RISING UK TICKET SALES DRIVE TRAINLINE TO HIGHER REVENUES
Trainline has reported a 26% jump in revenues for the past nine months as the rail booking platform continued to see a rapid rise in UK ticket sales.
The company, which floated on the London Stock Exchange earlier this year, saw revenues jump to £198 million for the nine months to November 30, from £157 million a year earlier.
It said it is on track to hit its performance targets for the full year following "strong progress" so far in 2019.
Group ticket sales increased by 18% to £2.9 billion during the three quarters, driven by strength in its UK consumer business.
UK consumer ticket sales increased by 24% to £1.5 billion, which the firm said reflected "strong mobile demand" due to increased eticket availability and adoption by more users.
As a result, revenues for the UK consumer business jumped 31% to £133 million for the period.
Meanwhile, its UK business division saw sales grow 2% to £930 million after it was impacted by a slowdown in travel spend by large corporations in the most recent quarter.
Trainline's burgeoning international business saw sales jump 49% to £390 million for the period.
It said new customer acquisition continued to underpin growth, although this was partly offset by recent strike action in France.
The company said it expects net ticket sales growth to be in the high teens for the full-year, with "some impact from French strike action expected in the near term".
Clare Gilmartin, chief executive of Trainline, said: "We continued to deliver strong growth in the third quarter of the financial year while we focus on our mission to make rail and coach travel easier for customers worldwide, encouraging a much greener way to travel.
"We are on track to deliver our plans for the full year and will continue to invest both in the UK and internationally to deliver the significant growth opportunities for Trainline in the year ahead."
Shares in the company leapt higher after the Conservative Party won a majority in the General Election on Friday last week.
The company had come under threat from Labour Party proposals to create its own "one-stop shop" for rail passengers to purchase tickets as part of their nationalisation plans.
Published: by Radio NewsHub