Trainline on track to meet outlook despite stagnant ticket sales

Trainline PLC on Wednesday said sales and ticket growth stalled in the first half of the financial year in the face of "multiple headwinds".

The London-based rail and coach ticketing platform said net ticket sales edged up to £3.26 billion in the six months ended August 31 from £3.25 billion the year prior.

The firm said it maintained UK net ticket sales despite a regulated fare freeze and ongoing train operating company "self-preferencing", with UK revenue impacted by fare reform.

This refers to the TOCs favouring own ticket sales channels over third-party platforms such as Trainline.

Revenue nudged down to £233 million from £235 million, due to the impact of UK refund fees arising from a tightening of industry refund rules.

Adjusted earnings before interest, tax, depreciation and amortisation was £100 million, up 7.5% when compared with £93 million the year before, and above £96 million consensus cited by JPMorgan.

Operating profit was £64 million, down 5.9% from £68 million, and adjusted basic earnings per share were 13.8 pence, up 10% compared with 12.6p.

Shares in Trainline were down 1.0% at 210.80p each in London on Wednesday after earlier trading as low as 195.20p.

Trainline said its International Consumer business was profitable for the first time, and stated "continued confidence in future European aggregation opportunity".

Chief Executive Ian Brown said Trainline is a business with "real strengths and structural advantages" that are hard to replicate.

"Those strengths showed in the first half, despite multiple headwinds, and today we are reconfirming our full-year guidance," he added.

For the full year, Trainline expects to deliver net ticket sales of £6.20 billion to £6.45 billion, underlying revenue of £440 million to £455 million, and an adjusted Ebitda margin of around 2.9% of net ticket sales.

Its International Consumer business is now expected to achieve positive adjusted Ebitda, reaching break-even or better.

Trainline said it will continue to "engage actively" in the consultation process launched by the Office of Rail and Road into the UK rail ticket retail market, and maintains an "assertive" stance.

"The proposed framework in relation to funding of [Great British Railways] states GBR will need to act in a way which does not exclude competitors, distort the online retail market or abuse its position. However, Trainline believes that the proposed Code and frameworks require further clarity to deliver fully on this commitment," it said on Wednesday.

No dividend was declared while the company announced a new £100 million share buyback programme in September.

Copyright 2026 Alliance News Ltd. All Rights Reserved.