Trainline PLC (LON:TRN) screeched to a £44.7mln pre-tax loss for the six months to end-August as the coronavirus hit rail and coach ticket sales, but this was actually an improvement on the previous year.
Loss after tax of £39mln compared to an £89mln loss in the first half of last year, when the online ticket seller incurred significant costs in relation to its June flotation.
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Excluding depreciation and amortisation, underlying losses (EBITDA) came in at £16mln for the half, within the guided range of a £14-19 million loss as set out in September.
Ticket sales of £358mln were down substantially, to just 19% of the prior year, with UK consumer sales down 78%, sales for UK business customers down 96% and international sales down 55%.
The group said it “remains confident it can navigate an extended downturn if necessary”, as it had £162mln of liquidity headroom as at the end of August and “proven ability to take mitigating actions to scale back monthly cash outflows, while remaining resolutely focused on helping our customers and positioning the business for recovery”.