Journeo trades in line, looks to raise £1.2m

Information systems provider Journeo said on Tuesday that trading in the second half of the year had been in line with expectations.

Journeo stated that consistent with the strategic positioning of the company, the second half held "considerable interest" for its products and services and had resulted in some "potentially significant" contract awards and confirmations.

In total, approximately £9m-worth of new business for delivery in 2020 and beyond was confirmed in the fourth quarter.

Chief executive Russ Singleton said: "Our focus on future-proofing our technologies whilst delivering improved economic metrics is being well received, and with the orders confirmed for 2020 and beyond, it is clear our approach is starting to gain traction."

Separately, Journeo announced that it was carrying out a fundraising to raise up to £1.2m via an unconditional placing of up to 2.4m new ordinary shares at a price of 50p per share.

Journeo intends to use the net proceeds of the placing to strengthen the company's balance sheet to help secure pipeline prospects, provide additional working capital and to cover research and development and marketing costs.

As of 1035 GMT, Journey shares were up 2.75% at 52.40p.