
—
—
—
37,500
36,050
B Kent
36,400
—
—
—
36,400
27,462
571,500
224,000
14,273
18,000
827,733
749,584
Share options
At 31 December 2024, the Company had five employee share option schemes: the 2004 Enterprise Management Incentive (EMI) Plan, 
the 2014 Enterprise Management Incentive (EMI) Share Option Plan, the 2020 Enterprise Management Incentive (EMI) Plan, the 2024 
Nominal Value and the 2024 Market Value plans. The 2004 EMI Plan was approved by shareholders on 18 May 2004 and expired for new 
options on its tenth anniversary. On 22 October 2014, the Board established the 2014 EMI Share Option Plan and on 1 April 2020, the Board 
established the 2020 EMI Share Option plan; both operate in substantially the same way as the 2004 EMI Plan. The Board established the 
2024 Market Value and Nominal Value plans on 17 September 2024.
The outstanding options are detailed in note 22 to the financial statements.
Directors’ interests in share options
Directors’ interests in share options are disclosed in note 22 to the Group financial statements.
Directors’ interests in the Employee Shareholder Plan
On 15 February 2015, the 21st Century Technology Employee Shareholder Plan (the ‘Plan’) was implemented following approval at a general 
meeting of the Company.
Directors’ interests in the Plan are disclosed in note 22 to the Group financial statements.
Directors’ interests in shares
Directors’ interests in the share capital of the Company are disclosed in the Directors’ report.
Governance

44
Journeo plc Annual Report and Financial Statements 2024
Statutory Directors’ report
The following matters are reported by the 
Directors in accordance with the Companies 
Act 2006 requirements in force at the date 
of the Annual Report.
The Directors present their report and the 
Group financial statements for the year 
ended 31 December 2024.
Principal activities
The principal activities of the Group are 
set out within the Strategic Report on 
pages 12 to 35.
Review of business and 
future developments
The consolidated statement of 
comprehensive income for the year ended 
31 December 2024 is set out on page 54.
A review of the Group’s business activities 
and its future developments is included 
in the Strategic Report on pages 12 
to 35 and the Chairman’s statement on 
pages 10 to 11.
The Chairman’s statement, the Report on 
Corporate Governance and the Report on 
Directors’ Remuneration are incorporated 
into this report by reference and should be 
read as part of this report.
Key performance 
indicators
The Directors and Company management 
use financial key performance indicators 
(KPIs), as reflected in this Annual Report, 
to monitor progress against our objectives. 
The KPIs are:
	•
Revenue
	•
Gross Profit and Gross Profit %
	•
Administrative expenses - total and 
underlying
	•
Operating profit – total and underlying
	•
Net current assets
	•
Net cash balance and net cash flows 
from operating activities
	•
Earnings per share on a basic and 
diluted basis
	•
Profit before tax
	•
	Order book
Principal risks and 
uncertainties
Details of the principal risks and 
uncertainties considered by the Board to 
affect the Group, and the related mitigation 
actions, are given in the Strategic Report 
on pages 33 to 35.
Financial risk 
management
The Group’s financial instruments include 
bank facilities and cash. The main purpose 
of these financial instruments is to finance 
the Group’s operations. The Group has 
various other financial instruments, such as 
trade receivables and trade payables, that 
arise directly from its operations.
The main risks from the Group’s financial 
instruments are credit, liquidity, interest 
rate and foreign exchange risk. The 
Board reviews and agrees policies for 
managing each of these risks and they are 
summarised below.
Credit risk
The Group is exposed to credit risk 
primarily in respect of its trade receivables, 
which are stated net of provision for 
estimated impaired receivables. Exposure 
to this risk is mitigated by careful 
evaluation of the granting of credit and 
close monitoring and management of 
collections from trade receivables.
Liquidity and interest  
rate risk
The Group’s policy on funding capacity is 
to ensure that we have sufficient long-
term funding and facilities in place to meet 
foreseeable peak borrowing requirements. 
At 31 December 2024, the Group had net 
cash at bank of £14,318k (2023: £8,116k). The 
Group’s policy is to ensure that sufficient 
resources are available to service all debt 
by monitoring prudent cash flow forecasts.
Foreign currency risk
Several components used are sourced 
from overseas suppliers who invoice in 
US Dollars, Danish Krone and Euros. In 
addition, our operations in Europe generate 
transactions denominated in Euros, Danish 
Krone and Swedish Krona. Consequently, 
the Group is exposed to fluctuations in 
Sterling against these foreign currencies. 
Where appropriate, the Group uses forward 
exchange contracts to hedge foreign 
exchange exposures arising on forecast 
payments in foreign currencies and our 
selling prices in overseas markets are 
linked to movements in Sterling.
Future outlook
A summary of the outlook for the Group is 
given within the Chairman’s statement on 
page 11.
Going concern
The financial statements have been 
prepared on a going concern basis as 
covered in the Report on Corporate 
Governance on pages 36 to 51.
Results and dividend
The Group reports a profit after tax of 
£4.5m for the year (2023: £3.0m). At the 
forthcoming AGM, the Directors are not 
recommending the payment of a dividend 
(2023: £nil).
Directors
Details of current Directors, dates of 
appointment, their roles, responsibilities 
and significant external commitments are 
set out on page 38.

45
journeo.com
Directors’ interests in 
shares
The Directors during the year and their 
interests in the share capital of the 
Company, other than in respect of options 
to acquire Ordinary Shares (which are 
detailed in the analysis of options included 
in note 22 to the financial statements) were 
as follows:
Number of Ordinary 6.5p
Shares in the Company
31 December 
2024
31 December 
2023
M W Elliott
123,809
123,809
R C Singleton
465,385
465,385
N Lowe
43,800
35,000
J Cumming
44,047
44,047
B Kent
30,000
—
187,750 of the share interests of Russ 
Singleton are held in self-invested personal 
pension schemes.
Apart from the interests disclosed above 
and in note 22, no Directors held interests 
at any time in the year in the share capital 
of the Company or other Group companies.
Disabled employees
The Group gives full consideration to 
applications for employment from disabled 
persons where the requirements of the job 
can be adequately fulfilled by a disabled 
person.
Where existing employees become 
disabled, it is the Group’s policy wherever 
practicable to provide continuing 
employment under normal terms and 
conditions and to provide training, and 
career development and promotion to 
disabled persons wherever appropriate.
Employee involvement
The Group’s policy is to consult and discuss 
with employees, through meetings, 
matters likely to affect employees’ 
interests. The meetings seek to achieve 
a common awareness on the part of all 
employees of the financial and economic 
factors affecting the Group’s performance.
All employees are eligible to receive share 
options. Membership of the share option 
scheme is reviewed annually. The number 
of options granted varies according to 
seniority and performance.
Directors’ indemnity
The Company’s Articles of Association 
provide, subject to the provisions of UK 
legislation, an indemnity for Directors 
and officers of the Company in respect of 
liabilities they may incur in the discharge 
of their duties or in the exercise of their 
powers, including any liabilities relating to 
the defence of any proceedings brought 
against them which relate to anything done 
or omitted, or alleged to have been done or 
omitted, by them as officers or employees 
of the Company.
Appropriate directors’ and officers’ liability 
insurance cover is in place in respect of all 
of the Company’s Directors.
Directors’ duties
The Directors of the Company are required 
to act in accordance with a set of general 
duties. These duties are detailed in 
Section 172 of the UK Companies Act 2006 
which is summarised as follows: “A director 
of a company must act in the way they 
consider, in good faith, would be most likely 
to promote the success of the company for 
the benefit of its shareholders as a whole”.
The Directors are aware of their obligations 
with regards to the matters under 
Section 172, namely:
(a)	 	the likely consequences of any decision 
in the long term;
(b)	 	the interests of the Company’s 
employees;
(c)	 	the need to foster the Company’s 
business relationships with suppliers, 
customers and others;
(d)	 	the impact of the Company’s 
operations on the community and the 
environment;
(e)	 	the desirability of the Company 
maintaining a reputation for high 
standards of business conduct; and
(f)	 	the need to act fairly between 
members of the Company.
The Strategic report on pages 12 to 35, the 
Directors’ report on pages 44 to 46 and 
the Report on Corporate Governance on 
pages 40 and 41 set out the ways in which 
these duties are fulfilled.
Governance

46
Journeo plc Annual Report and Financial Statements 2024
Statutory Directors’ report CONTINUED
Statement of Directors’ 
responsibilities in 
respect of the financial 
statements
The Directors are responsible for preparing 
the Strategic Report, the Directors’ report, 
and the financial statements in accordance 
with applicable law and regulations.
Company law requires the Directors to 
prepare financial statements for each 
financial year. Under that law the Directors 
have elected to prepare the financial 
statements of the Group in accordance 
with UK adopted international accounting 
standards and applicable law and have also 
chosen to prepare the parent company 
financial statements in accordance with 
Financial Reporting Standard 101 ‘Reduced 
Disclosure Framework’. Under company 
law, the Directors must not approve the 
financial statements unless they are 
satisfied that they give a true and fair view 
of the state of affairs of the Company and 
of the profit or loss of the Company for 
that period.
In preparing the parent company financial 
statements, the Directors are required to:
	•
select suitable accounting policies and 
then apply them consistently;
	•
make judgements and accounting 
estimates that are reasonable and 
prudent;
	•
state whether Financial Reporting 
Standard 101 ‘Reduced Disclosure 
Framework’ has been followed subject 
to any material departures disclosed 
and explained in the Company financial 
statements; and
	•
prepare the financial statements on 
the going concern basis unless it is 
inappropriate to presume that the 
Company will continue in business.
In preparing the Group financial statements, 
the Directors are required to:
	•
select suitable accounting policies and 
then apply them consistently;
	•
make judgements and accounting 
estimates that are reasonable and 
prudent;
	•
state whether UK adopted international 
accounting standards have been 
followed subject to any material 
departures disclosed and explained in 
the financial statements;
	•
provide additional disclosures when 
compliance with specific requirements 
in UK adopted international accounting 
standards is insufficient to enable 
users to understand the impact of 
particular transactions, other events 
and conditions on the entity’s financial 
position and financial performance; and
	•
prepare the financial statements on 
the going concern basis unless it is 
inappropriate to presume that the 
Company will continue in business.
The Directors are responsible for keeping 
adequate accounting records that 
are sufficient to show and explain the 
Company’s transactions and disclose 
with reasonable accuracy at any time the 
financial position of the Company and 
enable them to ensure that the financial 
statements comply with the Companies 
Act 2006. They are also responsible for 
safeguarding the assets of the Company 
and hence for taking reasonable steps for 
the prevention and detection of fraud and 
other irregularities.
The Directors are responsible for the 
maintenance and integrity of the corporate 
and financial information included on the 
Company’s website. Legislation in the 
United Kingdom governing the preparation 
and dissemination of financial statements 
may differ from legislation in other 
jurisdictions.
Disclosure of information 
to Auditor
In the case of each person who was a 
Director at the time this report was 
approved:
(a)	
so far as the Director is aware there is 
no relevant audit information of which 
the Group’s Auditor is unaware; and
(b)	 he has taken all steps that he ought 
to have taken as a Director in order to 
make himself aware of any relevant 
audit information and to establish that 
the Group’s Auditor is aware of that 
information.
This confirmation is given and should 
be interpreted in accordance with the 
provisions of Section 418 of the Companies 
Act 2006.
By order of the Board
Mark Elliott
Non-executive Chairman
25 March 2025

47
journeo.com
Opinion
We have audited the financial statements 
of Journeo plc (the ‘parent company’) 
and its subsidiaries (the ‘group’) for the 
year ended 31 December 2024 which 
comprise the Consolidated Statement of 
Comprehensive Income, the Consolidated 
and Company Statements of Financial 
Position, the Consolidated and Company 
Statements of Changes in Equity, the 
Consolidated Statement of Cash Flows 
and notes to the financial statements, 
including significant accounting policies. 
The financial reporting framework that 
has been applied in the preparation of the 
group financial statements is applicable law 
and UK adopted international accounting 
standards. The financial reporting 
framework that has been applied in 
the preparation of the parent company 
financial statements is applicable law and 
United Kingdom Accounting Standards 
including Financial Reporting Standard 101 
‘Reduced Disclosure Framework’ (United 
Kingdom Generally Accepted Accounting 
Practice).
In our opinion:
	•
the financial statements give a true 
and fair view of the state of the group’s 
and of the parent company’s   affairs as 
at 31 December 2024 and of the group’s 
profit for the year then ended;
	•
the group financial statements have 
been properly prepared in accordance 
with UK adopted international 
accounting standards;
	•
the parent company financial 
statements have been properly 
prepared in accordance with United 
Kingdom Generally Accepted 
Accounting Practice; and
	•
the financial statements have been 
prepared in accordance with the 
requirements of the Companies 
Act 2006.
Basis for opinion
We conducted our audit in accordance 
with International Standards on Auditing 
(UK) (ISAs (UK)) and applicable law. Our 
responsibilities under those standards 
are further described in the Auditor’s 
responsibilities for the audit of the financial 
statements section of our report. We are 
independent of the group and parent 
company in accordance with the ethical 
requirements that are relevant to our 
audit of the financial statements in the 
UK, including the FRC’s Ethical Standard 
as applied to listed entities, and we have 
fulfilled our other ethical responsibilities in 
accordance with these requirements. We 
believe that the audit evidence we have 
obtained is sufficient and appropriate to 
provide a basis for our opinion.
Our approach to the audit
We adopted a risk-based audit approach. 
We gained a detailed understanding of 
the group’s business, the environment it 
operates in and the risks it faces.
The key elements of our audit approach 
were as follows:
In order to assess the risks identified, 
the engagement team performed an 
evaluation of the identified risks of 
the consolidated financial statements 
and considered the risk of material 
misstatement at the assertion level of 
the consolidated financial statements to 
determine the planned audit responses 
based on a measure of materiality.
We also addressed the risk of management 
override of internal controls, including 
assessing whether there was evidence 
of bias by the Directors that may 
have represented a risk of material 
misstatement.
We performed a full-scope audit of 
the financial statements of the parent 
company, Journeo plc, and of each of its UK 
trading subsidiaries. The operations that 
were subject to full-scope audit procedures 
made up 92% of consolidated revenues 
and 96% of consolidated net assets. 
Specific audit procedures were performed 
over specific balances within remaining 
components of the group, focusing our 
audit approach on the applicable risks 
within each entity and the consideration of 
the risk of material misstatement of these 
risks for the group consolidated financial 
statements.
Key audit matters
Key audit matters are those matters 
that, in our professional judgement, were 
of most significance in our audit of the 
financial statements of the current year 
and include the most significant assessed 
risks of material misstatement (whether or 
not due to fraud) we identified, including 
those which had the greatest effect on 
the  overall audit strategy, the allocation 
of resources in the audit, and directing the 
efforts of the engagement team. These 
matters were addressed in the context of 
our audit of the financial statements as a 
whole, and in forming our opinion thereon, 
and we do not provide a separate opinion 
on these matters.
Independent Auditor’s report
to the members of Journeo plc
Governance

48
Journeo plc Annual Report and Financial Statements 2024
Risk Description
Our response to the risk
Revenue recognition
As detailed in note 2 to the financial statements, 
Significant Accounting Policies, the Group’s revenue is 
generated from a number of streams, as follows:
•
the sale of equipment; 
•
installation of equipment;
•
construction contracts; and
•
service contracts.
Given the material nature of revenue and the variety of 
methods it is generated through, the appropriateness 
of revenue recognition and management’s application 
of the Group’s revenue recognition accounting policies 
represents a key risk area of significant judgement in the 
financial statements.
We have assessed accounting policies for consistency and appropriateness with the 
financial reporting framework and in particular that revenue was recognised when 
performance obligations were fulfilled. In addition, we reviewed for the consistency of 
application as well as the basis of any recognition estimates. 
We have obtained an understanding of processes through which the businesses 
initiate, record, process and report revenue transactions.
We performed walkthroughs of the processes as set out by management, to 
ensure controls appropriate to the size and nature of operations are designed and 
implemented correctly throughout the transaction cycle.
We tested equipment sales and installation revenue to gain assurance over the 
completeness, existence and accuracy of reported revenue.
We tested construction contracts and ongoing service contracts to gain assurance over 
the completeness, existence and accuracy of reported revenue. In doing this we have 
held discussions with management and documented the sales process to understand 
the sales system and key controls within the revenue cycle and to assess revenue 
recognition policies used by the group. We have held meetings with project managers 
to understand key contracts and the basis of revenue recognition. 
We performed cut-off procedures to test transactions around the year end and 
verified a sample of revenue to originating documentation to provide evidence that 
transactions were recorded in the correct year. 
Our procedures did not identify any material misstatements in the revenue recognised 
during the year.
Carrying value and impairment of goodwill
The Group has a significant goodwill balance in relation 
to Passenger Systems, Infotec and MultiQ Denmark A/S. 
Group’s assessment of carrying value requires significant 
judgement, in particular regarding cash flows, growth 
rates, discount rates and sensitivity assumptions.
We challenged the assumptions used in the impairment model for goodwill, which is 
described in note 10 to the financial statements. 
We considered historical trading performance by comparing recent growth rates of 
both revenue and operating profit.
We assessed the appropriateness of the assumptions concerning growth rates and 
inputs to the discount rates against latest market expectations.
We performed sensitivity analysis to determine whether an impairment would be 
required if costs increase at a higher than forecast rate.
Provision for warranty costs:
The Group provides warranties on some of the 
equipment sold and therefore makes provision for 
future costs in relation to these warranties. The amount 
provided is a management estimate based on past 
experience and management assessment and requires 
significant judgement.
We reviewed the calculation method and agreed a sample of data used in the 
calculation back to source records.
We tested warranty claims in the year to gain assurance over the existence of costs.
We agreed warranty terms back to contracts for a sample of those provided.
Independent Auditor’s report CONTINUED
to the members of Journeo plc

49
journeo.com
Our application of 
materiality
We apply the concept of materiality in 
planning and performing our audit, in 
determining the nature, timing and extent 
of our audit procedures, in evaluating the 
effect of any identified misstatements, and 
in forming our audit opinion.
The materiality for the group financial 
statements as a whole was set at £347,500. 
This has been determined with reference to 
the benchmark of the group’s profit before 
tax which we consider to be an appropriate 
measure for    a group of companies such as 
these. Materiality represents 7% of group 
profit before tax. Performance materiality 
has been set at 80% of group materiality. 
The materiality for the parent company 
financial statements as a whole was set 
at £238,000 and performance materiality 
represents 80% of materiality. This has 
been determined with reference to the 
parent company’s net assets, which we 
consider to be an appropriate measure for 
a holding company with investments in 
trading subsidiaries. 
Conclusions relating to 
going concern
In auditing the financial statements, we 
have concluded that the directors’ use of 
the going concern basis of  accounting in 
the preparation of the financial statements 
is appropriate.
Our evaluation of the directors’ assessment 
of the entity’s ability to continue to adopt 
the going concern basis of accounting 
included:
	•
Reviewing management’s cash flow 
forecasts for a period of at least 12 
months from the date of approval of 
these financial statements; 
	•
Challenging management on key 
assumptions included in their forecast 
scenarios;
	•
Considering the potential impact of 
various scenarios on the forecasts; 
	•
Reviewing results post year end to 
the date of approval of these financial 
statements and assessing them 
against original budgets; and
	•
Reviewing management’s disclosures in 
the financial statements.
Based on the work we have performed, 
we have not identified any material 
uncertainties relating to events or conditions 
that, individually or collectively, may cast 
significant doubt on the group’s ability to 
continue as a going concern for a period of at 
least twelve months from when the financial 
statements are authorised for issue.
Our responsibilities and the responsibilities of 
the directors with respect to going concern 
are described in the relevant sections of this 
report.
Other information
The other information comprises the 
information included in the annual report, 
other than the financial statements and 
our auditor’s report thereon. The directors 
are responsible for the other information 
included in the annual report. Our opinion on 
the financial statements does not cover the 
other information and, except to the extent 
otherwise explicitly stated in our report, 
we do not express any form of assurance 
conclusion thereon. Our responsibility is to 
read the other information and, in doing so, 
consider whether the other information is 
materially inconsistent with the financial 
statements or our knowledge obtained 
in the audit, or otherwise appears to be 
materially misstated. If we identify such 
material inconsistencies or apparent 
material misstatements, we are required 
to determine whether there is a material 
misstatement in the financial statements 
or a material misstatement of the other 
information. If, based on the work we 
have performed, we conclude that there 
is a material misstatement of this other 
information, we are required to report 
that fact. 
We have nothing to report in this regard.
Opinions on other 
matters prescribed by the 
Companies Act 2006
In our opinion, based on the work 
undertaken in the course of the audit:
	•
the information given in the strategic 
report and the directors’ report for the 
financial year for which the financial 
statements are prepared is consistent 
with the financial statements; and
	•
the strategic report and the directors’ 
report have been prepared in 
accordance with applicable legal 
requirements.
Matters on which we are 
required to report by 
exception
In the light of the knowledge and 
understanding of the group and the parent 
company and their environment obtained 
in the course of the audit, we have not 
identified material misstatements in the 
strategic report or the directors’ report.
We have nothing to report in respect of the 
following matters in relation to which the 
Companies Act 2006 requires us to report 
to you if, in our opinion:
	•
adequate accounting records have not 
been kept, or returns adequate for 
our audit have not been received from 
branches not visited by us; or
	•
the financial statements are not in 
agreement with the accounting records 
and returns; or
	•
certain disclosures of directors’ 
remuneration specified by law are not 
made; or
	•
we have not received all the 
information and explanations we 
require for our audit.
Responsibilities of 
directors
As explained more fully in the directors’ 
responsibilities statement set out on 
page 38, the directors are responsible for 
the preparation of the financial statements 
and for being satisfied that they give a true 
and fair view, and for such internal control 
as the directors determine is necessary 
to enable the preparation of financial 
statements that are free from material 
misstatement, whether due to fraud or 
error. In preparing the financial statements, 
the directors are responsible for assessing 
the group’s and the parent company’s 
ability to continue as a going concern, 
disclosing, as applicable, matters related to 
going concern and using the going concern 
basis of accounting unless the directors 
either intend to liquidate the group or the  
parent company or to cease operations, or 
have no realistic alternative but to do so.
Governance

50
Journeo plc Annual Report and Financial Statements 2024
Auditor’s responsibilities 
for the audit of the 
financial statements
Our objectives are to obtain reasonable 
assurance about whether the financial 
statements as a whole are free from 
material misstatement, whether due to 
fraud or error, and to issue an auditor’s 
report that includes our opinion. 
Reasonable assurance is a high level 
of assurance, but is not a guarantee 
that an audit conducted in accordance 
with ISAs (UK) will always detect a 
material misstatement when it exists. 
Misstatements can arise from fraud 
or error and are considered material if, 
individually or in the aggregate, they could 
reasonably be expected to influence the 
economic decisions of users taken on the 
basis of these financial statements.
Irregularities, including fraud, are 
instances of non-compliance with laws and 
regulations. We design procedures in line 
with our responsibilities, outlined above, to 
detect material misstatements in respect 
of irregularities, including fraud. The extent 
to which our procedures are capable of 
detecting irregularities, including fraud, is 
detailed below:
Our assessment focused on key laws and 
regulations the company has to comply 
with and areas of the financial statements 
we assessed as being more susceptible 
to misstatement. These key laws and 
regulations included but were not limited 
to compliance with the Companies Act 
2006, UK adopted international accounting 
standards, United Kingdom Generally 
Accepted Accounting Practice (UK GAAP) 
and relevant tax legislation.
We are not responsible for preventing 
irregularities. Our approach to detecting 
irregularities included, but was not limited 
to, the following:
	•
obtaining an understanding of the legal 
and regulatory framework applicable 
to the entity and how  the entity is 
complying with that framework;
	•
obtaining an understanding of the 
entity’s policies and procedures and 
how the entity has complied with these, 
through discussions and sample testing 
of controls;
	•
obtaining an understanding of the 
entity’s risk assessment process, 
including the risk of fraud;
	•
designing our audit procedures to 
respond to our risk assessment; 
	•
performing audit testing over the risk 
of management override of controls, 
including testing of journal   entries and 
other adjustments for appropriateness, 
evaluating the business rationale 
of significant transactions outside 
the normal course of business and 
reviewing accounting estimates for 
bias specially in relation to the carrying 
value of goodwill and intangibles; and
	•
reviewing a sample of the largest 
construction contracts, understanding 
the rationale for the stage of 
completion and assessing the profit 
take on them.
Whilst considering how our audit work 
addressed the detection of irregularities, 
we also consider the likelihood of detection 
based on our approach. Irregularities 
arising from fraud are inherently more 
difficult to detect than those arising 
from error.
Because of the inherent limitations of an 
audit, there is a risk that we will not detect 
all irregularities, including those leading to 
a material misstatement in the financial 
statements or non-compliance with 
regulation. This risk increases the more 
that compliance with law or regulation is 
removed from the events and transactions 
reflected in the financial statements, as 
we will be less likely to become aware of 
non-compliance. The risk is also greater 
regarding irregularities occurring due to 
fraud rather than error, as fraud involves 
intentional concealment, forgery, collusion, 
omission or misrepresentation. We are not 
responsible for preventing non-compliance 
and cannot be expected to detect non-
compliance with all laws and regulations. 
A further description of our responsibilities 
for the audit of the financial statements 
is located on the Financial Reporting 
Council’s website at: www.frc.org.uk/
auditorsresponsibilities. This description 
forms part of our auditor’s report.
Use of our report
This report is made solely to the parent 
company’s members, as a body, in 
accordance with Chapter 3 of Part 16 of the 
Companies Act 2006. Our audit work has 
been undertaken so that we might state 
to the parent company’s members those 
matters we are required to state to them 
in an auditor’s report and for no other 
purpose. To the fullest extent permitted 
by law, we do not accept or assume 
responsibility to anyone other than the 
parent company and the parent company’s 
members as a body, for our audit work, 
for this report, or for the opinions we have 
formed.
Melanie Hopwell 
(Senior Statutory Auditor)
for and on behalf of
Cooper Parry Group Limited
Statutory Auditor
Sky View
Argosy Road
East Midlands Airport
Castle Donington
Derby
DE74 2SA
25 March 2025
Independent Auditor’s report CONTINUED
to the members of Journeo plc

51
journeo.com
Governance

Financial Statements
IN THIS SECTION
Consolidated statement of comprehensive income
54
Consolidated statement of changes in equity
55
Consolidated statement of financial position
56
Consolidated statement of cash flows
57
Notes to the consolidated financial statements
58
Company statement of financial position
83
Company statement of changes in equity
84
Notes to the Company financial statements
85
Corporate information
91
52
52
52
Journeo plc Annual Report and Financial Statements 2024
52
52
52
52

53
journeo.com
53
journeo.com

54
Journeo plc Annual Report and Financial Statements 2024
Consolidated statement of comprehensive income
for the year ended 31 December 2024
Notes
2024
£’000
2023
£’000
Revenue
3, 4
49,558
46,092
Cost of sales
(31,878)
(31,782)
Gross profit
4
17,680
14,310
Underlying administrative expenses
(12,855)
(10,075)
Other income
—
49
Underlying profit
4,825
4,284
Acquisition costs
—
(289)
Share-based payments
(60)
(22)
Total administrative expenses and other income
(12,915)
(10,337)
Operating profit
4,765
3,973
Net finance income / (expense)
188
(240)
Profit before taxation
7
4,953
3,733
Taxation charge
8
(433)
(760)
Profit for the year being total comprehensive income attributable to owners of the parent
4,520
2,973
Profit per share
9
Basic
27.44p
18.64p
Diluted
26.29p
17.96p
The notes on pages 58 to 82 form part of these financial statements.

55
journeo.com
Consolidated statement of changes in equity
for the year ended 31 December 2024
Share 
capital
£’000
Share 
premium
account
£’000
Retained 
earnings
£’000
Total equity
shareholders’
funds
£’000
Balance at 1 January 2023
6,250
1,174
(5,276)
2,148
Profit and total comprehensive income for the year
—
—
2,973
2,973
Proceeds from issue of new shares
503
7,092
—
7,595
Share-based payments
—
—
22
22
Balance at 31 December 2023
6,753
8,266
(2,281)
12,738
Profit and total comprehensive income for the year
—
—
4,520
4,520
Share-based payments
—
—
60
60
Balance at 31 December 2024
6,753
8,266
2,299
17,318
The notes on pages 58 to 82 form part of these financial statements.
Financial Statements

56
Journeo plc Annual Report and Financial Statements 2024
Consolidated statement of financial position
at 31 December 2024
Notes
2024
£’000
2023
£’000
Assets
Non-current assets
Goodwill
10
4,058
4,058
Other intangible assets
11
2,647
2,685
Property, plant and equipment
12
1,563
1,585
Deferred tax asset
8
185
189
Trade and other receivables
15
39
40
8,492
8,557
Current assets
Inventories
14
7,256
6,868
Trade and other receivables
15
12,084
12,212
Cash and cash equivalents
16
14,318
8,116
33,658
27,196
Total assets
42,150
35,753
Equity and liabilities
Shareholders’ equity
Share capital
22
6,753
6,753
Share premium account
8,266
8,266
Retained earnings
2,299
(2,281)
Total equity
17,318
12,738
Non-current liabilities
Deferred revenue
17
4,501
2,841
Other payables
17
—
207
Loans and borrowings
19
99
163
Deferred tax liability
8
319
25
Lease liabilities
19
726
756
Provisions
20
2,048
2,234
7,693
6,226
Current liabilities
Trade and other payables
17
9,339
9,921
Deferred revenue
17
6,677
5,831
Loans and borrowings
19
119
64
Lease liabilities
19
299
195
Provisions
20
705
778
17,139
16,789
Total equity and liabilities
42,150
35,753
The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its 
behalf by:
M W Elliott	
R C Singleton
Non-executive Chairman	
Chief Executive
Registered number: 02974642
The notes on pages 58 to 82 form part of these financial statements.

57
journeo.com
Consolidated statement of cash flows
for the year ended 31 December 2024
Notes
2024
£’000
2023
£’000
Net cash flows from operating activities
13
7,591
1,664
Cash flows from investing activities
Purchases of property, plant and equipment
(170)
(434)
Purchases / generation of intangible assets
(910)
(789)
Acquisition costs
—
(289)
Net cash inflow on acquisitions
—
3,030
Net cash flows from investing activities
(1,080)
1,518
Cash flows from financing activities
Cash flows from issue of new loans
40
215
Principal element of lease repayments
(299)
(266)
Repayment of loans
(50)
(2,643)
Issue of shares
—
7,095
Net cash flows from financing activities
(309)
4,401
Net increase in cash and cash equivalents
6,202
7,583
Cash and cash equivalents at beginning of year
8,116
533
Effect of foreign exchange rate changes
—
—
Cash and cash equivalents at end of year
14,318
8,116
The notes on pages 58 to 82 form part of these financial statements.
Financial Statements

58
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements
for the year ended 31 December 2024
1. General information
Journeo plc is a public limited company incorporated in England and quoted on AIM. Its registered and head office address is 12 Charter 
Point Way, Ashby-de-la-Zouch, LE65 1NF. Its principal place of business is in the UK and mainland Europe and its principal activities are 
described in the Strategic Report on pages 12 to 35.
2. Significant accounting policies applied to the consolidated financial statements 
of the Group
Basis of preparation 
These financial statements are the consolidated financial statements of Journeo plc and its subsidiaries (the ‘Group’). Separate financial 
statements for the parent company as an individual entity are included on pages 83 to 90.
The Group financial statements are prepared in accordance with International Financial Reporting Standards and IFRIC interpretations 
issued and effective (or adopted early) and endorsed by the United Kingdom at the time of preparing these financial statements and with 
those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under 
the historical cost convention, except financial instruments and share-based payments, which are prepared in accordance with IFRS 9 and 
IFRS 2 respectively. A summary of the more important Group accounting policies is set out below.
The individual financial statements of each Group entity are presented in the currency of the primary economic environment in which the 
entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each 
Group entity are expressed in Sterling (£), which is the presentation currency for the consolidated financial statements. The numbers in the 
financial statements are rounded in £’000 for presentation purposes for year ended 31 December 2024 with prior year comparatives being 
for the year ended 31 December 2023.
Standards and interpretations
The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 
1 January 2024:
	•
	Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7);
	•
Lease liability in a sale and leaseback (Amendments to IFRS 16);
	•
Classification of liabilities as current or non-current (Amendments to IAS 1); and
	•
Non-current liabilities with covenants (Amendments to IAS 1).
Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. 
Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2024 reporting 
periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the 
current or future reporting periods and on foreseeable future transactions.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company 
(its subsidiaries) made up to 31 December each year. Control is achieved when the Company:
	•
has power over the investee;
	•
is exposed, or has rights, to variable return from its involvement with the investee; and
	•
has the ability to use its power to affect its returns.
The Company re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more 
of the three elements of control listed above.
When the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the 
voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers 
all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, 
including:
	•
the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
	•
potential voting rights held by the Company, other vote holders or other parties;
	•
rights arising from other contractual arrangements; and
	•
any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant 
activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings.

59
journeo.com
2. Significant accounting policies applied to the consolidated financial statements 
of the Group CONTINUED
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control 
of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in the consolidated income 
statement from the date the Company gains control until the date when the Company ceases to control the subsidiary.
The purchase of subsidiaries is accounted for using the acquisition method. The results of subsidiaries sold or acquired are included in the 
consolidated statement of comprehensive income up to, or from, the date control passes. Intragroup sales and profits are eliminated fully 
on consolidation.
Goodwill
Goodwill is recognised as an intangible asset and reviewed for impairment at least annually. Any impairment is recognised immediately in 
the consolidated statement of comprehensive income and may not be subsequently reversed. Goodwill previously eliminated has not been 
reinstated on implementation of IAS 38 as permitted by IFRS 1.
On disposal of a subsidiary or business, the attributable goodwill is included in the determination of profit or loss on disposal.
Plant and equipment
The cost of plant and equipment is the purchase price plus any costs directly attributed to bringing the asset to the location and condition 
necessary for it to be capable of operating in a manner intended by management.
Depreciation is calculated so as to write off the cost of property, plant and equipment on a straight-line basis to their estimated residual 
values over the expected useful economic lives of the assets concerned. Periodic reviews are made of estimated remaining useful lives and 
residual values and the depreciation rates applied are:
Leasehold improvements
20%
Right of Use asset: property
In line with lease 
term
Plant and equipment
20–33%
Right of Use asset: vehicles
Up to 60 months
Business combinations
On the acquisition of a company or business, a determination of the fair value and the useful life of intangible assets acquired is performed, 
which requires the application of management judgement. Future events could cause the assumptions used by the Group to change, which 
would have a significant impact on the results and net position of the Group.
Revenue
Revenue represents amounts invoiced to customers, net of value added tax and trade discounts. The sale of equipment includes 
installation of on-vehicle equipment, with the turnover being recognised once the installation has been completed or when the goods 
are despatched. There is also revenue from longer-term and construction contracts which is recognised as contract work in progress in 
accordance with the Group’s contract accounting policy as detailed below. For most sales, the enforceable contract is each purchase order, 
which is an individual, short-term contract. As the enforceable contract for most arrangements is the purchase order, the transaction 
price is determined at the date of each sale and, therefore, there is no future variability within scope of IFRS 15 and no further remaining 
performance obligations under those contracts.
When the Group sells multiple goods and/or services as a package, the components are separated and accounted for separately.
Revenue received before goods and services are delivered is recognised as deferred income and transferred to the consolidated statement 
of comprehensive income once the goods are delivered and when the services have been performed.
Ongoing revenue from service contracts is recognised on a straight-line basis over the term of the contract.
The Group does provide a warranty period of up to five years which is considered to be an assurance-type warranty and therefore no 
separate performance obligation has been identified.
Contract accounting
The Group recognises revenue and costs on its customer contracts under the percentage of completion method.
In determining costs incurred up to the year end, any costs relating to future activity on a contract are excluded and are shown as contract 
work in progress. The aggregate of the cost incurred and the profit or loss recognised on each contract is compared against the progress 
billings up to the year end. Where costs incurred and recognised profits (less recognised losses) exceed progress billings, the balance is 
shown as due from customers on contracts, under receivables and prepayments. Where the progress billings exceed costs incurred plus 
recognised profits (less recognised losses), the balance is shown as due to customers on contracts, under trade and other payables.
Financial Statements

60
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements CONTINUED
for the year ended 31 December 2024
2. Significant accounting policies applied to the consolidated financial statements 
of the Group CONTINUED
Segment reporting
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur 
expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. All operating segments’ 
operating results are reviewed regularly by the Board of Directors to make decisions about resources to be allocated to the segment and to 
assess its performance, and for which discrete financial information is available.
Segment results that are reported to the Board of Directors include items directly attributable to a segment as well as those that can be 
allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the Group’s headquarters), head office 
expenses, and income tax assets and liabilities.
Segment capital expenditure is the total cost incurred during the year to acquire plant and equipment, and intangible assets other 
than goodwill.
Taxation
Income tax on profit or loss for the year comprises current and deferred tax. Income tax is recognised in the consolidated statement of 
comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the 
year-end date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the year-end liability method on any temporary differences between the carrying amounts for financial 
reporting purposes and those for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation 
or settlement of the carrying amount of assets and liabilities.
A deferred tax asset is recognised only to the extent that it is probable that sufficient taxable profit will be available to utilise the 
temporary difference.
Earnings per Ordinary Share
Basic earnings per share (EPS) is calculated by dividing the earnings attributable to Ordinary Shareholders by the weighted average 
number of Ordinary Shares in issue during the year. For diluted earnings, the weighted average number of Ordinary Shares in issue is 
adjusted to assume conversion of all dilutive potential Ordinary Shares.
Impairment
Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be 
recoverable. If any such condition exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of 
the impairment loss. Where the asset does not generate cash flows that are independent from other assets, estimates are made of the 
recoverable amount of the cash generating unit to which the asset belongs.
Recoverable amount is the higher of fair value, less costs to sell, and value-in-use. In assessing value-in-use, estimated future cash flows are 
discounted to their present value using a discount rate appropriate to the specific asset or cash generating unit and by comparing the internal 
rate of return generated by the cash flows to target return rates established by management. If the recoverable amount of an asset or cash 
generating unit is estimated to be less than its carrying amount, the carrying value of the asset or cash generating unit is reduced to its 
recoverable amount. Impairment losses are recognised immediately in the consolidated statement of comprehensive income.
In respect of assets other than goodwill, an impairment loss is reversed if there has been a change in the estimates used to determine 
the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the 
carrying amount that would have been determined, net of depreciation or amortisation, if that impairment loss had not been recognised. 
Impairment losses in respect of goodwill are not reversed.
Intangible assets software
Software which can be separately identified is capitalised to intangible assets at cost of acquisition and amortised over the estimated 
useful economic lives of between three and five years on a straight-line basis into administrative expenses. All software will be fully 
amortised by 31 December 2029.

61
journeo.com
2. Significant accounting policies applied to the consolidated financial statements 
of the Group CONTINUED
Research and Development
Expenditure on research is written off in the period in which it is incurred.
Development expenditure is capitalised where it relates to a specific project where technical feasibility has been established, adequate 
technical, financial and other resources exist to complete the project, the expenditure attributable to the project can be measured reliably 
and overall project profitability is reasonably certain. In this case, it is recognised as an intangible asset and amortised over its useful 
economic life when the asset is made available for use. All other development expenditure is recognised as an expense in the period in 
which it is incurred. All capitalised development expenditure will be fully amortised by 31 December 2029.
Customer lists
The fair value of customer lists acquired in a business combination is estimated using discounted incremental cash flow and amortised 
over a five-year estimated useful economic life. Amortisation is included in the consolidated statement of comprehensive income as a part 
of administrative expenses. 
Inventories
Inventory is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, on a 
moving average basis. The cost is based on the average weighting method. Cost comprises direct materials and, where applicable, direct 
labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Where 
necessary, provision is made for obsolete, slow-moving and defective inventory.
Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with maturity of less than or equal to three months and are measured 
on initial recognition at their fair value and subsequently at amortised cost.
Loans and receivables and other financial liabilities
Trade receivables and trade payables are measured on initial recognition which is the trade date, at fair value, and are subsequently 
measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable trade receivables 
are recognised in the consolidated statement of comprehensive income when there is objective evidence that the asset is impaired.
Loans are initially recognised at the fair value of the proceeds and are classified as current liabilities unless the Group has an unconditional 
right to defer settlement for at least one year after the balance sheet date.
Financial assets
A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial 
asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated 
future cash flows of that asset.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount, 
and the present value of the estimated future cash flows discounted at the original effective interest rate.
Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed 
collectively in groups that share similar credit risk characteristics.
An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. 
For financial assets measured at amortised cost the reversal is recognised in the consolidated statement of comprehensive income.
Leasing 
Under IFRS 16, which the Group has adopted effective for the period starting 1 January 2019, leases are recognised as a Right of Use asset 
and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated 
between the liability and the finance cost. The finance cost is charged to the consolidated statement of comprehensive income over the 
lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The Right of Use 
asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
In adopting this approach, the Group has applied the expedient to expense long-term leases with a remaining lease term of 12 months or 
less or short-term leases (less than 12 months). These leases are disclosed as operating leases. Rentals payable under operating leases are 
charged in the statement of comprehensive income on a straight-line basis over the lease term.
Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expensed to be paid 
if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the 
obligation can be estimated reliably.
Financial Statements

62
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements CONTINUED
for the year ended 31 December 2024
2. Significant accounting policies applied to the consolidated financial statements 
of the Group CONTINUED
Pensions
The Group operates a defined contribution scheme. The pension cost charge to the consolidated statement of comprehensive income is the 
contributions payable to the pension scheme for the period.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be 
required to settle that obligation. Provisions are measured at the Directors’ best estimate of the net expenditure required to settle the 
obligation at the year-end date and are discounted to present value where the effect is material.
Foreign currencies
Transactions in foreign currencies are recorded at the rate prevailing at the date of the transaction. Monetary assets and liabilities 
denominated in foreign currencies are retranslated at the rate of exchange prevailing at the year-end date. All differences are taken to the 
statement of comprehensive income.
The assets and liabilities of foreign operations are translated to Sterling at exchange rates at the reporting date. The income and expenses 
of foreign operations are translated to Sterling at exchange rates at the dates of the transactions.
Foreign currency differences are recognised in the consolidated statement of comprehensive income.
Share capital and share premium
Ordinary Shares are classified as equity. Equity instruments issued by the Group are recorded at the proceeds received, net of direct 
issue costs.
Share-based payments
The Group issues equity-settled share-based payments to certain Directors and employees. Share-based payments are measured at their 
fair value at the date of grant using a Black Scholes or Monte Carlo model. The fair value determined at the grant date is expensed on a 
straight-line basis over the vesting period, based upon the Group’s estimate of participants eligible to receive shares at the point of vesting.
Going concern
The Group’s business activities, together with factors likely to affect its future development, performance and position, are set out in the 
Strategic Report along with the principal risks and uncertainties.
The Group’s net underlying profit for the year was £4,825k (2023: £4,284k). As at 31 December 2024, the Group had net current assets of 
£16,519k (2023: £10,407k) and net cash reserves of £14,318k (2023: £8,116k).
The Directors have prepared Group cash flow projections for the period to 30 June 2026 based on latest forecasts that show that the Group 
will be able to operate within the Group current funding resources with significant headroom.
As with all businesses there are particular times of the year where our working capital requirements are at their peak. The Group is 
well‑placed to manage these business risks effectively and the Board reviews the Group’s performance against budgets and forecasts on a 
regular basis to ensure action is taken where needed. The Directors also monitor a rolling cash flow forecast, and key management review 
working capital movements and requirements on a daily basis.
The projections, taking account of reasonably possible changes in trading performance, indicate that the Group will operate within available 
facilities throughout the projection period and therefore, based on these projections, the Directors have a reasonable expectation that the 
Group has adequate resources to continue in operational existence for the foreseeable future and for at least 12 months from the date of 
these financial statements. The Directors therefore continue to adopt the going concern basis in preparing the financial statements.
Critical accounting judgements and key sources of estimation uncertainty
When preparing the financial statements, management makes a number of judgements, estimates and assumptions about the 
recognition of assets, liabilities, income and expenses. Although these judgements and estimates are based on management’s best 
knowledge of the amount, event or actions, actual results may differ from those estimates.
The significant judgements made by management in applying the Group’s accounting policies were:
(i) Note 3 – Revenue recognition
Where products and maintenance are bundled in a contract some judgement may be required to identify the separate components which 
are recognised in accordance with general revenue recognition criteria.
(ii) Note 11 – Capitalisation of development
It is Group policy to capitalise development expenditure for the production of new or substantially improved products and processes if the 
product or process is technically and commercially feasible and the Group has sufficient resources to complete development. This policy 
includes judgements regarding the initial recognition of the asset based upon market research and expected future net revenues.

63
journeo.com
2. Significant accounting policies applied to the consolidated financial statements 
of the Group CONTINUED
The key sources of estimation uncertainty were:
(i) Note 8 – Deferred tax
Determining the amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of 
assets and liabilities. A deferred tax asset is recognised only to the extent that it is probable that sufficient taxable profit will be available to 
utilise the temporary difference.
(ii) Note 10 – Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of the value-in-use of the cash generating units to which goodwill has 
been allocated. The value-in-use calculation requires the Group to estimate future cash flows expected to arise from the cash generating 
unit at a suitable discount rate in order to calculate the present value. A discount rate of 13% is applied to the cash flow forecasts from the 
most recent financial budgets and long-term plans which are extrapolated in perpetuity assuming no growth beyond five years. The key 
assumptions made in relation to the impairment review of goodwill are set out in note 10.
(iii) Note 11 – Amortisation and impairment of intangibles
It is Group policy to amortise development expenditure. Expenditure is amortised over the period which the Directors expect to obtain 
economic benefits. This policy includes estimations regarding the period of amortisation.
Determining whether intangibles are impaired requires an estimation of the recoverable value of the individual asset. Where assets 
generate cash flows that are independent of other assets then the value-in-use calculation requires the Group to estimate future cash 
flows expected to arise from the asset at a suitable discount rate in order to calculate the present value.
(iv) Note 14 – Provision for obsolete and slow-moving inventory 
Determining the level of provision necessary for obsolete and slow-moving inventory requires management to make judgements in 
estimating the net realisable value of the Group’s inventory based upon stock turnover statistics and management’s knowledge of market 
changes. Provisions are made on an item-by-item basis.
(v) Note 18 – Contract accounting
Determining the outcome of a contract requires management to make estimates around  the expected future costs that will be incurred to 
bring that project to completion. The percentage completion of a contract also requires management estimates which are based on costs 
incurred and project progress up to the reporting date.
When the outcome of a contract cannot be estimated reliably contract revenue is recognised only to the extent of contract costs incurred 
that it is probable will be recoverable and contract costs are recognised when incurred.
When the outcome of a contract can be estimated reliably contract revenue and contract costs are recognised over the period of the 
contract as revenue and expenses, respectively. This is normally measured either by the proportion that contract costs incurred for work 
performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. 
Variations in contract work are included to the extent that they have been agreed with the customer. When it is probable that total 
contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately in the consolidated statement 
of comprehensive income.
(vi) Note 20 – Warranty provision
Determining the level of provision necessary for product warranties requires management to make estimates regarding estimating the 
likely future costs based upon historical cost experience, expected future trends and management’s experience. The warranty provision is 
estimated on a per asset or per contract basis.
(vii) Note 22 – Share-based payments
In determining the fair value of equity-settled share-based payments and the related charge to the consolidated statement of 
comprehensive income, the Group makes assumptions about future events and market conditions. In particular, judgement must be made 
as to the likely number of shares that will vest and the fair value of each award granted. The share options have a life of ten years and the 
exercise period is determined to be five years. The fair value is determined using the Black Scholes and Monte Carlo valuation model. At 
each year end the Group revises its estimate of the number of options that are expected to become exercisable. It recognises the impact 
of the revision of the original estimates, if any, in the consolidated statement of comprehensive income with a corresponding adjustment 
to equity.
Financial Statements

64
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements CONTINUED
for the year ended 31 December 2024
3. Revenue and other income
The revenue split between goods and services is:
2024
£’000
2023
£’000
Goods
38,661
38,402
Services
10,897
7,690
49,558
46,092
Contract works included in goods
7,171
6,994
4. Segmental reporting
IFRS 8 requires operating segments to be determined on the basis of those segments whose operating results are regularly reviewed by 
the Board of Directors (the Chief Operating Decision Maker as defined by IFRS 8) to make strategic decisions.
As the Board of Directors reviews revenue, gross profit and operating loss on the same basis as set out in the consolidated statement of 
comprehensive income, no further reconciliation is considered to be necessary.
Revenue and gross profit
Revenue
2024
£’000
Gross profit
2024
£’000
Revenue
2023
£’000
Gross profit
2023
£’000
Fleet Systems
23,692
6,688
16,332
3,949
Infotec
12,421
4,617
19,669
5,862
Journeo A/S
4,033
1,937
1,139
542
Passenger Systems
9,503
4,438
9,045
3,957
Intersegment Sales
(91)
—
(93)
—
Total
49,558
17,680
46,092
14,310
Major customers
In the year, no customer accounted for over 10% of Group revenue. In the prior year, one customer within each of the Fleet Systems and 
Infotec segments accounted for over 10% of Group revenue at 11% and 17% respectively.
Underlying profit
2024
£’000
2023
£’000
Fleet Systems
2,515
583
Infotec
2,083
3,697
Journeo A/S
277
153
Passenger Systems
193
115
5,068
4,548
Central
(243)
(264)
Underlying profit
4,825
4,284

65
journeo.com
4. Segmental reporting CONTINUED
Reconciling to profit/(loss) before interest and tax
2024
Underlying
 operating
profit/(loss)
£’000
Acquisition 
costs
£’000
Share-based
 payments
£’000
Operating
profit/(loss)
£’000
Profit/(loss)
before 
interest
 and tax
£’000
Fleet Systems
2,515
—
(28)
2,487
2,487
Infotec
2,083
—
(20)
2,063
2,063
Journeo A/S
277
—
(7)
270
270
Passenger Systems
193
—
(25)
168
168
5,068
—
(80)
4,988
4,988
Central
(243)
—
20
(223)
(223)
4,825
—
(60)
4,765
4,765
2023
Underlying
 operating
profit/(loss)
£’000
Acquisition 
costs
£’000
Share-based
 payments
£’000
Operating
profit/(loss)
£’000
Profit/(loss)
before interest
 and tax
£’000
Fleet Systems
583
—
(11)
572
572
Infotec
3,697
—
—
3,697
3,697
Journeo A/S
153
—
—
153
153
Passenger Systems
115
—
(11)
104
104
4,548
—
(22)
4,526
4,526
Central
(264)
(289)
—
(553)
(553)
4,284
(289)
(22)
3,973
3,973
Net assets attributed to each business segment represent the net external operating assets of that segment, excluding goodwill, 
bank balances and borrowings, which are shown as unallocated amounts, together with central assets and liabilities.
Net assets
Assets
2024
£’000
Liabilities
2024
£’000
Net assets
2024
£’000
Assets
2023
£’000
Liabilities
2023
£’000
Net assets
2023
£’000
Fleet Systems
13,488
(8,031)
5,457
8,754
(3,736)
5,018
Infotec
3,120
(4,584)
(1,464)
6,477
(8,999)
(2,522)
Journeo A/S
2,083
(404)
1,679
2,645
(534)
2,111
Passenger Systems
5,032
(11,313)
(6,281)
5,679
(7,774)
(2,095)
23,723
(24,332)
(609)
23,555
(21,043)
2,512
Goodwill
4,058
—
4,058
4,058
—
4,058
Cash and borrowings
14,318
(218)
14,100
8,116
(641)
7,475
Unallocated
51
(282)
(231)
24
(1,331)
(1,307)
Total
42,150
(24,832)
17,318
35,753
(23,015)
12,738
Financial Statements

66
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements CONTINUED
for the year ended 31 December 2024
4. Segmental reporting CONTINUED
Geographical segments
Revenue
2024
£’000
Gross profit
2024
£’000
Revenue
2023
£’000
Gross profit
2023
£’000
UK
39,189
12,560
36,739
9,840
International
– Scandinavia
4,473
1,507
– Other EU
507
8
– Non-EU
5,389
7,838
Total international
10,369
5,120
9,353
4,470
Total
49,558
17,680
46,092
14,310
Assets and liabilities by location
2024
£’000
2023
£’000
Assets
UK
39,085
32,948
International
3,065
2,805
Total assets
42,150
35,753
Liabilities
UK
(24,505)
(22,467)
International
(327)
(548)
Total liabilities
(24,832)
(23,015)
5. Employee information
The average monthly number of persons (including Executive Directors) employed by the Group during the year was:
2024
Number
2023
Number
By activity: 
Administration
53
45
Technical
32
31
Operation
120
109
205
185
Staff costs (for the above persons)
2024
£’000
2023
£’000
Wages and salaries
9,924
8,182
Social security costs
1,040
906
Pension costs
283
297
Share-based payments
60
22
11,307
9,407

67
journeo.com
5. Employee information CONTINUED
Key management compensation (included above)
2024
£’000
2023
£’000
Wages and salaries
1,808
1,460
Social security costs
232
195
Pension costs
80
28
Share-based payments
60
22
2,180
1,705
The key management personnel are the Board of Directors, the Directors of each of the Group’s business segments and the senior 
management team responsible for the call centre, finance, business development and IT. 
Directors’ emoluments and pensions included on page 43 are:
Emoluments
Pension contributions
2024
£’000
2023
£’000
2024
£’000
2023
£’000
Total Directors
810
738
18
12
Highest paid Director
388
363
—
—
There is one (2023: one) Director receiving payments into pension schemes. Directors’ detailed emoluments are disclosed in the Report on 
Directors’ Remuneration.
6. Net finance income / (expense)
2024
£’000
2023
£’000
Interest receivable on bank balances 
319
66
Interest payable on loans
(48)
(230)
IFRS 16 interest
(83)
(76)
188
(240)
Financial Statements

68
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements CONTINUED
for the year ended 31 December 2024
7. Profit before taxation
This is stated after charging:
2024
£’000
2023
£’000
Operating lease rentals:
– Rent of land and buildings
81
82
– Hire of plant and equipment
304
259
Depreciation:
– Property, plant and equipment owned
240
186
– Right of Use assets
223
192
Amortisation of intangible fixed assets (included within administrative expenses)
966
753
Research and Development expenditure
614
630
Inventories – consumed and recognised as an expense in cost of sales
18,680
24,272
Trade receivables impairment
194
70
Write down of inventories
660
204
Exchange differences
38
65
Share-based payments charge
60
22
Profit before taxation is also stated after charging:
2024
£’000
2023
£’000
Auditor’s remuneration:
Fees payable to the Company’s Auditor for the audit of the Company’s annual financial statements
5
4
Fees payable to the Company’s Auditor for the audit of the Company’s subsidiaries pursuant to legislation 
93
91
Additional fees payable to the Company’s Auditor for non-audit related services
—
35
Total audit fees
98
130

69
journeo.com
8. Taxation
(a) Analysis of charge in year
2024
£’000
2023
£’000
Current tax
UK corporation tax on the profit for the year (25%)
718
704
Swedish corporation tax on the profit for the year (22%)
—
7
Danish corporation tax on the profit for the year (22%)
—
49
Adjustments in respect of prior periods
(641)
—
Deferred tax charge
356
—
Total tax charge for the year
433
760
(b) Factors affecting the total tax charge for the year
The tax assessed for the year differs from the standard rate of corporation tax in the UK at 25% (2023: 23%). The differences are 
explained below:
2024
£’000
2023
£’000
Profit before tax
4,953
3,733
Profit multiplied by standard rate of 
corporation tax in the UK of 25% (2023: 23%)
1,238
859
Effects of:
Expenses not deductible for tax purposes
25
(305)
Additional deduction for R&D expenditure
(324)
—
Prior year under provision
(487)
—
Change in unrecognised deferred tax assets
(19)
217
Income not taxable
—
(11)
Total tax charge for the year
433
760
(c) Deferred tax asset / (liability)
The unrecognised and recognised deferred tax assets / (liability) comprise the following:
Group
Unrecognised
Recognised
2024
£’000
2023
£’000
2024
£’000
2023
£’000
Tax losses
309
1,138
185
189
Short term timing differences
10
—
—
—
Accelerated capital allowances
—
(350)
(318)
(25)
319
788
(133)
164
The Group has £1,275,000 of unutilised tax losses (2023: £4,552,000) which may be carried forward indefinitely.
Financial Statements

70
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements CONTINUED
for the year ended 31 December 2024
9. Profit per Ordinary Share
Basic Earnings Per Share (EPS) is calculated by dividing the earnings attributable to Ordinary Shareholders by the weighted average 
number of Ordinary Shares in issue during the year.
For diluted earnings, the weighted average number of Ordinary Shares in issue is adjusted to assume conversion of all dilutive potential 
Ordinary Shares.
Group
2024
2023
Profit
£’000
Per share
amount
Pence
Profit
£’000
Per share
amount
Pence
Basic EPS
Profit attributable to Ordinary Shareholders
4,520
27.44
2,973
18.64
Diluted EPS
Profit attributable to Ordinary Shareholders
4,520
26.29
2,973
17.96
Details of the weighted average number of Ordinary Shares used as the denominator in calculating the earnings per Ordinary Share are 
given below:
2024
‘000
2023
‘000
Basic weighted average number of shares
16,475
15,945
Dilutive potential Ordinary Shares
716
605
Diluted weighted average number of shares
17,191
16,550
10. Goodwill
Goodwill acquired in a business combination is allocated at acquisition to the cash generating unit (CGU) that is expected to benefit from 
that business combination. The Group has four CGUs which are its four operating segments, Infotec, Fleet Systems, Journeo Denmark and 
Passenger Systems. The carrying amount of goodwill has been allocated to the CGUs as follows:
Infotec
£’000
MultiQ
£’000
Passenger 
Systems
£’000
Total
£’000
At 31 December 2022
—
—
1,345
1,345
Additions
2,236
477
—
2,713
At 31 December 2023
2,236
477
1,345
4,058
At 31 December 2024
2,236
477
1,345
4,058
The Fleet Systems CGU has no goodwill allocated.
The Group tests goodwill annually for impairment as at 31 December, or more frequently if there are indications that goodwill might be 
impaired.
The recoverable amounts of the CGUs are determined based on a value-in-use calculation which uses cash flow projections based on 
financial budgets and business plans approved by the Directors covering a five-year period. Cash flows beyond that period have been 
extrapolated in perpetuity assuming no growth, which the Directors consider to be a conservative approach.
The key assumptions for the value-in-use calculations are those regarding discount rates and sales forecasts.
The discount rates needed to equate the net present value from these cash flows to the carrying value of goodwill are compared to the 
required rate of return from the CGU based upon an assessment of the time value of money, prevailing interest rates and the risks specific 
to the CGU. If this discount rate is in excess of the required rate of return then it is assumed that no impairment has occurred to the 
carrying value of goodwill.

71
journeo.com
10. Goodwill CONTINUED
The discount rates are as follows:
2024
%
2023
%
Infotec
13
13
Journeo Denmark
13
13
Passenger Systems
13
13
The discount rates used are based on the Board’s judgement considering macroeconomic factors and reflecting specific risks in each 
segment such as the nature of the market served, the concentration of customers, cost profiles and barriers to entry.
Passenger Systems, Infotec and Journeo Denmark also have intangible assets, see note 11, which are considered in the same value-in-use 
calculations as goodwill.
The Passenger Systems, Infotec and Journeo Denmark cash flow projections used to determine value-in-use are based upon assumptions 
of sales, margins and cost bases. Of these assumptions the value-in-use is most sensitive to the level of sales. Margins are fixed in the 
forecast based upon past experience; the cost base is similarly based upon past experience and will vary depending upon the level of sales. 
In accordance with the requirements of IAS 36, our value-in-use calculations do not include cash flows from restructurings to which the 
Group is not yet committed.
The level of sales is the key assumption used in the cash flow forecast. Sales have been determined by management using estimates based 
upon past experience and future performance with reference to market position and the sales pipeline. The macroeconomic environment 
has improved and there continues to be an increase in the number and size of contracts available.
Sensitivity analysis has been performed on the pre-tax discount rates, which shows that a pre-tax discount rate of 38.9% (Passenger 
Systems), 16.7% (Infotec) or 32.1% (Journeo Denmark) would be required in order to eliminate the headroom which exists in these CGUs. The 
Directors consider that the discount rates used, which are already risk adjusted to capture the Directors’ view of the extent to which each 
CGU is exposed to macroeconomic factors, represent a balanced view.
A sensitivity analysis has been performed on the impairment test. The Directors consider that an absolute change in the key sales 
assumption is possible and a reduction in the sales forecast in 2024 of 5% would result in headroom remaining in the current carrying 
value of goodwill.
The Directors believe that, based on the sensitivity analysis and stress testing performed, any reasonably possible change in the key 
assumptions on which the recoverable amounts are based would not cause the carrying amounts to exceed the recoverable amounts.
The value-in-use for the Group exceeds the carrying value of the assets by £4,932k (2023: £17,267k). There is no impairment to goodwill in 
the period (2023: no impairment).
11. Other intangible assets
2024 movements
Customer
list
£’000
Development
costs
£’000
Software
£’000
Total
£’000
Cost
At 1 January 2024
752
6,037
457
7,246
Additions
—
862
67
929
Disposals
—
(335)
(3)
(338)
At 31 December 2024
752
6,564
521
7,837
Amortisation
At 1 January 2024
142
4,185
234
4,561
Charge for the year
150
762
54
966
Disposals
—
(335)
(2)
(337)
At 31 December 2024
292
4,612
286
5,190
Net Book Value
At 31 December 2024
460
1,952
235
2,647
Financial Statements

72
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements CONTINUED
for the year ended 31 December 2024
11. Other intangible assets CONTINUED
2023 movements
Customer
list
£’000
Development
costs
£’000
Software
£’000
Total
£’000
Cost
At 1 January 2023
—
3,051
304
3,355
Acquired on acquisition
752
3,216
48
4,016
Additions
—
684
105
789
Disposals
—
(914)
—
(914)
At 31 December 2023
752
6,037
457
7,246
Amortisation
At 1 January 2023
—
1,841
214
2,055
Acquired on acquisition
—
2,666
—
2,666
Charge for the year
142
591
20
753
Disposals
—
(913)
—
(913)
At 31 December 2023
142
4,185
234
4,561
Net book value
At 31 December 2023
610
1,852
223
2,685
The Group tests intangible assets when there is indication of impairment. The recoverable amounts are determined from value-in-use 
calculations. The key assumptions for the value-in-use calculations are those regarding cash flow forecasts, growth rates and discount 
rates. The cash flow forecasts are derived from the most recent financial budgets for the next five years approved by management, 
extrapolated in perpetuity assuming no growth. The impairment test is covered in the Goodwill note 10.
12. Property, plant and equipment
2024 movements
Leasehold
improvements
£’000
Right of Use 
asset lease
£’000
Plant and
equipment
£’000
Total
£’000
Cost
At 1 January 2024
43
1,644
2,921
4,608
Additions
11
290
159
460
Disposals
(19)
(275)
(193)
(487)
At 31 December 2024
35
1,659
2,887
4,581
Depreciation
At 1 January 2024
14
689
2,320
3,023
Charge for the year
4
223
237
464
Disposals
—
(276)
(193)
(469)
At 31 December 2024
18
636
2,364
3,018
Net Book Value
At 31 December 2024
17
1,023
523
1,563

73
journeo.com
12. Property, plant and equipment CONTINUED
2023 movements
Leasehold
improvements
£’000
Right of Use 
asset lease
£’000
Plant and
equipment
£’000
Total
£’000
Cost
At 1 January 2023
16
843
456
1,315
Acquired on acquisition
19
541
2,196
2,756
Additions
8
260
426
694
Disposals
—
—
(157)
(157)
At 31 December 2023
43
1,644
2,921
4,608
Depreciation
At 1 January 2023
13
497
301
811
Acquired on acquisition
—
—
1,992
1,992
Charge for the year
1
192
185
378
Disposals
—
—
(158)
(158)
At 31 December 2023
14
689
2,320
3,023
Net book Value
At 31 December 2023
29
955
601
1,585
At 31 December 2024, the plant and equipment includes items with a carrying value of £222k pledged as security for loans included in note 19.
13. Reconciliation of operating profit to net cash inflow from operating activities
2024 
£’000
2023 
£’000
Profit for the year
4,520
2,973
Adjustments for:
– Finance (income) / expense
(188)
240
– Deferred tax
299
—
– Depreciation of property, plant and equipment
464
378
– Amortisation of intangible fixed assets
966
753
– Share-based payment expense
60
22
– Foreign exchange rate
(30)
(13)
– Acquisition costs
—
289
– (Decrease) / increase in provisions
(259)
2,506
Operating cash flows before movement in working capital
5,832
7,148
(Decrease) / increase in inventories
(388)
295
Decrease in receivables
126
1,609
Increase / (decrease) in payables
2,221
(6,560)
Cash inflow from operations
7,791
2,492
Income taxes paid
(471)
(658)
Interest paid
271
(170)
Net cash inflow from operating activities
7,591
1,664
14. Inventories
2024
£’000
2023
£’000
Raw materials 
2,268
3,481
Work in progress
249
506
Finished goods and goods for resale
4,739
2,881
7,256
6,868
Financial Statements

74
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements CONTINUED
for the year ended 31 December 2024
15. Trade and other receivables
2024
£’000
2023
£’000
Current
Trade receivables
9,731
8,976
Less: provision for impairment of receivables
(42)
(80)
Trade receivables – net
9,689
8,896
Amounts due from contract customers
1,514
2,171
Other receivables and prepayments
881
1,145
12,084
12,212
Non-current
Other receivables and prepayments
39
40
The average credit period taken on sales of goods is 49 days (2023: 33 days). Trade receivables are provided for to the extent that 
management has reason to believe that the recoverability of the debt is questionable. Before granting credit terms to any new customer, 
the Group uses an external credit checking company to assess the customer’s credit quality and to assist in the definition of credit limits for 
that customer. In addition, the Group uses credit protection facilities to protect certain key customer receivables.
The following customers represented more than 5% of the total balance of net trade receivables at the year end:
Amount receivable
2024
£’000
2023
£’000
Customer 1
1,949
965
Customer 2
1,328
801
Customer 3
773
—
Customer 4
761
—
Customer 5
—
533
Customer 6
—
498
Customer 7
—
483
Customer 8
—
474
Customer 9
—
462
Included in the Group’s trade receivable balance are debtors with a carrying amount of £3,107,000 (2023: £1,818,000) which are past due at the 
reporting date for which the Group has not provided as there has not been a significant change in credit quality and the amounts are still considered 
recoverable. The Group does not hold any collateral over these balances. The average age of these receivables is 82 days (2023: 71 days).
Ageing of past due but not impaired trade receivables:
2024
£’000
2023
£’000
Up to three months 
2,859
1,579
Three to six months 
126
32
Over six months 
122
207
3,107
1,818
Movement in the provision for impairment of trade receivables:
2024
£’000
2023
£’000
Balance at 1 January 
80
12
Change in provision
(38)
68
Balance at 31 December
42
80
Ageing of impaired trade receivables:
2024
£’000
2023
£’000
Over 90 days
42
80
42
80

75
journeo.com
16. Cash and cash equivalents
2024
£’000
2023
£’000
Cash and cash equivalents
14,318
8,116
Cash and cash equivalents comprise cash, including bank deposits held by the Group.
17. Trade and other payables
2024
£’000
2023
£’000
Current
Trade payables
4,238
4,368
Other taxation and social security
1,826
1,922
Other payables
711
1,984
Accruals
2,564
1,647
Deferred income relating to contracts
3,751
2,037
Deferred income
2,926
3,794
16,016
15,752
Non-current
Deferred income
4,501
2,841
Other payables
—
207
4,501
3,048
Trade creditors and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit 
period taken for trade purchases is 25 days (2023: 33 days). The Group has financial risk management policies in place to ensure that all 
payables are paid within the credit timeframe.
18. Contract accounting
2024
£’000
2023
£’000
Contracts in progress at dates of statement of financial position:
Amounts due from contract customers included in trade and other receivables 
1,515
2,171
Amounts due to contract customers included in trade and other payables
(2,989)
(2,037)
(1,474)
134
Contract costs incurred plus recognised profit less recognised losses to date
18,058
14,990
Less: progress billings
(19,532)
(14,856)
(1,474)
134
At 31 December 2024, retentions held by customers for contract work amounted to £1,000 (2023: £1,000). Advances received from 
customers for contract work amounted to £2,989,000 (2023: £2,037,000).
Financial Statements

76
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements CONTINUED
for the year ended 31 December 2024
19. Loans and borrowings
2024
2023
Current
£’000
Non-current
 £’000
Total 
£’000
Current
£’000
Non-current 
£’000
Total 
£’000
Bank loans
119
99
218
64
163
227
The fair value of the loans and borrowings is not substantially different from the carrying value. During the year £50k (2023: £2,643k) of 
loans and borrowings were repaid.
The main terms of the loans are:
Loan 
name
Interest
rate
Term
Final
payment
Loan
value
Production Line
Renaissance
8.1% over base
5 years
May 2028
150
BMW Finance 
BMW
2.2%
4 years
December 2025
28
Close Brothers
General
2.35% over base
n/a
n/a
40
218
The invoice finance facility is secured by a debenture over all assets of certain trading subsidiaries of the Group, being Journeo Fleet 
Systems Ltd and Journeo Passenger Systems Ltd.
At 31 December 2024, plant and equipment with a carrying value of £222k (2023: £288k) were pledged as security for loans.
Lease liabilities
For details of the Right of Use assets see note 12. The carrying amount of lease liabilities and movements during the year are as follows:
Lease liabilities
Land and 
Buildings
£’000
Motor 
Vehicles
£’000
Total
£’000
At 31 December 2023
723
228
951
Additions
—
290
290
Accretion of interest
69
14
83
Payments
(169)
(130)
(299)
At 31 December 2024
623
402
1,025
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 
months from the reporting date as follows:
2024
£’000
2023
£’000
Current liabilities
299
195
Non-current liabilities
726
756
Total liabilities
1,025
951

77
journeo.com
19. Loans and borrowings CONTINUED
Contractual maturity of lease liabilities:
Lease liabilities
2024
£’000
2023
£’000
Up to 1 year
299
195
Between 1 and 5 years 
614
384
More than 5 years
112
372
1,025
951
Amounts reported in the consolidated income statement include the following (see note 6):
2024
£’000
2023
£’000
Interest on lease liabilities
84
76
20. Warranty provisions
Warranty
£’000
Total 
£’000
Balance at 1 January 2024
3,012
3,012
Charged
493
493
Released
(752)
(752)
Movement in the year
(259)
(259)
Balance at 31 December 2024
2,753
2,753
Included in current liabilities
705
705
Included in non-current liabilities
2,048
2,048
The warranty provision represents management’s best estimate of the Group’s liability for warranties granted on products sold based on 
past experience and industry averages for defective products. The warranty provision is expected to be fully released by 31 December 2029.
21. Financial instruments
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to 
stakeholders through the optimisation of debt and equity balances. The capital structure of the Group at the year end consisted of cash and 
cash equivalents, loans, and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings.
The Group maintains or adjusts its capital structure through the payment of dividends to shareholders, the issue of new loans, loan repayments, 
the issue of new shares and the buy-back of existing shares.
The Group’s overall capital risk management strategy remains unchanged from the prior year.
Note 22 to the financial statements provides details regarding the Company’s share capital and movements in the year. There were no breaches 
of any requirements with regard to any relevant conditions imposed by the Company’s Articles of Association during the periods under review.
Gearing
Net cash (excluding lease liabilities) was £14,100k at 31 December 2024 (2023: £7,889k). Net cash is defined as cash and cash equivalents 
less short-term and long-term borrowings.
Significant accounting policies
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the 
basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument, are
disclosed in note 2 to the financial statements.
Financial Statements

78
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements CONTINUED
for the year ended 31 December 2024
21. Financial instruments CONTINUED
Categories of financial instruments
Carrying value
2024
£’000
2023
£’000
Financial assets
Loans and receivables (including cash and cash equivalents): 
Trade receivables
9,690
8,896
Other receivables
879
1,145
Cash and cash equivalents
14,318
8,116
24,887
18,157
Financial liabilities
Other financial liabilities held at amortised cost: 
Trade payables
4,238
4,368
Other payables 
711
1,984
IFRS 16 leases 
1,025
951
Accruals
2,564
1,647
Loans and borrowings
218
227
8,756
9,177
The Directors consider that the carrying amount of the financial assets approximates to their fair value and represents the maximum 
exposure to credit risk.
The Directors consider that the carrying amount of the financial liabilities approximates to their fair value.
Financial risk management objectives
The Group’s approach to managing financial risk is described in the Directors’ report.
Market risk
The Group’s activities expose it to the financial risks of changes in foreign currency exchange rates.
Foreign currency risk management
The Group undertakes certain transactions denominated in foreign currencies. Hence, exposures to exchange rate fluctuations arise.
The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as 
follows:
Assets
Liabilities
2024
£’000
2023
£’000
2024
£’000
2023
£’000
Swedish Krona
288
121
24
7
Euro
295
265
1,078
1,129
Danish Krone
1,431
934
114
254
US Dollar
808
2,028
215
846
At the year end the Group was exposed to fluctuations in Swedish Krona, Euros, Danish Krone and US Dollars against Sterling.

79
journeo.com
21. Financial instruments CONTINUED
The following table details the Group’s sensitivity to a 10% increase or decrease in Sterling against the relevant foreign currencies. 10% 
represents management’s assessment of a possible change in foreign currency exchange rates.
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the 
period end for a 10% change in foreign currency rates. A negative number below indicates a decrease in profit where Sterling strengthens 
against the relevant currency. For a 10% weakening in Sterling against the foreign currency, there would be an equal and opposite impact 
on the profit.
2024
£’000
2023
£’000
Swedish Krona (loss)
(26)
(121)
Euro profit
78
86
Danish Krone (loss)
(132)
(68)
US Dollar (loss)
(59)
(118)
Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The 
Group has adopted a policy of only extending credit to creditworthy counterparties, and obtaining collateral where appropriate, as a 
means of mitigating risk of financial loss from defaults. The Group obtains credit checks from independent rating agencies and other 
publicly available financial information to rate its customers. The Group’s exposure and credit ratings of its counterparties are continuously 
monitored. Credit exposure is controlled by counterparty credit limits that are reviewed and approved by the credit control team.
The credit risk within contracts is managed in the same way. The credit risk management of other receivables, where material, if not 
covered above, is handled on a case-by-case basis.
The Group has significant credit risk exposure to several single counterparties. Note 15 to the financial statements gives details of 
counterparties with balances in excess of 5% of total trade receivables at the year end.
Liquidity risk management
Responsibility for liquidity risk management rests with the Board of Directors. The Group manages liquidity risk by continuously monitoring 
forecast and actual cash flows and maintaining adequate banking facilities. At 31 December 2024, the Group had £nil overdraft facility 
(2023: £nil). As at 31 December 2024, the net bank balance, cash less overdraft, was £14,318k (2023: £8,116k).
At 31 December 2024, the Group has an invoice discounting facility with Close Brothers for £2,750k (2023: £2,750k).
Maturity of financial liabilities
The following table details the Group’s remaining contractual maturity for its non-derivative financial liabilities. The maturity of financial 
liabilities table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the 
Group can be required to pay.
2024
£’000
2023
£’000
In one year or less
7,331
8,490
In one to two years
418
199
22. Share capital
Called up share capital
2024
£’000
2023
£’000
Authorised
16,474,491 New Ordinary Shares of 6.5p each (2023: 16,474,491 Ordinary Shares of 6.5p each)
1,071
1,071
87,412,500 Deferred Shares of 6.5p each (2023: 87,412,500)
5,682
5,682
6,753
6,753
Issued, allotted and paid up
16,474,491 New Ordinary Shares of 6.5p each (2023: 16,474,491 Ordinary Shares of 6.5p each)
1,071
1,071
87,412,500 Deferred Shares of 6.5p each (2023: 87,412,500)
5,682
5,682
6,753
6,753
Financial Statements

80
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements CONTINUED
for the year ended 31 December 2024
22. Share capital CONTINUED
Ordinary Shares are entitled to one vote each, a dividend and a return on assets.
Deferred shares are not entitled to vote or any dividends. A return on liquidation will only be made after payment has been made to the 
holders of Ordinary Shares of the amounts paid up on such shares and the sum of £10,000,000 in respect of each Ordinary Share.
The share premium account represents the amount received on the issue of Ordinary Shares by the Company, in excess of their nominal 
value and is non-distributable.
The merger reserve represents the excess over nominal value of the fair value consideration for the acquisition of subsidiaries satisfied by 
the issue of shares in accordance with Section 612 of the Companies Act 2006.
Share options
The Company operates share option schemes for employees and Directors of the Group. Individual options have an exercise price of the 
market value at date of grant or the nominal value if higher. All options are settled in equity, automatically lapse ten years after the date of 
grant and generally lapse if an option holder ceases to be a Group employee.
As at 31 December options under these schemes, including those held by Directors, were outstanding over:
2024
2023
Options
Weighted
average
exercise
price
Options
Weighted
average
exercise
price
Outstanding at beginning of year
782,083
60p
1,074,135
69p
Issued during the year
310,000
192p
—
—
Exercised during the year
—
—
(257,502)
104p
Lapsed during the year
—
—
(35,000)
50p
Outstanding at end of year
1,092,083
98p
782,083
60p
Exercisable at end of year
1,092,083
98p
782,083
60p
The aggregate charge recognised in the Group financial statements in the year was £60,000 (2023: £22,000).
In February 2022, the vesting period increased for a tranche of the employee share options granted in 2020 from 3.75 years to 4.75 years 
and a tranche of the 2021 share options from 2.75 years to 3.75 years. The fair value of the options at the date of modification remained 
unchanged and was determined using the same models and principles as described above. These options will continue to be recognised as 
an expense over the period from the modification date to the end of the extended vesting period.
Directors’ interests in share options
Details of options held by Directors over the Company’s Ordinary Shares are set out below:
As at
31 December
2023
Issued 
during the 
year
As at
31 December
2024
Exercise
price
Date
from which
exercisable
Expiry
date
R C Singleton
—
70,000
70,000
6.5p
18/09/2024
17/09/2034
N W Lowe
—
45,000
45,000
6.5p
18/09/2024
17/09/2034
N W Lowe
180,000
—
180,000
50p
02/04/2021
01/04/2030
The market price of the Company’s shares at the end of the financial year was 283p (2023: 266p) and the range of market prices during the 
year was 209p to 313p (2023: 121p to 274p). The weighted average remaining life of all share options outstanding at 31 December 2024 is 
6 years and 7 months (31 December 2023: 6 years and 3 months).

81
journeo.com
22. Share capital CONTINUED
The Monte Carlo simulation has been used for calculating the charge to the consolidated statement of comprehensive income for the 
nominal value share options. For all other options the Black Scholes model has been used to calculate the charge to the consolidated 
statement of comprehensive income. The inputs into the model are as follows:
Option type
Grant date
Exercise 
price
(pence)
Share price
on grant 
date
(pence)
Expected 
term 
(years)
Vesting
period
(years)
Option life
(years)
Expected
volatility
Risk free
rate
EMI
12/10/2015
104
4.38
5
3
10
146%
1.82%
EMI
02/04/2020
50
50
5
0
10
57%
1.10%
EMI
02/04/2020
50
50
5
2
10
56%
1.10%
EMI
02/04/2020
50
50
5
2.75
10
56%
1.10%
EMI
02/04/2020
50
50
5
4.75
10
56%
1.10%
EMI
21/04/2021
105
105
5
2
10
57%
1.10%
EMI
21/04/2021
105
105
5
3.75
10
57%
1.10%
CSOP
18/09/2024
301
307
5
3
10
42%
4.42%
Market Value
18/09/2024
301
307
5
3
10
42%
4.42%
Nominal Value
18/09/2024
6.5
307
3
3
10
40%
4.42%
EMI
21/04/2021
105
105
5
3.75
10
57%
1.10%
No dividend yield has been assumed for any of the above options and none of the share options’ performance conditions are linked to the 
market price of the Company’s shares.
Expected volatility was determined by calculating the historical volatility of the Company’s share price over the time commensurate with 
the award term immediately prior to the date of grant (i.e. five years). Given the lack of past option award exercise data for the Company’s 
share-based awards, management has assumed an expected term equal to five years for option awards with ten-year terms (a typical 
average input for a ten-year option scheme).
Employee Shareholder Plan
On 15 February 2015, the 21st Century Technology Employee Shareholder Plan (the ‘Plan’) was implemented following approval at a general 
meeting of the Company. Details of the B Ordinary Shares of 0.1p in the capital of Journeo Fleet Systems Ltd (formerly 21st Century Fleet 
Systems Limited) (‘Shares’ and ‘Solutions’, respectively) are set out below:
The Shares carry the right for the holder, to require the holder(s) of A Ordinary Shares, jointly and severally, in Solutions to acquire the 
Shares (the ‘Put Option’). The option may be exercised:
(a)	 at the discretion of the Executive where a compulsory share transfer event occurs (such as a cessation of employment); and
(b)	 if (i) not less than three years nor more than ten years have elapsed since the Shares were acquired; and (ii) the share price of Ordinary 
Shares in the capital of the Company (or such other company as may then be the parent company of Solutions) is not less than 
112p per share.
The price per Share payable under the Put Option shall be equal to the amount by which the market capitalisation of the Company (as 
determined by the middle-market price of the Company’s shares averaged over the last ten dealing days preceding the valuation date) 
exceeds £378,787, divided by the total number of issued shares in the capital of Fleet Systems.
The price may be settled, at the discretion of the Company, in cash or by the issue or transfer of such number of Ordinary Shares in the 
Company to the relevant value, calculated by reference to the middle-market price of the Company’s shares averaged over the last ten 
dealing days preceding the valuation date. Should the Company exercise its discretion described above and issue the Executives with 
Ordinary Shares in the Company in exchange for the Shares in Solutions, the Executives’ holdings in the Company would represent, 
following the same allotment, 7% of the fully diluted share capital of the Company.
Directors’ interests in the Employee Shareholder Plan
As at
31 December
2023 & 2024
Exercise
price
Date
from which
exercisable
Expiry
date
21st Century Technology Employee Shareholder Plan
R C Singleton
100
112p
13/02/2018
13/02/2025
Financial Statements

82
Journeo plc Annual Report and Financial Statements 2024
Notes to the consolidated financial statements CONTINUED
for the year ended 31 December 2024
22. Share capital CONTINUED
Although the employee shares awarded under the Plan are not strictly share options, they have the same characteristics as premium- 
priced share options. Accordingly, the Plan is accounted for in accordance with IFRS 2 ‘Share-based Payment’ using a Black Scholes option 
pricing model to give a proxy for the fair value of the services provided by the Executives, the key inputs to which are:
Option type
Grant date
Exercise
price
(pence)
Share price
on grant
date
(pence)
Expected 
term 
(years)
Vesting
period
(years)
Option life
(years)
Expected
volatility
Risk free
rate
Employee 
Shareholder Plan
13/02/2015
104
4.88
5
3
10
139%
1.68%
No dividend yield has been assumed for any of the above options and none of the share options’ performance conditions are linked to the 
market price of the Company’s shares.
23. Financial commitments
At 31 December 2024, the Group had total commitments under non-cancellable operating leases not accounted for under IFRS 16 as 
follows:
2024
£’000
2023
£’000
Due within one year
—
43
—
43
24. Related party transactions
Payments to key management personnel are included in note 5.
There are no other related party transactions.
Subsidiaries
Transactions between the Company and its subsidiaries are eliminated on consolidation and therefore not disclosed.
25. Post balance sheet events
On 29 January 2025, 477,187 new Ordinary Shares were issued and admitted to trading on AIM.
On 31 January 2025, 18,750 new Ordinary Shares were issued and admitted to trading on AIM.

83
journeo.com
Notes
2024
£’000
2023
(as restated)
£’000
Assets
Non-current assets
Property, plant and equipment
3
1
2
Investment in subsidiaries 
4
15,676
15,676
15,677
15,678
Current assets
Other debtors
50
23
Cash and cash equivalents
1
2
51
25
Total assets
15,728
15,703
Equity and liabilities
Shareholders’ equity
Share capital
7
6,753
6,753
Share premium account
8,266
8,266
Merger reserve
1,001
1,001
Retained earnings
(3,885)
(3,669)
Shareholders’ funds
12,135
12,351
Current liabilities
Amounts owed to Group undertakings
3,310
2,021
Other creditors and accruals
5
283
1,331
3,593
3,352
Total equity and liabilities
15,728
15,703
As permitted by Section 408 of the Companies Act 2006, the Company has elected not to present its own profit and loss account for 
the year. Journeo plc reported a loss for the financial year ended 31 December 2024 of £274,000 (2023: loss of £161,000). The financial 
statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:
M W Elliott	
R C Singleton
Non-executive Chairman	
Chief Executive
Registered number: 02974642
The notes on pages 85 to 90 form part of these parent company financial statements.
Company statement of financial position
at 31 December 2024
Financial Statements

84
Journeo plc Annual Report and Financial Statements 2024
Share 
capital
£’000
Share
premium
account
£’000
Merger
reserve
£’000
Retained 
earnings
(as restated)
£’000
Total equity
shareholders’
funds
£’000
Balance at 1 January 2023
6,250
1,174
1,001
(3,530)
4,895
Loss and total comprehensive expense for the year
—
—
—
(161)
(161)
Proceeds from issue of new shares
503
7,092
—
—
7,595
Share-based payments
—
—
—
22
22
Balance at 31 December 2023
6,753
8,266
1,001
(3,669)
12,351
Loss and total comprehensive expense for the year
—
—
—
(274)
(274)
Share-based payments
—
—
—
60
60
Balance at 31 December 2024
6,753
8,266
1,001
(3,883)
12,137
The notes on pages 85 to 90 form part of these parent company financial statements.
Company statement of changes in equity
for the year ended 31 December 2024

85
journeo.com
1. Significant accounting policies applied to the individual entity financial 
statements of the Company
Statement of compliance
The separate financial statements of the Company are presented in accordance with Financial Reporting Standard 101 ‘The Reduced 
Disclosure Framework’. They have been prepared under the historic cost convention, except financial instruments and share options, which 
have been prepared in accordance with IFRS 9 and IFRS 2 respectively. The principal accounting policies adopted in the preparation of 
these financial statements are set out below. These policies have been applied consistently throughout the year.
The numbers in the financial statements are rounded in £’000 for presentation purposes for year ended 31 December 2024 with prior year 
comparatives being for the year ended 31 December 2023.
This Company is included in the consolidated financial statements of Journeo plc for the year ended 31 December 2024. These accounts are 
available from the registered address of the Company.
Disclosure exemptions applied
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 
101, paragraph 8:
(i)	
The requirement of IFRS 7 ‘Financial Instruments: Disclosures’ relating to the disclosure of financial instruments and the nature and 
extent of risks arising from such instruments;
(ii)	 The applicable requirements of IAS 36 ‘Impairment of Assets’ relating to the disclosures of estimates used to measure recoverable 
amounts;
(iii)	 The applicable requirements of IAS 1 ‘Presentation of Financial Statements’ relating to the disclosure of comparative information in 
respect of the number of shares outstanding at the beginning and end of the year (IAS 1.79a, iv), the reconciliation of the carrying 
amount of property, plant and equipment (IAS 16.73e) and the reconciliation of the carrying amount of intangible assets (IAS 38.118e);
(iv)	 The requirement of IAS 1 ‘Presentation of Financial Statements’ paragraphs 134 to 136 relating to the disclosure of capital 
management policies and objectives;
(v)	 The requirements of IAS 7 ‘Statement of Cash Flows’ and IAS 1 ‘Presentation of Financial Statements’ paragraph 10(d), 111 relating to 
the presentation of a cash flow statement; and
(vi)	 The requirements of paragraph 45(b) and 45-52 of IFRS 2 ‘Share-based Payments’ because the share-based payment arrangement 
concerns instruments of a Group entity.
Basis of preparation
The preparation of financial statements in conformity with International Financial Reporting Standards requires the use of estimates and 
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts 
of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the 
amount, event or actions, actual results may differ from those estimates. The significant judgements made by management in applying 
the Company’s accounting policies and the key sources of estimation uncertainty were:
(i) Note 4 – Investments in subsidiaries
Determining whether investments are impaired requires an estimation of the value-in-use of the cash generating units to which the investments 
relate. The value-in-use calculation requires the Company to estimate future cash flows expected to arise from the cash generating unit at a 
suitable discount rate in order to calculate the present value. Discount rates of 13% and 14% are applied to the cash flow forecasts from the most 
recent financial budgets and long-term plans which are extrapolated in perpetuity assuming no growth beyond five years.
Prior year restatement
The Directors have restated the loss for the year ended 31st December 2023 of £327,000 to £161,000 to more fairly reflect a transaction 
between the company and one of its subsidiaries, with adjustments made to administrative expenses and amounts due from Group 
undertakings. As a result of this the retained earnings for 31st December 2023 has changed from a loss of £3,904,000 to £3,669,000 with a 
corresponding change in the net assets. 
Going concern
The Company shares financial resources within the Journeo plc Group, and the Directors have therefore considered Group level financial 
projections when considering going concern.
The Group’s business activities, together with factors likely to affect its future development, performance and position, are set out in the 
Strategic Report along with the principal risks and uncertainties.
The Group’s net underlying profit for the year was £4,825k (2023: £4,284k). As at 31 December 2024, the Group had net current assets of 
£16,519k (2023: £10,407k) and net cash reserves of £14,318k (2023: £8,116k).
The Directors have prepared Group cash flow projections for the period to 30 June 2026 based on latest forecasts that show that the Group 
will be able to operate within the Group current funding resources with significant headroom.
Notes to the Company financial statements
for the year ended 31 December 2024
Financial Statements

86
Journeo plc Annual Report and Financial Statements 2024
Notes to the Company financial statements CONTINUED
for the year ended 31 December 2024
1. Significant accounting policies applied to the individual entity financial 
statements of the Company CONTINUED
As with all businesses there are particular times of the year where our working capital requirements are at their peak. The Group is 
well‑placed to manage these business risks effectively and the Board reviews the Group’s performance against budgets and forecasts on a 
regular basis to ensure action is taken where needed. The Directors also monitor a rolling cash flow forecast, and key management review 
working capital movements and requirements on a daily basis.
The projections, taking account of reasonably possible changes in trading performance, indicate that the Group will operate within available 
facilities throughout the projection period and therefore, based on these projections, the Directors have a reasonable expectation that the 
Group has adequate resources to continue in operational existence for the foreseeable future and for at least 12 months from the date of 
these financial statements. The Directors therefore continue to adopt the going concern basis in preparing the financial statements.
Investments 
Fixed asset investments in subsidiaries are shown at cost less provision for impairment.
Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with maturity of less than or equal to three months and are measured 
on initial recognition at their fair value and subsequently at amortised cost.
Loans and receivables and other financial liabilities
Trade receivables and trade payables are measured on initial recognition which is the trade date, at fair value, and are subsequently 
measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable trade receivables 
are recognised in the statement of comprehensive income when there is objective evidence that the asset is impaired.
Loans are initially recognised at the fair value of the proceeds and are classified as current liabilities unless the Group has an unconditional 
right to defer settlement for at least one year after the balance sheet date.
Financial assets
A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial 
asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated 
future cash flows of that asset.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount, 
and the present value of the estimated future cash flows discounted at the original effective interest rate.
Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed 
collectively in groups that share similar credit risk characteristics.
An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. 
For financial assets measured at amortised cost, the reversal is recognised in the statement of comprehensive income.
Share capital and share premium
Ordinary Shares are classified as equity. Equity instruments issued by the Company are recorded at the proceeds received, net of direct 
issue costs.
Merger reserve
The merger reserve arose on a historical acquisition prior to 1 January 2015 and has been maintained under an FRS 101 transition 
exemption.
Impairment
Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. 
If any such condition exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. 
Where the asset does not generate cash flows that are independent from other assets, estimates are made of the recoverable amount of the 
cash generating unit (CGU) to which the asset belongs.
Recoverable amount is the higher of fair value, less costs to sell, and value-in-use. In assessing value-in-use, estimated future cash flows are 
discounted to their present value using a discount rate appropriate to the specific asset or CGU and by comparing the internal rate of return 
generated by the cash flows to target return rates established by management. If the recoverable amount of an asset or CGU is estimated 
to be less than its carrying amount, the carrying value of the asset or CGU is reduced to its recoverable amount. Impairment losses are 
recognised immediately in the statement of comprehensive income.

87
journeo.com
1. Significant accounting policies applied to the individual entity financial 
statements of the Company CONTINUED
In respect of assets other than goodwill, an impairment loss is reversed if there has been a change in the estimates used to determine 
the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the 
carrying amount that would have been determined, net of depreciation or amortisation, if that impairment loss had not been recognised. 
Impairment losses in respect of goodwill are not reversed.
2. Loss for the year
As permitted by Section 408 of the Companies Act 2006, the Company has elected not to present its own profit and loss account for the 
year. Journeo plc reported a loss for the financial year ended 31 December 2024 of £274,000 (2023: loss of £161,000).
The Company has an unrecognised deferred tax asset of:
2024
£’000
2023
£’000
Tax losses
199
703
The Auditor’s remuneration for the audit and other services is disclosed in note 7 to the Group financial statements. 
The Directors’ remuneration is disclosed in note 5 to the Group financial statements.
3. Property, plant and equipment
Leasehold
improvements
£’000
Plant and
equipment
£’000
Total
£’000
Cost
At 1 January 2024
12
6
18
At 31 December 2024
12
6
18
Depreciation
At 1 January 2024
12
4
16
Charge for the year
—
1
1
At 31 December 2024
12
5
17
Net book amounts
At 31 December 2024
—
1
1
At 31 December 2023
—
2
2
Financial Statements

88
Journeo plc Annual Report and Financial Statements 2024
Notes to the Company financial statements CONTINUED
for the year ended 31 December 2024
4. Investments in subsidiaries
Interests in Group 
undertakings
2024
£’000
2023
£’000
Cost
At 1 January  
36,805
27,367
Additions
—
8,718
At 31 December
36,085
36,085
Amounts provided
At 1 January
(20,409)
(20,409)
At 31 December
(20,409)
(20,409)
Net book amounts
15,676
15,676
The Group tests investments annually for impairment as at 31 December, or more frequently if there are indications that investments 
might be impaired.
The assessment is based on the net assets of the Group combined with the net present value of the cash flow projections for Fleet 
Systems, Infotec and Passenger Systems based on financial budgets and business plans approved by the Directors covering a five-year 
period. Cash flows beyond that period have been extrapolated in perpetuity assuming no growth, which the Directors consider to be a 
conservative approach.
The key assumptions for the calculations are those regarding discount rates and sales forecasts. The discount rates are as follows:
2024
%
2023
%
Fleet Systems
13
14
Infotec
13
13
Passenger Systems
13
13
The discount rates used are based on the Board’s judgement considering macroeconomic factors and reflecting specific risks in each 
segment such as the nature of the market served, the concentration of customers, cost profiles and barriers to entry.
The net assets of the Group and the net present value of the cash flow projections of Fleet Systems, Infotec and Passenger Systems 
support the current carrying value of the investment.

89
journeo.com
4. Investments in subsidiaries CONTINUED
Subsidiary undertakings
Details of the Company’s subsidiary undertakings at 31 December 2024 are as follows:
Name of undertaking
Nature of business
Country of
 incorporation
Direct subsidiaries
Journeo Fleet Systems Limited
Sale and installation of CCTV and other monitoring devices
UK
Journeo AB
CCTV installation and project management
Sweden
21st Century Crime Prevention Services Limited
Dormant
UK
21st Century Technology Group Limited
Dormant
UK
Bridge Alert Limited
Dormant
UK
Ecomanager Limited
Dormant
UK
Integrated Technologies (International) Limited
Dormant
UK
21st Century Technology Limited
Dormant
UK
21st Century Fleet Systems Limited
Dormant
UK
IGL Limited
Holding company of Infotec Limited
UK
Linefit Engineering Limited
Dormant
UK
Second Base Systems Limited
Dormant
UK
21st Century Passenger Systems Limited
Dormant
UK
ServiceManager Limited
Dormant
UK
Sextons Group Limited
Dormant
UK
Toad Innovations Limited
Dormant
UK
Toad Limited
Dormant
UK
21st Century Integrated Systems Limited
Holding company of Region Services Group
UK
Indirect subsidiaries
Journeo Passenger Systems Limited
Sale, manufacture and installation of passenger systems
UK
Infotec Holdings Limited
Holding company of Infotec Group
UK
Infotec Limited
Sale, manufacture and installation of rail passenger systems
UK
Journeo A/S (formerly known as MultiQ Denmark A/S)
Sale and installation of CCTV and other monitoring devices
Sale, manufacture and installation of passenger systems
Denmark
RSL Cityspace Limited
Sale and service of information kiosks
UK
RSL Street Net Limited
Dormant
UK
Cityspace Limited
Dormant
UK
All subsidiaries are wholly owned except the 70%-owned Integrated Technologies (International) Limited. All UK subsidiaries’ registered 
office address is the same as the Company; 12 Charter Point Way, Ashby-de-la-Zouch, LE65 1NF except Linefit Engineering Limited, 
registered office 272 Bath Street, Glasgow, G2 4JR.
IGL Limited has a year end of 30 September. This Company is not audited and is subject to parental guarantees. 
Journeo AB registered office is at Varuvägen 9, 125 30 Älvsjö, Sweden.
Journeo A/S registered office is Fabrikvej 11, 8260 Viby J, Denmark.
Financial Statements

90
Journeo plc Annual Report and Financial Statements 2024
5. Amounts owed to Group undertakings
The amounts owed to Group undertakings are interest free and repayable upon demand.
6. Employee information
The Company had no direct employees in the years ended 31 December 2024 and 31 December 2023.
7. Share capital
Called up share capital
2024
£’000
2023
£’000
Authorised
16,474,491 New Ordinary Shares of 6.5p each (2023: 16,474,491 Ordinary Shares of 6.5p each)
1,071
1,071
87,412,500 Deferred Shares of 6.5p each (2023: 87,412,500)
5,682
5,682
6,753
6,753
Issued, allotted and paid up
16,474,491 New Ordinary Shares of 6.5p each (2023: 16,474,491 Ordinary Shares of 6.5p each)
1,071
1,071
87,412,500 Deferred Shares of 6.5p each (2022: 87,412,500)
5,682
5,682
6,753
6,753
Ordinary Shares are entitled to one vote each, a dividend and a return on assets.
Deferred Shares are not entitled to vote or any dividends. A return on liquidation will only be made after payment has been made to the 
holders of Ordinary Shares of the amounts paid up on such shares and the sum of £10,000,000 in respect of each Ordinary Share.
The share premium account represents the amount received on the issue of Ordinary Shares by the Company, in excess of their nominal 
value, and is non-distributable.
The merger reserve represents the excess over nominal value of the fair value consideration for the acquisition of subsidiaries satisfied by 
the issue of shares in accordance with Section 612 of the Companies Act 2006.
Notes to the Company financial statements CONTINUED
for the year ended 31 December 2024

91
journeo.com
DIRECTORS
Non-executive Chairman
M W Elliott
Non-executive Directors
J Cumming 
B Kent
Executive Directors
R C Singleton   
N W Lowe
Company Secretary
N W Lowe
AUDITOR
Cooper Parry Group Limited
Sky View 
Argosy Road
East Midlands Airport 
Castle Donington 
Derby
DE74 2SA
BANKERS
NatWest Bank plc 
16 South Parade 
Nottingham
NG1 2JX
SOLICITORS
Ashurst LLP 
1 Duval Square 
London
E1 6PW
REGISTERED OFFICE
12 Charter Point Way 
Ashby-de-la-Zouch 
LE65 1NF
United Kingdom
Registered number: 02974642
NOMINATED ADVISER, 
FINANCIAL ADVISER AND 
BROKER
Cavendish Capital 
Markets Limited 
1 Bartholomew Close 
London
EC1A 7BL
REGISTRARS
MUFG Pension and Market Services
Central Square
29 Wellington Street 
Leeds
LS1 4DL
Corporate information
Financial Statements


Journeo plc
12 Charter Point Way 
Ashby-de-la-Zouch 
LE65 1NF 
United Kingdom
International offices
Prästkragens väg 15
132 45 Saltsjö-Boo
Sverige
Fabrikvej 11 B
DK-8260 VIBY J
Danmark
Tel: +44 (0)203 651 9166
Email: info@journeo.com
journeo.com