5th Nov 2019 08:41
(Alliance News) - Transport booking application firm Trainline PLC said Tuesday its interim loss deepened as listing costs hurt, but revenue rose as it continued to grow ticket sales.
For the six months ended August, pretax loss deepened to GBP87.5 million from GBP11.1 million the year prior. This was despite revenue rising 29% to GBP129.0 million from GBP99.8 million the year before.
Profit performance was hurt by a sharp rise in administrative costs of 48% to GBP106.9 million from GBP72.1 million, with exceptional items surging to GBP21.1 million from just GBP958,000 the year before. Exceptional costs were primarily due to costs associated with its June 350 pence per share initial public offer.
Shares in Trainline were 0.6% lower at 418.50 pence in London on Tuesday.
Revenue performance was helped by net ticket sales rising 19% to GBP1.84 billion from GBP1.54 billion.
"We are pleased to have achieved strong growth in the first half of our financial year and to have made good progress against our strategic priorities," Chief Executive Officer Clare Gilmartin said. "This includes enhancing our user experience and championing mobile, which in turn accelerated the ongoing shift of customers from offline to online."
Trainline does not pay an interim dividend.
"We continue to focus on making rail and coach travel easier for customers worldwide, thereby encouraging a much greener way to travel," Gilmartin added. "As most rail and coach tickets continue to be sold offline at the station, and as customers and governments commit to more environmentally friendly modes of travel, we see significant growth opportunities for Trainline over the long term."
By Ahren Lester; [email protected]
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