Trainline shares rose sharply on Monday as its £150 million buyback programme approaches completion, adding to a broader rally across travel and leisure stocks.
Shares in Trainline Plc jumped as much as 4.4% on Monday after the rail and coach ticketing platform disclosed further purchases under its £150 million share buyback programme, taking the initiative close to completion. The gain also came as travel and leisure stocks rallied broadly across London markets.
Trainline shares were trading at 230p by late morning, up 9.6p, or 4.4%, from Friday’s close of 220.4p. The stock touched an intraday high of 230.8p, within its 52-week range of 178p to 307.6p. Shares hit that low in March and remain more than a quarter below the 307.6p high reached in September 2025.
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A buyback nearing its limit
According to a regulatory filing released on Monday, Trainline bought 1,154,820 ordinary shares between 20 and 24 July at prices ranging from 215.25p to 225.20p. The shares will be cancelled, cutting the total number in issue to 352,018,200. Since the buyback began, Trainline has repurchased 63,384,099 shares for a total of £139,155,068, leaving the £150 million programme close to its target.
The buyback has been running since it was announced on 11 September 2025, with Trainline publishing weekly updates on its purchases. Monday’s filing was the latest in that series, and the clearest sign yet that the programme is nearing its limit. The stock’s advance also tracked a wider rally in travel and leisure shares, which rose 2.3% across the FTSE, according to Reuters, after a pause in US-Iran hostilities pushed oil prices lower. British Airways owner IAG rose 2.8% and Premier Inn owner Whitbread added 2%.
Trainline shares have been volatile over the past year, falling from close to 300p last September to the 178p low in March, as concerns grew over the rollout of contactless payments at UK rail stations, which let passengers tap a bank card instead of buying a ticket through the app. The stock has since recovered by more than a quarter. The company is also changing leadership, with incoming chief executive Ian Brown, formerly head of Flutter Entertainment’s UK and Ireland business, due to take over from Jody Ford on 28 September.
Analysts remain split on the stock. Morgan Stanley rates Trainline Overweight with a 290p price target, while JPMorgan holds an Underweight rating, reflecting differing views on how much of the recovery is already priced in.
With the buyback nearing its limit, attention will turn to whether Trainline sets out a follow-up capital return plan and how Brown frames strategy once he takes over in September. For now, Monday’s gains suggest markets are treating the shrinking share count, together with the wider travel-sector rally, as reasons for optimism after a difficult year for the stock.