Trainline PLC (LSE:TRN) shares chugged 11% higher on Thursday morning after the digital ticket platform reported better-than-expected results for the first half.
Total revenue of £229 million in the six months to 31 August was up 17% year-on-year, beating forecasts of 16% growth as net ticket sales rose 14% to £3 billion.
This was slower than the rate of growth seen in the same period last year, when revenue increased by 19% and net ticket sales increased 23%.
This year, Trainline has enjoyed strong growth in Spain and Italy, where combined net ticket sales increased by 23% year-on-year, attributed to the company’s successful positioning in these markets, where digital ticketing adoption is widespread.
Net ticket sales in the UK, where Trainline contended with pre-election strikes and an expansion of Transport for London’s contactless travel zone expansion, rose 15% to £2 billion.
Chief executive Jody Ford said: "As Europe's number one rail app, our strong performance shows how our relentless focus on innovation is helping customers choose digital ticketing.
“Competition between rail carriers is growing across Europe and as the aggregator of choice, we are providing the value and convenience customers want.”