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Trainline sees small impact from French transport strikes

December's rail strikes have shut down national and international services, including the Eurostar

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Trainline PLC (LON:TRN) said it anticipates “some impact” from French strike action but is still on track to grow revenues by “low to mid-20%” in its current trading year.

Now a member of FTSE 250, the online booking company said reported total group revenues up 26% at £198mln in the nine months to the end of November, which was slightly slower than the 29% seen in the first half.

Net ticket sales in its UK consumer division rose 24% year-on-year to £1.5bn, said Trainline, which reflected more customers choosing to use etickets for their journeys.

International ticket sales increased by 49% thanks to continued new customer acquisition, but this was “partly offset by the impact of strike action in France in the most recent quarter”, and its take rate declined by 20 basis points.

Strikes gripped the French transport sector in December, with staff continuing to walk out over pension reforms, bringing many national and international services to a halt.

The tickets vendor, which floated in London in May, reiterated its previous full-year guidance, expecting net ticket sales growth “in the high-teens” and revenue growth “in the low to mid-20% range”.

Michael Hewson at CMC Markets chimed in, calling Trainline “one of those rare IPO stories this year that has been a success”.

Meanwhile, broker Peel Hunt looked less certain, noting that in the third quarter UK consumer growth was around 21%, “which was down from the previous periods as expected due to timing of new revenue streams in the previous year”.

The analysts also pointed out that revenue growth was higher than net ticket sales because of “higher than expected take rate in UK consumer”.

Shares were unchanged at 510p in mid-morning trading on Tuesday.

Quick facts: Trainline

Price: 454.2 GBX

LSE:TRN
Market: LSE
Market Cap: £2.18 billion
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