12th Sep 2019 10:12
(Alliance News) - Travel ticket platform Trainline PLC on Thursday reported strong interim revenue growth, driven by a good performance in UK ticket sales, leading to a guidance upgrade.
Shares were 7.3% higher on Thursday morning in London at 480.50 pence each. In Trainline's June initial public offering, shares were offered at 350p, meaning a 37% rise since then.
For the six months to August 31, Trainline delivered revenue of GBP129 million, 29% higher than a year before, driven by 19% growth in net ticket sales to GBP1.84 billion.
Net ticket sales in the UK were up 15% to GBP1.59 billion, with consumer net ticket sales up 25%. Internationally, net ticket sales jumped 52% to GBP259 million.
Trainline set the strong performance in UK consumer was led by a rise in activity on mobile phones due to the increased availability of e-tickets.
Following this "strong start" to its year ending February 2020, Trainline has upgraded annual revenue growth guidance to the low-to-mid 20% range, driven once again by the UK consumer.
In its financial year ended February 2019, Trainline reported revenue of GBP209.5 million, up 18% on the year before.
Chief Executive Clare Gilmartin said: "We are pleased with the strong levels of growth we have delivered in the first half of the year. Our performance is underpinned by the long-term shift of customers from offline to online, the successful rollout of e-ticketing, and our continued focus on making rail and coach travel easier for customers worldwide.
"As most rail and coach tickets continue to be sold offline, and as customers and governments commit to championing more environmental modes of travel, we see significant growth opportunities for Trainline over the long term. We are delighted our IPO in June was received so positively and are focused on delivering the strategy we set out, as evidenced by our performance in the first half."
In a separate announcement, Trainline said it has promoted Deputy Chair & Senior Independent Non-Executive Director Brian McBride to be its new chair, effective from November 5. He will replace Douglas McCallum, who leaves on that date.
McBride is a former chief executive of Amazon's UK operations, and also chaired fashion firm ASOS PLC between 2012 and 2018.
CEO Gilmartin commented: "On behalf of the board and colleagues at Trainline, I would like to express our thanks to Doug for his outstanding leadership over the last six years. As chair, he has been a great partner in achieving considerable growth at Trainline, culminating in bringing the company through its successful IPO in June.
"We are delighted Brian has agreed to succeed Doug. He brings a wealth of experience having led global players in tech through periods of significant growth, and his expertise will be invaluable for our life as a public company."
Related Shares:
Trainline