Trainline ticket sales steam ahead in first update after stock market float
Rail app business Trainline reported a 20% jump in sales for the past three months in its first trading update since floating on the stock market last month.
The firm, backed by private equity giant KKR, saw shares immediately rise after it floated on the London Stock Exchange in June, valuing it at almost £2 billion following its first day of trading.
Trainline said its sales for the three months to May 31 were boosted by strong performances in the UK and international markets.
Ticket sales rose by 20% to £906 million, compared with £754 million over the same period a year earlier.
Total UK sales rose by 17% to £788 million, while international sales increased by 51% to £117 million.
The firm, which reported a £10.5 million operating profit last year, held firm on the full-year guidance from its IPO prospectus.
The IPO came four years after KKR purchased Trainline for £500 million from fellow private equity firm Exponent.
The transport-booking company reported revenue of £210 million, and net ticket sales rose 19% to £3.2 billion in the last full year.
Trainline employs more than 600 people across its offices in London, Paris and Edinburgh.
Clare Gilmartin, chief executive officer of Trainline, said: “We are pleased with our first-quarter performance, which demonstrates that Trainline continues to consolidate its position as the leading independent rail and coach travel platform.
“The first-quarter performance of the UK consumer business further demonstrates that the roll-out of eTickets supported by a great app experience is shifting customers online and to mobile, with strong app performance also driving international growth.
“With the majority of rail and coach tickets currently still sold offline in the UK and globally, there is a huge opportunity ahead of us to continue to grow and innovate for the benefit of all our stakeholders.”
Shares were down by 0.3% to 424p in early trading on Tuesday morning.