Trainline to take on Labour as shares plunge
Trainline shares fell nearly eight per cent in early deals on Wednesday despite ticket sales reaching almost £6bn across its platform.
The London-listed ticketing app’s stock price has fallen by more than a third this year due to concerns over government plans to launch a rival state-owned service.
Trainline said it was taking an “increasingly assertive stance” with Labour over competition and fairness in the retail market.
It added it expected “level playing field safeguards” for retailers, as typically seen in other markets and “supported by the CMA.”
The results of a public consultation on the proposals are due to be published by early autumn.
Shares were trading down nearly six per cent by mid-morning on Wednesday, overshadowing an otherwise positive set of results.
On an adjusted basis, earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 30 per cent to £159m last year.
Revenue also increased by 11 per cent to £442m.
Trainline’s European business has becoming an increasingly integral part of its growth plans, with 12bn (£10.2bn) in sales projected by 2030.
“Our sustained investment in tech innovation over the last three decades is delivering for customers, driving industry growth and is reflected in our performance with net ticket sales up 12% year-on-year to £6bn,” chief executive Jody Ford said in a statement.
“Spain offers a powerful blueprint for Europe, where net ticket sales have nearly tripled in two years.”
“In the UK we remain the number one travel app and continue to innovate, including leveraging AI, to shift more people towards greener, digital-first rail travel, which now represents over 50% of industry ticket sales.”