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Journeo shares jump on TfL contract worth GBP1.9 million

11th Mar 2024 11:31

(Alliance News) - Journeo PLC on Monday said it has received purchase orders totalling GPBP1.9 million, to supply and install important safety systems on existing Transport for London buses.

Shares in the Leicestershire-based transport system services provider were up 7.6% at 267.95 pence each in London on Monday.

As part of TfL's Vision Zero, digital wing mirror camera monitor systems are now mandatory on all new vehicles entering TfL's 9,000 vehicle fleet. To date, approximately 1,000 Journeo CMS systems have already been supplied.

Chief Executive Russ Singleton explained: "The Journeo CMS is optimised and approved for driver use and has a higher performance than reflective mirrors, particularly in poor weather and at night. The ultra-low profile external camera modules are also significantly smaller than the mechanical mirror systems they replace, so are far safer for pedestrians and other road users."

This current batch of orders is for the first tranche of legacy vehicles to undergo a refurbishment programme, Journeo noted.

It added that the GBP1.9 million orders are to upgrade approximately 300 buses in total which includes over 200 New Routemasters. The buses are spread across some of the largest fleet operators in London, including Stagecoach, Metroline, Arriva and Abellio.

Installations will be carried out over the course of this year and Journeo will provide support for these systems for the remainder of the vehicles' operating life in London of between three and seven years.

Looking ahead, Journeo expects to receive further purchase orders during the current year.

By Sophie Rose, Alliance News senior reporter

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