Trainline shares soared over ten per cent this morning as ticket sales boomed due to an ease in the impact of UK rail strikes and strong European demand.
Group net ticket sales rose to £5.3bn, 22 per cent higher year-on-year and at the top end of Trainline’s already bumped-up guidance.
Revenue increased 21 per cent to £397m, above a prior forecast of between 15 and 20 per cent.
In the UK, net ticket sales reached £3.5bn, which Trainline said reflected “continued rail market recovery, as well as the industry experiencing fewer and “less severe” strikes. The financial hit from industrial action per strike day was around £4m, against a 2023 figure of between £5-6m.
International ticket sales came in at £1bn, 14 per cent higher year-on-year and driven by demand in Trainline’s key markets, Spain and Italy. France and Germany also saw marginal sales growth of three per cent.
Looking ahead, the FTSE 250 ticket seller is forecasting adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of around 2.3 per cent of net ticket sales, above prior guidance.
Jody Ford, chief executive of Trainline said: “We outperformed expectations this year, growing strongly in the UK and across the continent, with International Consumer net ticket sales of more than £1bn.
“Our growth was fastest in Spanish domestic travel, which doubled year on year as we position ourselves as the aggregator of choice. Trainline’s market share continues to rise on key routes like Madrid – Barcelona, which is now our third most popular route across all countries, including the UK.
“This reflects liberalisation and emerging carrier competition that is set to transform European rail, driving down prices for customers while increasing choice and value.”
The company will report its full-year results on May 3 2024. Shares are up nearly 50 per cent in the last 12 months.