New bottling plant launched in Derby, creating 90 jobs
Work begins to make space for Leicester railway station transformation
Revenues leap at Journeo
Revenues have leaped at Journeo plc, the provider of information systems and technical services to transport operators and local authorities.
According to a trading update for the year to 31 December 2023, results are expected to be in-line with market expectations, with group revenues increasing by 118% to £46m, up from £21m in 2022.
Acquired businesses, Infotec and MultiQ, have performed well and contributed £21m in revenues during the year.
Adjusted profit before tax is anticipated to be in-line with market expectations.
Russ Singleton, Chief Executive of Journeo plc, which is headquartered in Ashby-de-la-Zouch, said: “I am very pleased with the progress we made in 2023, both organically and through two acquisitions.
“These developments are fuelling our strategy to broaden our customer base, extend our geographic reach, deepen our capabilities and provide us with access to thematically linked adjacent markets.
“We have strengthened our recurring revenue alongside our order book and pipeline, providing good forward earnings visibility and a solid base on which grow the business further.
“Together with significantly improved cash balances, we are investing in our people and technologies to develop innovative products and services that meet our customer requirements, as well as anticipating the future needs of the public transport sector.
“With a strong sense of momentum and an increasingly compelling customer offering, we look forward to further organic and acquisitive growth.”
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Approval gained for Leicester light industrial scheme
BDO Midlands advises on over £1.5 billion deal value in 2023
Accountancy and business advisory firm BDO LLP advised on 40 deals in the Midlands in 2023, with a combined value of £1.68 billion. More than a third of all BDO’s activity in the region (36%) involved private equity.
BDO’s most active sectors continue to reflect wider market trends, with TMT, support services and financial services leading the way, in terms of volume and value. Combined, they accounted for 55% of deals completed by the firm in the Midlands, making up 62% of the total value.
The industrials market also continues to perform well both locally and globally – driven by market dynamics and the sustainability agenda. Sales to overseas corporates was a strong feature in this market with standout deals including the sale of Syrinix to Badger Meter Inc – a listed, US-based provider of water flow and measurement solutions.
Roger Buckley, corporate finance partner at BDO, said: “At BDO, we speak to many buyers and investors with cash and appetite and, compared to the beginning of 2023, we are now seeing closer convergence of buyer and vendor price expectations.“Despite a stagnation at the upper end of the market, significant opportunities remain, particularly in the lower and mid-markets which have continued to transact at volume.
“There’s no doubt that world events will continue to cast a shadow and more economic and/or political shocks could well materialise. Plus, we have the UK and US elections and potential changes to capital gains tax to factor in in the months ahead.”
Standout deals in the region in 2023 included the acquisition of Hydraulic Authority I Limited by international, multi-brand franchisor, Franchise Brands plc; the sale of TLO Risk Services to Specialist Risk Group; and the investment by Perwyn in iamsold, a market leading proptech business.
Ben Dawson, M&A director at BDO, said: “With greater stability in the debt markets and the cost of capital on the way down, we foresee a rise in deal activity through 2024.
“There is no shortage of liquidity in the corporate and PE universe and there are plenty of owners and management teams looking for a liquidity event, with the gap in valuation expectations gradually closing.
“At BDO, we’re certainly enthused by the number of businesses that we’re speaking to that want to raise money or exit in the next 12 months, with the volume and quality of conversations much higher than it has been during the second half of 2023.”
Virtual reality teaching facility opens at the University of Nottingham
New plan created to boost Nottingham’s economy
- A shared vision for improving the economy of Nottingham
- A plan to help the city grow in a fair and sustainable way that benefits all citizens of Nottingham
- A framework of activity to help focus ambition and investment in the city
- A plan for all partners in the city to work towards to create sustainable economic growth
Diversity In2 Engineering returns to Derby this week
Bosses urged to future proof their businesses by giving staff the right training
- Chesterfield Borough Council, Skills Brokerage Service
- Chesterfield College
- Derbyshire BAME Forum
- Direct Education Business Partnership
- University of Derby
- D2N2 Careers Hub/ D2N2 LEP
- Derbyshire County Council/ National Careers Service
- North East Derbyshire District Council
- Department for Work and Pensions
- Auto Windscreens, owned by Markerstudy Group
- East Midlands Railway