Trainline returns to profitability in first half

Online ticket seller Trainline said on Wednesday that it returned to profitability in the first half as passengers returned to rail and shifted to digital ticketing.

For the six months to the end of August, the company posted earnings before interest, tax, depreciation and amortisation of £15m versus a £16m loss in the same period a year ago. This was ahead of analyst expectations for EBITDA of £12.7m.

Revenue rose 151% to £78m and net ticket sales were 179% higher at £1bn.

Trainline highlighted a particularly strong recovery in the second half, with group net ticket sales recovering to 71% of FY2020 levels, which is the highest since the pandemic started. The company said its top four domestic markets in International - France, Italy, Germany and Spain - all returned to growth.

The group reiterated its guidance for FY22 net ticket sales of between £2.4bn and £2.8bn and adjusted EBITDA of £35m to £40m.

Chief executive officer Jody Ford said: "Our consumer business returned to growth in August versus pre-Covid levels, with train travellers increasingly opting for digital tickets. Encouragingly our customers are now using Trainline even more frequently, drawn to new features such as our new two-click commuter experience and digital railcards.

"Beyond the UK, we see significant growth opportunity in Europe. With new entrant train companies driving more journey options and lower prices in our key markets, customers are increasingly turning to Trainline to help them easily find the best fares and support them as they travel. This was particularly evident in Italy in H1, where our Q2 net ticket sales doubled compared to pre-Covid times."