London-based transport-systems group, Journeo, announced today that it anticipates a substantial rise in pretax profit and revenue for the first half of the year. The company also outlined its performance expectations through 2025.
During the first half of 2022, Journeo recorded a notable increase in pretax profit, soaring to £1.7 million ($2.2 million) from £167,000 in the same period last year. Additionally, revenue saw a significant boost, reaching £21.8 million compared to £8.9 million in the previous year.
Fleet systems revenue experienced a remarkable growth of 61%, totaling £7.9 million. Meanwhile, passenger systems revenue also saw positive growth, increasing by 16% to £4.6 million.
Journeo exceeded expectations in sales of lower margin products during this period. The company foresees this trend continuing throughout the second half of the year, predicting even higher margins in fiscal 2024 as supply chains improve and the sales business mix evolves.
Looking ahead, Journeo anticipates that revenue for the full year will exceed market expectations, with a marginal increase in pretax profit. Moreover, the company sets an ambitious target of £42 million in revenue for 2024, aiming to achieve even higher revenue of £50 million in 2025 while improving net-profit margins.
