- Trainline reported its net ticket sales grew by 14% in the six months to August
- The percentage of UK rail tickets bought on the internet has increased to 51%
Trainline scored £3billion in first-half net ticket revenues thanks to a rising share of Britons booking rail journeys online.
The UK’s largest train ticketing app reported its net ticket sales grew by 14 per cent year-on-year at constant currency rates in the six months ending August.
About two-thirds of all sales happened in the UK, where the percentage of rail tickets bought on the internet increased by five percentage points to 51 per cent.
Use your phone: Trainline has achieved £3billion in first-half net ticket revenues amidst a rising share of Britons booking rail journeys online
Trainline also said its domestic business benefited from fewer strikes and the UK rail industry’s ‘continued normalisation’ since the loosening of Covid-related restrictions.
Meanwhile, ticket sales internationally rose by 6 per cent to £583million, partly due to strong performances in Spain and Italy, and by 19 per cent to £449million at its B2B arm.
Higher ticket demand, combined with a focus on gaining non-commission revenues, such as travel insurance, helped Trainline’s turnover expand by 17 per cent to £229million.
However, this was outpaced by a one-fifth jump in gross profits to £181million, which the firm credited to a decline in the fulfilment fee it pays to the UK rail sector.
The London-based company’s results come a week after it upgraded its annual outlook for the second time in under two months.
Trainline forecasts net ticket sales climbing by 12 to 14 per cent this year, having previously expected growth at the top end of an 8 to 12 per cent range.
In addition, the group believes its total revenue will jump by 11 to 13 per cent, and adjusted earnings will be around 2.6 per cent of net ticket sales.
‘We are proud that our tech-focused investment continues to deliver for customers and the industry across the UK and Europe,’ remarked Jody Ford, chief executive of Trainline.
Despite the bumper performance, the business announced it intends to axe some jobs under plans to achieve approximately £12million in savings.
Adam Vettese, market analyst at eToro, said: ‘Going forward, as more and more companies are asking employees to return to the office, Trainline will also benefit from commuter market recovery, which will only bolster its position further.
‘Shares are already up 30 per cent since September and investors will be eying a return to previous highs in the coming months.’
Trainline shares were 5.7 per cent higher at 419.2p on mid-Thursday afternoon, making them one of the FTSE 250 Index’s top risers.
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