17th Sep 2020 10:31
(Alliance News) - Trainline PLC on Thursday said ticket sales were sharply lower over its first half due to government measures to curb the spread of Covid-19, though sales did improve as the second quarter progressed.
The train and coach ticketing platform recorded revenue of GBP31 million for the six months to August 31, just 24% of the prior year's level. By division, the core UK unit generated GBP25 million in revenue, down 78% year-on-year, while the International unit saw a 57% revenue slump to GBP6 million.
Trainline noted a tough first quarter, which saw net ticket sales at just 9% of the same period a year ago, but this stepped up to 30% in the second quarter and exited in August at 42%. Overall, net ticket sales for the first half amounted to GBP358 million, just 19% of the prior year's level.
Over the first half of the year, Trainline said it outperformed its expectations for operating cost savings.
Given this outperformance and the revenue generated over the period, the company expects to report an adjusted loss before interest, tax, depreciation and amortisation loss for the period of between GBP14 million to GBP19 million. In the first half of financial 2020, the company recorded adjusted Ebitda of GBP42 million.
The company is scheduled to release its results for the first half on November 5.
Shares in Trainline were up 0.9% at 388.40 pence each in London on Thursday morning.
By Tapan Panchal; [email protected]
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