2nd Jul 2019 09:07
(Alliance News) - Newly-listed travel ticket platform Trainline PLC on Tuesday reported strong ticket sales growth for the first quarter of its financial year.
Trainline in June carried out the second biggest London initial public offering so far in 2019, with a market capitalisation of GBP1.68 billion. It placed shares at 350 pence each, raising GBP110 million for the firm.
Shares were up 0.7% at 428p each on Tuesday morning, meaning they have risen 22% since the float.
Existing shareholders also sold 240 million shares for GBP951 million. The largest London IPO in 2019 was April's Network International Holdings PLC, which was valued at GBP2.20 billion at the time.
For the three months to May 31, group net ticket sales rose 20% year-on-year to GBP906 million, with UK sales rising 17% to GBP788 million and International by 51% to GBP117 million.
Chief Executive Claire Gilmartin said: "We are pleased with our first quarter performance, which demonstrates Trainline continues to consolidate its position as the leading independent rail and coach travel platform.
"The first quarter performance of the UK Consumer business further demonstrates the rollout of eTickets supported by a great app experience is shifting customers online and to mobile, with strong app performance also driving International growth," she continued.
"We are also pleased to have successfully completed the IPO of the business in June of this year. With the majority of rail and coach tickets currently still sold offline in the UK and globally, there is a huge opportunity ahead of us to continue to grow and innovate for the benefit of all our stakeholders."
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