Trainline PLC (LON:TRN) said ticket sales in its first quarter to end May reached the highest level since start of the Coronavirus pandemic.
"It's very encouraging to see people returning to train travel as lockdowns and restrictions gradually ease,” said chief executive Jody Ford. “By the end of May we were selling more tickets than we were in the same period two years ago.”
Net ticket sales for the group jumped 324% from the year-earlier quarter to £334mln.
UK consumer net ticket sales, outperformed the wider market, soaring 269% year-on-year to £237mln.
UK consumer sales improved week over week throughout the company’s first quarter, exiting in May at 70% of FY2020 levels, its highest level since before COVID-19. The volume of tickets sold in May reached 92% of FY2020 levels, outperforming the wider industry where ticket volume was only 44% of pre-COVID levels.
It was good news overseas as well, with international ticket sales surging 432% year-on-year to £63mln.
Ford reiterated his confidence in the ticket-buying platform’s long-term prospects after the government announced plans last month for its own railways ticket website and app.
READ: Trainline shares tumble as government's overhaul of the railways threatens revenues
“"Following the publication of Williams-Shapps white paper in May, I remain confident in Trainline's long term growth prospects in the UK and across our international markets,” said Ford. “Our highly rated mobile app delivers a simple, consistent and friction-free booking experience to a huge installed base, with over 37 million cumulative app downloads.”
The company’s net debt reduced to £205mln at the end of May, from £241 million at the end of February, helped by a £39mln working capital inflow in the first quarter as net ticket sales recovered.