Trainline shrugs off UK strikes with £4.3bn in ticket sales as continental success keeps it on right track
Trainline reported bumper ticket sales of £4.3bn for the last 12 months, up 72 per cent year on year and 16 per cent higher than pre-Covid.
The London-listed seller saw revenues of £327m, up 74 per cent from last year, citing surging ticket sales in the UK and on the continent especially as a key driver.
The results come alongside soaring international ticket sales, particularly in Europe. Spain has been a key success for the company and saw a four-fold increase in net ticket sales from last year.
Strong competition in Europe has also allowed the ticket seller to offset any losses incurred through the ongoing UK rail strike action over the last year, according to Hargreaves Lansdown research.
In mid-march, it was reported that rail strikes had left a £6m daily dent in Trainline’s profits.
It was announced last week that there would be a series of 24-hour strikes on Friday 12 May, Wednesday 31 May, and Saturday 3 June, disrupting the FA Cup Final and Eurovision Song Contest.
Jody Ford, chief executive of Trainline said it “is building great momentum, delivering a record operating performance this year, selling 200m train tickets across Europe, and expecting further strong growth in the year ahead.’
Ford added: “With the arrival of carrier competition in Europe, we are positioning ourselves as the aggregator of choice and this has helped international consumer become a €1 billion net ticket sales business.”
“Our footprint expansion is particularly evident in Spain, where our sales are now four times higher than before market liberalisation.”
Jocelyn Paulley, retail partner at law firm Gowling WLG, pointed to Trainline’s white-label technology, which helps customers booking experience, saying that it “puts the company on the right track and will help it to expand into other regions internationally.”
“Shareholders will be eager to see how the business performs over the next few months, especially as consumers are more conscious of their spending and going on less trips/days out. Technology and the service provided will be crucial for the company going forward.”
Operating profit was £28m, up £38m from a £10m operating loss last year.