Journeo has released a strong set of interim results in-line with the prior trading update and our recently upwardly revised expectations. Revenue increased 146% YoY to £21.8m and PBT similarly increased substantially to £1.7m driven by organic growth in all divisions and the new contribution from the Infotec acquisition. We leave forecasts unchanged following the two recent upgrades. Journeo looks compelling on an FY24E Adj P/E of 10.1x vs peers on 13.2x, and we reiterate our 1-year price targe ....
