Full steam ahead at Trainline as more passengers go online

The rail tickets company doubled its adjusted underlying profits to £42mln in the six months ending 31 August

Train passenger on mobile
Net ticket sales raced 19% higher to £1.8bn, driven by greater eticket adoption in the UK

Trainline PLC (LON:TRN) picked up steam in the first half of the year as passengers continue to choose online tickets over paper, doubling profits for the tickets provider.

The rail services company posted half-year results on Tuesday, which showed net ticket sales in the period raced 19% higher to £1.84bn, driven by increased app vs web mix, greater e-ticket adoption in the UK and strong new customer acquisition across its international division.

Better sales, as well as the launch of a new multi-currency service, insurance and advertising helped to bump the FTSE 250-listed company’s revenues up by 29% to £129mln, and double its adjusted underlying profits to £42mln, compared to £21mln in the same period last year.

Its international division, which accounts for a tenth of profits, also doubled in size to £9mln.

The company, which floated in London in May, made an operating loss of £8mln in the period, and a loss after of tax of £89mln, which it said was primarily driven by a £21mln bill for “exceptional costs relating to the IPO”.

Trainline said it is still on track meet its forecasts for “low to mid 20% range” revenue growth for the full year, anticipating high-teens net ticket sales growth but also some slowdown in consumer revenues as it annualises new revenue streams in the second half of the year.

Clare Gilmartin, chief executive, said the company had made “good progress against strategic priorities”, including championing mobile tickets to accelerate the ongoing shift of customers from offline to online.

"As most rail and coach tickets continue to be sold offline at the station, and as customers and governments commit to more environmentally friendly modes of travel, we see significant growth opportunities for Trainline over the long term," said Gilmartin in a statement.

Quick facts: Trainline

Price: 479.5 GBX

Market: LSE
Market Cap: £2.3 billion

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