Journeo (JNEO) H1 2024 earnings summary

Executive summary

• Achieved record interim results for H1 2024, with strong organic growth and contributions from recent acquisitions Infotec and MultiQ.

• Revenue increased 17% year-over-year to £25.6m, with gross profit up 41% to £9.0m.

• Order intake reached a record £24m, and cash position strengthened to £12.9m.

• Continued investment in R&D and operational efficiencies, including the launch of the Journeo Design Centre.

• Board confident in meeting full-year financial targets and trading in line with market expectations.

Financial highlights

• Revenue: £25.6m (H1 2023: £21.8m), up 17% year-over-year.

• Gross profit: £9.0m (H1 2023: £6.4m), gross margin improved to 35% (H1 2023: 29%).

• Underlying profit before depreciation and amortisation: £3.4m (H1 2023: £2.5m), up 40%.

• Profit before tax: £2.8m (H1 2023: £1.7m), diluted EPS: 14.76p (H1 2023: 8.72p).

• Cash and cash equivalents: £12.9m (H1 2023: £11.3m).

Outlook and guidance

• Board confident in meeting financial targets and trading in line with market expectations for the full year.

• Strong sales pipeline and growing customer base entering H2 2024.

• Focus on operational efficiencies and cross-selling opportunities post-acquisitions.

• Continued investment in R&D to drive future growth.

• Actively evaluating further acquisition opportunities to expand capabilities and customer base.