Firm says it is back in the black in half year trading update
Online rail platform Trainline reports ‘particularly strong recovery’
Online rail and coach ticketing firm Trainline returned to the black in six months to August on the back of travel recovery from the pandemic.
The company reported a “particularly strong recovery” over the peak summer quarter with net ticket sales at 71% of the same period in 2020, the highest level since the start of the Covid-19 crisis.
UK business returned to 95% of the same period two years ago and returned to growth in August.
The top four domestic markets in France, Italy, Germany, Spain returned to growth, up 5% overall versus same period two years ago.
Adjusted earnings [ebitda] for the half year came in at £15 million against a loss of £16 million in the same period a year earlier as net ticket sales rose 179% to £1 billion and revenue increased by 151% to £78 million.
Net debt was reduced to £169 million, down from £241 million six months ago, given recovery in trading, the company said.
The company expects full year net ticket sales in range of £2.4 billion-£2.8 billion and adjusted ebitda of between £35 million-£40 million, factoring in a planned increase in investment for international business.
Chief executive Jody Ford said: “Our consumer business returned to growth in August versus pre-Covid levels, with train travellers increasingly opting for digital tickets.
“Encouragingly our customers are now using Trainline even more frequently, drawn to new features such as our new two-click commuter experience and digital railcards.
“Beyond the UK, we see significant growth opportunity in Europe.
“With new entrant train companies driving more journey options and lower prices in our key markets, customers are increasingly turning to Trainline to help them easily find the best fares and support them as they travel.
“This was particularly evident in Italy in H1, where our Q2 net ticket sales doubled compared to pre-Covid times.”