3rd Nov 2021 09:43
(Alliance News) - Trainline PLC said Wednesday it has recovered strongly in the first half as the firm saw a return to passenger rail travel with Covid restrictions easing around Europe.
Shares in the rail and coach tickets app, which earns a commission on each ticket sold, were down 7.6% in London on Wednesday morning at 297.80 pence each.
In the six months to August 31, Trainline's pretax loss narrowed to GBP10.3 million from GBP44.7 million a year before.
Revenue more than doubled to GBP77.7 million from GBP31.0 million, as net ticket sales ballooned to GBP999.5 million from GBP358.1 million.
UK Consumer ticker sales improved to GBP716 million from GBP218 million, while Partner Solutions ticket sales rose to GBP101 million from GBP23 million. International tickets jumped 56% to GBP183 million from GBP117 million.
Trainline said ticket sales improved over the course of the first half as Covid restrictions eased, with sales in the second quarter at 71% of the same quarter in financial 2020 - with the company noting its sales in August were the highest level since the onset of Covid.
Chief Executive Jody Ford said: "Our consumer business returned to growth in August versus pre-Covid levels, with train travellers increasingly opting for digital tickets. Encouragingly our customers are now using Trainline even more frequently, drawn to new features such as our new 2-click commuter experience and digital railcards."
"Beyond the UK, we see significant growth opportunity in Europe. With new entrant train companies driving more journey options and lower prices in our key markets, customers are increasingly turning to Trainline to help them easily find the best fares and support them as they travel. This was particularly evident in Italy in the first half, where our second quarter net ticket sales doubled compared to pre-Covid times," Ford continued.
Looking ahead, Trainline is guiding for net sales between GBP2.4 billion and GBP2.8 billion. In financial 2020, which ended February 28, 2021, the firm's net ticket sales were GBP783 million, but stood at GBP3.73 billion in financial 2019.
By Paul McGowan; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Trainline