Trainline PLC (LSE:TRN) launched a £50 million share buyback as it reported strong trading in the first half of the financial year.
The online ticketing platform said in the six months to 31 August 2023, ticket sales rose 23% to £2.65 billion from £2.16 billion the year before, while revenue jumped 19% to £197 million from £165 million.
UK Consumer net ticket sales were up 19% year-on-year to £1.7 billion as more people switched to digital ticketing, with industry eticket penetration at 46% in the first half compared to 43% in the previous six months.
UK Consumer revenue increased 16% to £102 million from the year before.
International Consumer net ticket sales increased 24% to £559 million from the year before with growth led by Spain and Italy.
Web sales growth slowed during the half but in contrast, growth in mobile app sales remained strong.
Trainline Solutions net ticket sales were £378 million, 38% higher than prior year, with a strong performance from IT Carrier Solutions and business travel in the UK continuing to recover from a lower base.
Trainline expects full-year net ticket sales growth of between 13% and 22%, revenue growth of 13% and 22% and adjusted EBITDA of between 2.15% and 2.25% of net ticket sales.
Announcing the buyback, the firm said any surplus capital may be returned to shareholders, including through the repurchase of Trainline's shares.