Trainline PLC (LSE:TRN) has announced robust growth in ticket sales and revenue for its first half as rail travel in Europe continues to recover after the COVID-19 pandemic and reaffirmed its guidance for the full year.
For the six months to the end of August 2022, net ticket sales grew by 116% year-on-year to £2.16bn and were 17% higher than the same period in the pre-Covid 2020 financial year, driven by passenger volume recovery across its markets and eticket growth in the UK, the online provider of train tickets said in its earnings release.
As ticket sales recovered, first-half revenue jumped by 112% year-on-year to £165mln and by 28% compared with the first half of FY2020.
Underlying profit (adjusted EBITDA) climbed 30% year-on-year to £45mln and was £3mln higher than three years ago.
FTSE 250-listed Trainline reconfirmed its improved full-year guidance issued earlier in the year, with net ticket sales expected to grow by between 18% and 27% on pre-pandemic levels, revenue to increase between 22% and 31%, and adjusted EBITDA to rise between 1.9% and 2.1%.
The company said its International Consumer business saw a strong resurgence in net ticket sales to global inbound customers during the first half, with sales up 66% on pre-pandemic levels, including 89% growth in sales to US inbound customers.
Compared with three years ago, twice as many customers are transacting two times or more a month in the UK and France and four times in Italy.
In the results statement, Jody Ford, CEO of Trainline, commented: "We delivered strong growth in the first half of the year as we supported rail industry recovery.
"On high-speed routes throughout the Continent, where rail carriers are now competing on the same lines, we give customers the broadest range of options and help them find the cheapest journey. This is accelerating our growth, including on the Madrid to Barcelona route where tickets sold are now seven times higher than pre-COVID.
"Overall, the business continues to build momentum and we reaffirm guidance for the full year."