Journeo has released a strong interim trading update for the period ending 30 June 2023 and is ahead of our expectations. H1/23E revenues increased 145% to £21.8m compared to H1/22A and PBT similarly increased substantially to £1.7m. We have upgraded FY23E revenues by 24% to £41m and PAT by 7% to £3m and released FY24E forecasts, which show a 10% YoY increase in PAT to £3.3m. Journeo's valuation looks attractive given it trades on a FY24E P/E of just 8.6x compared to peers on 13.1x.
