The Trainline PLC (LON: TRN) stock price surged 16% after releasing the financial results for the first six months of its 2024 fiscal year, which was the period from 1 March 2023 to 31 August 2023. The rail and coach travel ticketing company sold tickets worth £2,649 million in the six months, marking a 23% improvement from H1 fiscal 2023.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The leading independent rail and coach travel platform sells tickets to millions of customers worldwide. The company also generated revenues worth £197 million, representing a 19% increase from the £165 million recorded in a similar period last year. The UK remains Trianline’s largest market by a wide margin.
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Net ticket sales in the UK were £1.7 billion, marking a 19% YoY increase, reflecting that more people were switching to digital ticketing. The e-ticket industry penetration in the UK rose to 46% in H1 fiscal 2024, up from 43% in FY2023. The growth was especially evident among commuters or people booking tickets for the same travel day.
Trainline offers innovative features such as SplitSAve and Buy Again that many commuters can benefit from. The company’s growth can also be attributed to the recovery seen in the rail industry as passenger volumes get closer to the pre-COVID levels.
However, the industrial action in the UK slowed down the rail industry’s growth with 11 strike days in H1 fiscal 2024. Each strike day was worth £5-6 million in ticket sales; UK Consumer revenue increased by 16% YoY to £102 million.
International consumer net ticket sales were £559 million, up 24% higher annually, with Spain and Italy leading the growth. The company also announced a share repurchase program worth up to £50 million to be conducted over the next twelve months.
Jody Ford, CEO of Trainline, said: “Our performance in the first half of the year shows continued strong growth – with net ticket sales and revenues increasing across the UK and Europe. As a leading homegrown UK tech company, we make it easier for customers across the globe to find and book the best value domestic and cross-border rail tickets, encouraging them to make sustainable choices and reduce their carbon footprint.”
Trainline share price.
The Trainline share price surged 16.00% to trade at 287.8p, from Wednesday’s closing price of 248.1p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.