Good afternoon, Alice, and welcome to everybody that's joining us to hear our FY '25 results. Thank you for making time.

I'm Russ. I'm an engineer.

I'm the CEO of the company, and I'm joined by my colleague on my left, who is Nick May. He's our Chief Financial Officer.

We've both been with the company a fair while now, and we're both shareholders, and around the board, we've got about 4% of the company. We're really pleased with the results for FY '25.

Journeo has been developing quite steadily over the years. We're now one of the leading sub-intelligent systems providers in transport, and recently through the acquisition of Crime & Fire, we've moved into critical national infrastructure.

The results for '25 were in line with the broker's forecast, very very strong. We increased our revenue, our profit, cash generative.

We've improved margins across the board in the group. We acquired Crime & Fire Defence in September last year.

We've got a increasing sales opportunity pipeline, and we're well positioned for further growth both organically and through acquisition. We'll go into these details a bit more later, but revenue was up, gross profit was up, adjusted profit before tax was up, and so was the cash.

For those that perhaps are new to our story, we really are sort of technology-based systems integration company. We build solutions into these sort of five marketplaces, which are predominantly integrating services or bundling up aggregated services.

We provide information systems, and that can be on the acquisition, the filtering, the processing, and the outbound delivery. More recently, we have a infrastructure protection business that deals with both visual, cyber, and physical security threats.

Our Fleet Systems business is the sort of core of the original business that Journeo has turned into. That is a specialist provider of integrated solutions on board buses, trains, coaches, and trams.

It's really all about sort of an IoT approach linking the subsystems on the vehicle and then providing information out to the operator, whether that's the actual fleet operator, the local authority, or it contains some things like British Transport Police and other stakeholders. Our Passenger Systems business is really about the delivery of information into the streets, bus station, bus shelters, and some railway stations.

There we design and manufacture a lot of the solution ourselves. Infotech is the market leading rail displays manufacturer.

It's on about 80% of the UK network, it's on about a third of the Underground, and more recently, it's moved into the United States and also into Denmark. Journeo AS is our Nordics business where we've combined Journeo Denmark, which came as a result of the acquisition of MultiQ in September '23, and also Journeo Stockholm-based business.

That is a provider of all of the solutions that Journeo Group has. We've made some recent announcements about contract wins there.

Crime & Fire is the infrastructure protection business that we acquired in September last year. We have a growing list of partners and customers, and we're really proud to have these people on there.

These are just some of the larger ones, but we're equally proud to be working with smaller operators or smaller physical sites. As we sit here today, we've got about 35,000 connections concurrently to our cloud-based platforms.

We're on about 30-odd percent of the UK bus network for our cloud-based systems. Got just under 300 people actually now in the company, this was at the end of the period.

What I'll do now is I'll hand over to Nick to run through the financial results.

Okay. As Russ said, a good set of results.

Revenue was up 11% year-on-year to £55 million. Gross margins increased again, we got another 2% out of gross margins, moved them to 40%.

As you'll see later, we had an uplift across all segments of the business. Gross profit actually increased by 23% to £21.8 million.

Adjusted PBT was up 13% to £5.7 million. If you remove the impact of the acquisition, we increased 8% to £5.4 million, which is where we expected to be.

Diluted EPS was down slightly at 23.83p. Two strong reasons for that.

The smaller part of it is that there were some new shares issued during the year from the acquisition of Crime & Fire and some options exercised. The largest part is that our effective tax rate in 2024 was exceptionally low as we have some brought-forward tax losses and some over-provisions.

The tax charge in '25 was a normal position, so that's the key reason that EPS actually dropped slightly. Cash was good, very good, closed at £12 million, down £2.3 million year-on-year, but that's after we spent £10 million on the acquisition.

True operating we had was actually about £8 million uplift in cash. We always state our R&D number, we spent about £2 million in the year on R&D.

Fundamentally that all passes through the P&L, the £5.7 million adjusted PBT is actually after writing off £2 million of R&D. Into the segments, Fleet was a good performance.

Revenue was up 3%, margin was up by 2%, we actually increased gross profit by 9%, £7.3 million. As a contribution from Fleet, we were up 17% to £3 million, very very strong contribution from that business.

Passenger performed phenomenally well. Revenue was up 33% to £12.7 million.

Strong gross margins at 49% make gross profit moved up 39% to £6.2 million. The really pleasing bit from Passenger is that delivered a bottom line of £1.5 million, which is just almost 7 times what it delivered last year.

Infotech, revenue was down to £8 million. The reason for that, and this is exactly as we expected, is that we had a contribution from the New York contract in 2024 that we didn't have in 2025.

What we did do during the year was win $10 million of new orders with the same customer, and the vast majority of that revenue actually falls into 2026. We expect or we will see a significant uplift in revenue in Infotech this year.

Margins were good, up to 42%, which meant that gross profit was £3.4 million. As a bottom line, it still delivered just shy of £1 million.

Journeo AS, our Danish business, again revenue was down slightly at £3.6 million. This was predominantly lower margin work, actually as a contribution the business maintained gross profit at £1.9 million and actually increased the bottom line very slightly.

Again, we expect more from that business entering this year. We just announced a contract which will help that.

Crime & Fire, we acquired in September, this is four months' trading. We have revenue of £7.4 million, gross profit of £3 million, and a small contribution of £400,000 for the period.

Recurring revenue, we state every year, we had another uplift, 10% uplift year-on-year to £7.7 million. It's 14% of the whole revenue for the group and SaaS sits roughly 40% of the total proportion of recurring revenue.

Next slide is historically we've listed all of our RNSs for contract wins. We had 13 announcements during 2025, we've summarized it here.

What this slide ultimately shows is that we've won business in all segments of the group, it's not all been focused in one segment. The announcements are across different segments of the business, and that helps what we've carried forward into 2026.

Thanks Nick. Basically we just wanted to just really share this slide with you.

This is effectively why we're here. It's why we've put our own money into this business.

It's what we firmly believe. There's some really strong trends occurring in various parts of the world, and what we're looking to do is to align the sort of the design of our solutions so that as these megatrends start to be impacting the different countries and different market segments, we've got the solutions right at the sort of cutting edge ready to go.

On the other side of that, we then look for market drivers that are going to enable these new systems to actually move into actually in terms of revenue-generative reality. If I just go through there's actually an extensive list of these megatrends, but we've just listed these five out.

There's rapid urbanization. That's really, yeah, people moving more sort of from rural centers into into towns and cities, megacities emerging.

That's driving up congestion. It's changing the demand for passengers, but more importantly, it's actually putting greater demands on the utilities in and around the cities.

Then got the climate change, scarcity of resources, and the move towards zero-emission vehicles and the use of renewables. We see a lot of the sort of infrastructure around the towns and cities, particularly on the information delivery, needing to be off-grid and in some cases actually generative back to the grid.

You then got the shift in economic power. That is really manifesting itself now where China are a long way ahead in electric vehicle production and the battery technology in particular.

You got demographic and social changes, and also then the technological breakthroughs with some amazing developments in in artificial intelligence and also in sort of solid-state battery technology for renewables. We've been aligning ourselves with some of these.

It comes from a sort of a well-known theme of the smart cities and these are an extract of that. Then on the other side of that, we look then for what's actually going to make the change, what will where's the inflection point, and and what do we need to do to align ourselves with that?

I've listed three here. The first one is the City Regional Sustainable Transport Settlements, a bit of a mouthful there.

The government put £5.7 billion in to enable mayoral authorities to some build future transport solutions, and that's very recently been added to by £15.6 billion of funding that runs after the the initial fund ends, from the period 2027 to 2032. In total there's around £20 billion or so.

We've seen that being applied now to through the bus services act towards franchising. We believe that that's going to operate as a market driver out to 2032 and beyond.

You have the Bus Service Improvement Plan plan, which is really aimed at sort of local transport grants. £2 billion or so has been pledged previously to that and we've we've seen sort of first phases of that coming to an end.

Now there's another £2.3 billion of funding, and this is for non-mayoral authorities to gain access to this funding through the 2025 to 2030 period. Then through the Crime & Fire Defence business, we've seen UK government committing to increase core spending on defence from 2.3% of GDP out to 3.5% by 2035.

What that says to us is that by building our solutions so that we can enable some of these megatrends to to to be applied and aligning this with our local authority, PTO, and defence or security-based customers, we can actually enable some of these these funds to be drawn down and these projects to take place, and that is driving our growth. Our aim is to take Journeo to £150 million revenue with at least double-digit operating margins.

We're going to continue to do that through technology-enabled growth and also through acquisition. Our business is growing strongly organically, as Nick's already demonstrated.

We've seen an increase in our recurring revenue and also the SaaS component within that. We are active in our active M&A program where obviously we just completed the acquisition of Crime & Fire.

We have a raft of other acquisitions that we're working through. Some of them are into adjacent markets, such as Crime & Fire, but some of them are also consolidation opportunities.

We're also working pretty actively in adjacent markets both in the UK, North America, and also in continental Europe. I really just wanted to spend a few moments introducing Crime & Fire, because it's relatively new to us, and there may be people with us now that don't really know about Crime & Fire.

Crime & Fire is a well-established business working in utility protection, particularly the critical national infrastructure. We acquired it in 2025 in September, and it's got a team of about 72 permanent staff and a similar number of contracted staff.

Works predominantly throughout the UK, and it has all the certifications and approvals that you need to work in these very dangerous sites where high pressure mains gas, supergrid level electric electric distribution, and also some of the defense-related sites. It's got sort of four legs to the business.

It has its own products, its own intellectual property, things like the MagVault and CamPost, where over the years it's improved some of the designs to the point where now it has third-party inquiries for some of the products which historically were semi-designed for itself. It does its own in-house design, which it has to because of the nature of the security.

They are BS 7858, SC and DV-cleared people within the team. It has a network of installation engineers and they're working throughout the UK, and it also has a construction department, some of the physical security systems can be quite large if they're protecting a gas treatment site or reservoirs or these sorts of things in quite hostile environments.

The reason that we we wanted Crime & Fire in in our business is that we've been building Journeo essentially from what was a Fleet Services business, integrated services. We then introduced the Passenger Information Systems piece.

Some of the work that we've been able to secure has been at the intersection of those those sort of the two the two circles on the left, where things like airports, they've actually wanted a mix of the onboard long stay car park or staff bussing car park technology linking into the bus shelter actually then into the airport SLA adherence. Through the airport SLA adherence, we've been asked if we could interface then with things like perimeter intrusion detection systems and the access control of very secure places, another example of things like nuclear power stations.

We started talking to Crime & Fire many years ago about integrating those skills into our business. They in turn started to talk to us: could we provide remote access services so they could remotely monitor some of their visual systems?

Also, could we run some of our particularly our analytic tools in real time for their systems? It took a long time, but we we actually came to the conclusion that this would actually be the sort of third circle in the Journeo Group offering.

In September, we closed that acquisition, and that's now means that this is now what Journeo Group looks like. We have that core capability right at the center of this, the shared resources of I mean actually people like Nick and I and the M&A, the exec team.

We have HR, research and development, marketing, and our group-wide IT cyber security. Then we have the domain expertise, very specific, focused domain expertise in in the integrated services business, which is ostensibly anything that's moving or the IT systems where we bundle up the hardware, the software, the installation services.

Then on the information side, this is predominantly where a lot of our artificial intelligence-led solutions are going, and then the infrastructure protection. The infrastructure protection is relatively new to us, at the moment the the impact in our growth plan is yet to come.

That's actually why we wanted this inside our group, and we're pretty confident that this can take us through the £150 million revenue with at least a 10% net operating margin. What we've been doing with Journeo is we've been increasing our opportunities, like like funnel of opportunities.

We've been increasing our capability at the same time as reducing risk, and it's all about assurance, making sure that the systems are working, whether that's through the remote access services from onboard vehicles or indeed whether it's through remote health monitoring for displays in bus shelters, in railway stations, or out in the street. In 2024, the business looked like it does on the left, where we had Infotech, Fleet, Passenger, and Denmark.

In '25, we added on the Crime & Fire business, and our go-to-market for 2026 now looks like this, and we're really confident that we can take this thing forward. The business now has an qualified sales opportunity pipeline north of £200 million.

The actual funnel is much much larger than that. Through this, we are starting to see now synergies.

We announced the contract last week for the Danish State Railway, which is a combination of Journeo design center, Journeo AS in Denmark, and Infotech providing the manufacturing for a new class of displays that are going to be installed on the outside doors of the trains for DSB. We have inquiries from other European rail authorities for these kinds of solutions.

That's kind of an introduction to to to to our current three-phase business model and an explanation of our FY '25 results. We'd now like to take some questions.

Okay.

There's a question on the quantity of our forward order book and the follow-up: if we can't say what it is, where do we see the strongest growth coming from? We don't publish our order book at the moment.

In terms of color, where we see growth this year, I guess in order of growth, we will have 12 months of Crime & Fire this year rather than four months. We had £7 million revenue from that last year, and it's pre-acquisition, it did £17 million in the year pre-acquisition.

We will see a full year and good growth from Crime & Fire. As I said when we came to Infotech, Infotech will improve significantly this year.

Biggest chunk of that will be through the New York contract, but we will also see some movement in UK rail. Passenger should continue its significant significant improvement, and Fleet will also improve.

I guess in terms of ranking of additions to revenue, I would say it would be Crime & Fire followed by Infotech followed by Passenger followed by Fleet for the growth this year.

There's a question: 'How does Crime & Fire fit with the'-- because I think we've explained that, the rationale for why we're interested in Crime & Fire. 'Page 39 and page 40 of the recent annual report identify high risks of increased competition and being overtaken by new technology approaches.

Please elaborate.' That is a really good question, that.

Obviously we're scanning the horizon for things that can impact us, and there's some very obvious ones, such as cyber attacks. With the 35,000 connections now onto our cloud-based systems, it would indeed be quite a problem if we were hacked and couldn't deliver, because a number of organizations now are relying on this.

We've got seven airports that are connected, and actually their mobility systems are run via our portal, and about 13,000 buses and trains. It would be quite serious.

We deal with that, and we have a team that's working on that, and we're going through the Microsoft Sentinel approach, and we're part of the NCSC. Other risks that we've identified are increased competition.

What we mean by that, in fact, and being overtaken by new technology, they're actually sort of one and the same. What we've seen is that the incredible performance of agentic AI now we believe is going to decimate a number of kind of traditional SaaS business models that rely really on the asymmetry of huge data or big data and a user base that's unable to actually filter that.

We do have an awful lot of data, particularly that comes from the real-time information systems on board vehicles. There's always a possibility that a new sort of technology solution could come in, a bit like agentic AI is doing right now, that could actually take a lot of the, if you like, the software deliverable away.

At the moment, we have a policy inside the company that we actually don't use any of the agentic AI tools in any safety-critical solutions. We do use machine learning, but we're using fully traceable and predictable outcomes, we don't have the possibility of things like hallucinations within the service delivery.

The risks are more to do with some amazing new development that could come that could actually sweep away some of the delivery. We're minded to that, and rather than be fearful of it, our approach is actually to embrace it and adopt it.

That's really what we're doing. Okay?

There's a question around tariff threats impacting our US opportunities. I think so far they've actually helped us.

The most likely source of displays outside of us is actually China, the tariffs on us are less than on China. Sort of a tariff has not impacted us, and may have helped us.

How we may move around that going forward is we could potentially final assemble the product in the US, which would enable us to move around the tariffs anyway. Far, no, the tariffs have not impacted us, and the US customer is certainly very very very pleased with what they're taking from us.

Great. There's one here Kevin C.: 'So you say that you're looking for acquisitions overseas.

Have you also considered having in-house startups overseas?' I think that's a really good question, and the answer to that is yes.

We have been looking and are looking and are talking to a number of overseas potential acquisitions. Some of them we're actually unable to do at the moment because the valuations, particularly in North America or the United States, are much higher than they are in other parts of the world, too.

The business is actually starting to take off in the US. We are at a pretty advanced stage of taking some office space and actually open up a Journeo Inc on the East Coast of the US to serve New York City, the MTA, and our customer base out there.

We've got a team out there now. We've had a service center actually in our customer's premises for about 18 months, we've had genuine engineering tech support actually in the US throughout that time.

I think that answers the question. Let's have a look.

There's a question that said that six months ago we gave a £100 million revenue target within two to three years, and we're now six months into that, how are we doing? Is it realistic?

Cavendish have a forecast for us to hit £72 million this year. It certainly is still a realistic target, and as Russ said, we have moved the target on for this year towards £150 million.

We're comfortable with the targets we have stated.

Next one: 'Are there any plans to be more active internationally: US, Denmark, or even in the EU? What is preventing us from doing so?

Doing so, okay, in current countries.' Okay.

Yes, in the US we're going to do our own sort of small startup. That really is as everything is in Journeo, it's customer-focused activity.

It's working with the customer, and the customer's asking us to do this. We have the capability to do that.

We'll have a US ZIP Code, an incorporated business, we can offer our customer even greater support, both post-sale and also looking forward. In other parts of the world, at the moment we have an active M&A pipeline with about, I would say, 20 to 30 businesses in it.

At any one point in time, we probably have half a dozen that were at various stages of discussions with. We'd love to do more within the EU, and we do have plans to do that.

We also do have plans to do this actually in other parts of the world, particularly in South America and Asia, as these new products that have been designed by the Journeo Design Center come to fruition. We'll initially do that through channel partners and value-added resellers.

That's the plan. We don't intend to be opening up offices in many many countries.

We'll only do that when we've actually got an established customer base, we're bonded to that customer, because we're effectively then part of the supply chain. As everybody knows, it's actually supply chains that compete.

Hope that answers your question.

I think we've covered most of those.

Actually, should I take that one: 'How do you see AI playing a part in cost optimization to times two your sales? Will the need for headcount need to increase in other areas?'

Again, that's a quite a insightful question. We see AI playing a part across all facets of our business.

Actually internally for our CRM, our HR systems, but also outbound to our customers, and actually obviously embedded within our systems. We're working on a number of sort of distillation models for the large language models, both on board our vehicles and actually in the street, but also within our CRM, as I've explained.

We don't expect to times two our headcount to times two our sales. Where we do expect our headcount to increase is that despite the benefits that things like the IoT and the agentic AI can bring, you actually also do need to go to a site physically, because, for example, where you've got a bus, a train, or tram, or, in fact, some specialist vehicles and military vehicles, hazardous goods vehicles, the technology on board them can fail, and ultimately somebody needs to go to service that.

Within Crime & Fire, they have this very significant pipeline of projects coming down framework agreements. To increase that business, what we need to be able to do is to do more projects concurrently, and that will be a function of headcount.

It's not a one-for-one, but it may be that to double the revenue through that channel, you might need to increase the headcount by, let's say, 30% to 40%. We're actually going to use some of the AI tools to do it.

This is not jargon, this stuff actually really does work, as I'm sure many of you know. Okay.

I think we've covered

it. Most of them, actually.

These are actually all the same questions, actually, I think we've done them.

I'd really just like to thank everybody for making time to listen to our story. We've been developing Journeo.

It's taken us a long time to actually get the platform, the services, and the technology right. There's loads of things that we actually want to do in the company to improve it.

The aim is to try and do more for our customers to help them get more performance out of the system or reduce the cost of the delivery on to the B2C component, and to really listen and learn to some of these megatrends and these funding streams, so that we can actually capture more of the sale, and really just enable everyone within Journeo to sort of progress. It's an exciting place to be.

We're doing first-of-a-kind implementations and we want to do more of it. Thank you very much for making time to hear our story.

Really appreciate it.