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  • Writer's pictureMark Watson-Mitchell

Gulf Marine, lifting away, and Journeo, transporting higher 

Gulf Marine Services (LON:GMS) – Middle East Operator’s Shares Heading Higher 

Just over a month ago I commented upon this self-elevating, self-propelled liftboat vessels fleet owner winning new orders as they appeared to be coming in thick and fast. 

At that stage the operator stated that it had a record Order Book of some $463m, having recently risen from $373m – that was a significant boost in my view. 

The group operates self-propelled self-elevating support vessels in the UAE, Saudi Arabia, Qatar, and Europe.  

The company offers offshore construction and heavy lifting, accommodation and hotel, well intervention and work over operations, and manpower services for oil and gas industry; and platform maintenance and commissioning, turbine maintenance and commissioning, hotel, crane, and offshore crew transfer services to the renewables industry.  

It is also involved in the marine contracting and general investment activities; operation of offshore barges; and ownership of barges.  

Analyst Daniel Slater at Zeus Capital is now looking for sales this year, to end December, of $167.7m ($151.7m), while expecting adjusted pre-tax profits to almost double to $52.0m ($27.3m), boosting earnings to 4.1c (2.0c) per share. 

On 14th March I clearly stated that: 

“At the current 19.35p all I can say is that they are going higher!” 

Last Thursday the shares touched 24.60p on the back of a very heavy trading volume of 5.4m dealt. 

It was on that day that the group published its Annual Report & Accounts and Notice of its AGM, which is to be held in Abu Dhabi on Thursday 5th June. 

I like the strength that this group’s shares are currently showing, furthermore I believe that they will rise a lot higher yet. 

They closed last night at 23.50p, with investors looking for early broker upgrades and fresh contract news to boost investor confidence. 

(Profile 30.11.23 @ 13p set a Target Price of 16p*) 

(Profile 22.01.24 @ 15.95p set a Target Price of 19.50p*) 

Journeo (LON:JNEO) – Getting Totally Connected 

It may not sound like a lot, but it is still good news for this little Ashby-de-la-Zouch-based group. 

On Monday morning, ahead of yesterday’s AGM, the £42.8m capitalised provider of intelligent transport solutions to operators and authorities across the UK and Scandinavia, announced a £300,000 a year contract for its recently acquired Danish subsidiary MultiQ. 

Based in Aarhus, Denmark, MultiQ is a full-service provider of Intelligent Transport Systems with customers in Denmark, Sweden and Iceland. 

The six-year deal is for the provision of transport display hardware, installation and technical support services to Grassfish for its own contract with Skånetrafiken, the regional public transit authority in Skåne County in the south of Sweden. 

Skånetrafiken manages over 1,000 buses through five major Scandinavian bus operators.  

Each bus has three passenger displays providing travel information, advertising and entertainment powered by the Grassfish software platform.  

As a Grassfish partner, MultiQ will provide content management platform technical services and field-based engineering and support services for all (approximately 3,000) vehicle displays across Skånetrafiken's fleet. 

CEO Russ Singleton stated that: 

"I am delighted that MultiQ and Journeo's Stockholm-based engineering team have been able to combine forces to secure this services and support agreement in the Skåne region of southern Sweden.  

This is the first example of the partnership with Vertiseit and its subsidiary Grassfish delivering long-term recurring revenue from our engineering and technical support teams, and we look forward to building on the relationship over the coming years."   

Journeo delivers its solutions in towns, cities, airports, and the public transport networks that connect them, and works extensively with local and combined authorities, Network Rail and many of the largest multinational transport operators, supporting them as systems converge towards a more efficient and sustainable future. 

A month ago, the group announced a £1.5m purchase order from Swansea Council, for the manufacture, installation and maintenance of a range of the latest Journeo Thin-Film Transistor, Liquid Crystal Display and interactive totem technologies.   

In late March the group declared a quadrupled adjusted pre-tax profit of £4.0m, with earnings of 19.8p (10.3p) per share. 

Analyst Andrew Renton at Cavendish Capital Markets estimates that the current year to end December will see revenues of £48.0m (£46.1m), profits of £4.4m and 22.1p per share of earnings. 

Appropriately, this company is driving powerfully ahead, and I believe that a lot more contracts will swell the group’s Order Book before the year is out. 

Its shares, which hit 298.44p in late January this year, have since been down to 240p, before closing last night at 257p. 

Cavendish Capital have a 385p Price Objective out on the shares, which gives me a certain confidence to suggest that they remain a very Strong Hold as the growth continues. 

(Profile 07.04.21 @ 95.5p set a Target Price of 120p*) 

(Profile 24.03.23 @ 147.5p set a Target Price of 175p*) 


(Asterisks * denote that Target Prices have been achieved since Profile publication)  

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