Trainline PLC (LSE:TRN, FRA:2T9A) has launched a new £100 million share buyback after reporting broadly stable ticket sales in the first half and maintaining guidance for the year to February 2027.
Group net ticket sales for the six months to August 31 were £3.26 billion, broadly unchanged from £3.25 billion a year earlier, while underlying revenue fell 1% to £233 million.
UK Consumer ticket sales were flat at £2.14 billion, supported by resilient rail demand and lower refund volumes following an industry policy change in April.
Underlying UK Consumer revenue fell 5% to £102 million, reflecting lower refund fee income and the residual effect of previously announced commission reductions.
International Consumer ticket sales declined 4% at constant currency to £579 million, affected by weaker foreign travel demand, disruption across European rail networks and geopolitical tensions.
Underlying international revenue increased 1% at constant currency to £34 million.
Trainline Solutions ticket sales rose 3% at constant currency to £548 million, with international business-to-business distribution growing 45%, while underlying revenue increased 3% to £97 million.
Trainline maintained guidance for annual net ticket sales of £6.2 billion to £6.45 billion and underlying revenue of £440 million to £455 million. Adjusted EBITDA is expected to represent around 2.9% of net ticket sales.
Chief executive Jody Ford said: “We delivered a robust first half, with customers choosing and returning to Trainline for the value and features we offer.”
The new £100 million buyback will begin after completion of the current £150 million programme and is expected to run for 12 months.
Trainline has repurchased and cancelled £350 million of shares since September 2023, equivalent to around 28% of issued share capital.
The company also remains engaged with the Competition and Markets Authority over its investigation into the presentation of certain UK booking fees.
