25th Jan 2021 11:25
(Alliance News) - Journeo PLC on Monday said it has obtained a one-year extension to its systems and services framework agreement with First Bus UK, part of Aberdeen based transport firm FirstGroup PLC.
Shares in Journeo were up 28% at 72.90 pence in London in late morning trading.
The contract extension, continuing to March 2022 unless further extended, is expected to generate revenue of GBP1.8 million for information systems and transport technical services firm Journeo.
Journeo, which has its head office in Ashby-de-la-Zouch, will provide systems and services for both new and existing First Bus UK vehicles plus another 800 connections into its software-as-a-service application.
The Journeo Remote Condition Monitoring software uses machine learning and can identify and correct on-board issues automatically, reducing frequency of maintenance visits as well as associated mileage-related pollution and costs.
Meanwhile its Agnostic Video Management Software product is able to access images and sounds remotely, minimising the need to visit vehicles for video download, insurance assessments, or legal evaluation after collisions and other incidents. This further shrinks costs and carbon footprint for public transport operators.
Journeo has been providing its CCTV as well as related on-board and depot-based IT subsystems to First Bus since 2010 under a series of agreements.
Russ Singleton, chief executive at Journeo, said: "Whilst the last 12-months have been particularly challenging for many public transport operators, and transport infrastructure providers, our innovative solutions, services and software are helping to deliver valuable efficiency gains and cost reductions for our customers in preparation for market recovery following the UK wide vaccination programme".
By Anna Farley; annafarley@alliancenews.com
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