Journeo – just announced a major contract for New York Subway, shares 458p, TP 602p

Mark Watson-Mitchell – 29.10.2025

This morning Journeo (LON:JNEO), a leading provider of intelligent systems for transport networks and critical national infrastructure, has announced that its subsidiary, Infotec, received purchase orders totalling $5m from Outfront Media Group to supply platform display systems for the Metropolitan Transportation Authority in New York City.

Infotec will supply four new display variants of 49-inch and 65-inch TFT displays, certified for both indoor and outdoor use in the US, marking the Group's first venture into Digital Out Of Home advertising on subway platforms.

Delivery is scheduled to begin in the second half of 2026, supporting Outfront Media Group's program to replace existing technology on the MTA network.

The Business

Journeo is a leading Intelligent Systems provider, delivering sustainable solutions in towns, cities, airports, and the public transport networks that connect them while safeguarding critical infrastructure and high-security environments with advanced access control, intrusion detection, and surveillance technologies.

The Group has six operating companies:

·     Journeo Fleet Systems: CCTV video surveillance to improve passenger & driver safety, telematics for vehicle and driver performance monitoring, real-time communications for remote condition monitoring and automatic passenger counting.

·     Journeo Passenger Systems: design, manufacture, installation, and management of hardware and software for electronic public transport information systems, in and around towns, cities, ferry terminals and airports which includes smart-ticketing and wayfinding.

·     Infotec: design, advanced manufacture, installation and software management of information displays hardware for rail applications in stations, on-platform and on-vehicle.

·     Crime and Fire Defence Systems: specialise in protection of Critical National Infrastructure sites including utilities, defence and high security industrial and commercial applications.

·     Journeo AS (based in Aarhus, Denmark): full-service provider of Intelligent Transport Systems ("ITS") with customers in Denmark, Sweden and Iceland.

·    Journeo AB (based in Stockholm, Sweden): technical services provider to public transport customers in Sweden.

Management Comment

CEO Russ Singleton stated that:

"We are delighted to extend the OFM relationship with the deployment of our displays onto New York City subway platforms. 

These purchase orders underscore the confidence that this leading advertising provider places in Journeo technology and is another important milestone in our US growth trajectory."

Just over a month ago, upon announcing the end-June Interims, Singleton commented that:

"The Group continues to perform well and in line with management expectations, keeping Journeo on track to deliver another record year.

Strong organic growth in UK revenues, driven by our Fleet Systems and Passenger Systems businesses, is propelling the Group forward and has almost entirely offset the US sales delivered by Infotec in H1 2024.

We are also delighted to have completed the acquisition of Crime and Fire Defence Systems, a significant milestone that strengthens our platform for growth and supports our strategy to reach £100m revenue and double-digit operating profit in the medium term."

Broker’s View

Analyst Andrew Renton, at Cavendish Capital Markets, rates the group’s shares as a Buy, with a Target Price of 602p.

He states that Journeo looks compelling on an FY25E Adj P/E of 13x (11x ex-cash P/E) vs peers on 16x, with further upside being seen if the remaining c.£9m of net cash balances are deployed on additional organic or acquisition opportunities leading to further earnings accretion.

My View

I really like this company, and it has not disappointed me over the years that I have been following its progress.

Its shares, which were up to 554p in the first week of this month, are now looking attractively priced at 458p, valuing it at nearly £82m.

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

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

(Profile 24.07.23 @ 183p set a minimum Target Price of 200p plus*)

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