Trainline ticket sales rebound 269 per cent after May’s £100m loss
Trainline has posted a staggering 269 per cent UK ticket sales increase in its first quarter, which raked in £237m to partially offset May’s £100m operating loss.
In the highest level since the start of the pandemic, the train and coach travel platform brought home £334m in total sales in the 14 weeks to 31 May, a 324 per cent surge year on year.
Shares jumped 4.65 per cent in its afternoon trading, taking its share price to 283.8p per share.
CEO of Trainline, Jody Ford said: “It’s very encouraging to see people returning to train travel as lockdowns and restrictions gradually ease. By the end of May, we were selling more tickets than we were in the same period two years ago.
“Having maintained our investment in product and tech throughout the pandemic, we are uniquely placed to support the industry recovery.”
As pandemic restrictions were blanketed over the UK, domestic travel plummeted with people having to limit their social contact. UK passenger volumes fell to around five per cent of the equivalent prior year period when Covid-19 first began.
The app’s total ticket sales in the UK for its first quarter in the last financial year was just £67m.
Sales in the UK significantly buoyed the results as they outperformed the wider market, the group said in a statement this morning.
The group’s net debt was slashed by £36m from February to the end of May after ticket sales began to lift and it reaped the rewards of a £39m working capital inflow.