7th Jun 2021 13:38
(Alliance News) - Trainline PLC will outcompete the new public body set up by the UK government to run the railways, including selling tickets, Chief Executive Officer Jody Ford said in a newspaper interview.
Ford told the Financial Times he "massively backs" Trainline, an the online ticketing platform, to compete with the new Great British Railways. "I feel really well placed to be able to compete with whatever comes," he said.
https://www.ft.com/content/48c77aff-9f73-4ac9-bf47-55d7f90ee0d8
Trainline shares dropped more than 20% in a single day last month when the creation of GBR was announced by UK Transport Secretary Grant Shapps. GBR will own and manage rail infrastructure, issue contracts to private firms to run trains, set most fares and timetables, and - most significantly for Trainline - sell tickets.
However, Trainline responded by saying the plan is in line with its expectations and it is supportive of it. "The company believes the proposals will provide Trainline with new opportunities to innovate for the benefit of customers and further grow its business," the company said at the time.
Following the share price drop, Ford and two Trainline colleagues stepped in to buy GBP250,000 in shares.
Ford is a former eBay Inc executive who was promoted to CEO of Trainline from chief operating officer back in October of last year.
Trainline shares were down 2.0% at 265.60 pence on Monday afternoon. The stock is down 43% so far in 2021.
By Tom Waite; [email protected]
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