TRAINLINE PLC TRADING STATEMENT
12th September 2024
Trainline performing ahead of expectations in
the first half of the year
Trainline plc ("Trainline", the "Company" or the "Group"), the
leading independent rail and coach travel platform selling tickets
to millions of customers worldwide, today provides an update on its
trading performance for the first six months of the financial year
ended 2025 (1st March 2024 to
31st
August 2024).
H1 FY2025
trading performance:
|
Six
months to end of August
|
|
H1
FY2025
|
H1
FY2024
|
% YoY
|
% YoY CCY
2
|
Net ticket sales (£m)
|
|
|
|
|
UK Consumer
|
1,969
|
1,712
|
+15%
|
+15%
|
International Consumer
|
583
|
558
|
+4%
|
+6%
|
Trainline Solutions
|
449
|
378
|
+19%
|
+19%
|
Total Group
|
3,001
|
2,649
|
+13%
|
+14%
|
|
|
|
|
|
Revenue1 (£m)
|
|
|
|
|
UK Consumer
|
106
|
91
|
+17%
|
+17%
|
International Consumer
|
33
|
28
|
+18%
|
+21%
|
Trainline Solutions
|
90
|
78
|
+14%
|
+15%
|
Total Group
|
229
|
197
|
+16%
|
+17%
|
1. A reassessment has been performed of the
internal transaction fee rate, payable by UK Consumer and
International Consumer businesses to Trainline Solutions in order
to access Platform One. This results in an upwards revision to the
transaction fee. To aid comparability, prior year figures also
reflect this revision to the transaction fee.
2.
Constant Currency ("CCY") YoY growth calculated
for International Consumer and Trainline Solutions using the prior
period average
€/£ exchange rate applied to
current year reported numbers.
Jody Ford,
CEO of Trainline said:
"As Europe's number
one rail app, our strong performance shows how our relentless focus
on innovation is helping more customers to choose digital
ticketing. Competition between rail carriers is growing across
Europe and as the aggregator of choice we deliver the value and
convenience customers want. This is most clearly demonstrated in
Spain, where we have tripled net ticket sales in the last two
years, with over one million customers transacting in the last 12
months alone."
H1 FY2025
trading performance summary:
Year-on-year (YoY) growth
comparatives are on a constant currency basis unless otherwise
stated.
Group net
ticket sales increased
to £3.0 billion, 14% higher YoY (up 13% on a reported basis),
tracking ahead of Trainline's FY2025 guidance range for growth of
between 8% to 12%.
Group
revenue was £229
million, growing 17% YoY (up 16% on a reported basis), above
Trainline's FY2025 guidance range for growth of between 7% to
11%.
UK
Consumer net
ticket sales were £2.0 billion, 15% higher YoY. This reflected more
people switching to digital tickets, with industry eticket
penetration growing to 51% of ticket sales in H1 FY2025, up from
46% in H1 FY2024. It also reflected a reduced impact from strike
action versus the prior year3. UK Consumer revenue grew
17% YoY to £106 million, slightly faster than net ticket sales as
the Company increased its focus on non-commission revenue
generation. This more than offset the impact of faster growth in
commuter and on-the-day travel, which generate relatively lower
rates of revenue than longer-distance travel.
International Consumer net ticket sales were £583 million, 6% higher YoY. Spain and
Italy grew fastest - markets where carrier competition is most
widespread - with combined net ticket sales up 23% YoY as Trainline
continued to position itself as the aggregator of choice. Combined
net ticket sales across France and Germany were down -3% YoY, as
expected reflecting Trainline's decision last year to pause brand
marketing in France until the arrival of more widespread carrier
competition, as well as some disruption to the broader travel
sector arising from the summer Olympics. Sales through Trainline's
mobile App continued to grow strongly and in H1 FY2025 represented
67% of transactions in International Consumer, up from 62% in
FY2024. However, industry-wide changes to the presentation of
Google's search engine results - as first discussed in Trainline's
Half Year results last year - continued to subdue Web sales in
International Consumer, with the impact most pronounced in foreign
travel. International Consumer revenue was £33 million, growing 21% YoY. Revenue growth outpaced net ticket sales
primarily as the Company increased non-commission
revenues.
Trainline
Solutions net
ticket sales were £449 million, 19% higher than prior year. White label
carrier sales performed strongly given fewer strike
days3 and following improvements to core functionality
from Platform One. Trainline Solutions revenue increased by 15% YoY
to £90 million,
with the majority of its revenue generated by the internal
transaction fee paid by UK Consumer and International
Consumer1.
Improved
FY2025 guidance expectations
In May
2024, Trainline provided guidance for FY2025 as follows:
-
Net ticket sales YoY growth of
between +8% and +12%
-
Revenue YoY growth of between +7%
and +11%
-
Adjusted EBITDA of between 2.4%
and 2.5% of net ticket sales
Given the
strength of performance in the first half, for the full year
Trainline expects net ticket sales and revenue growth at the top
end of their respective guidance ranges. Adjusted EBITDA is now
expected to exceed the previously stated guidance range.
Update on
share buyback programme
In line
with Trainline's capital allocation framework, the Company
announced in May 2024 the launch of a share buyback programme of up
to £75 million. This commenced following the completion of the
previous £50 million buyback programme on 13th June
2024, and is to be conducted over the subsequent 12-month period.
As at the end of August 2024, the Company had bought back £24
million of its own shares under the new
programme.
Notice of
full-year results
The Company
will publish its Half Year results for the first half of the
financial year 2025 (the six-month period running from
1st
March 2024 to
31st August 2024) on Thursday 7th November
2024.
The Half
Year results will be published at 07.00am (UK time) through
the regulatory news service (RNS) and on the Company's
website, followed
by an analyst presentation at 8.30am (UK time) which will also be accessible through the
Company's website.
Footnotes:
3.
6 strike days in H1 FY2025 with an estimated gross
ticket sales impact per strike day for UK Consumer of c.£3-4
million; 11 strike days in H1 FY2024 with an estimated gross ticket
sales impact per strike day for UK Consumer of £5-6
million.
Enquiries
For investor enquiries, Andrew
Gillian
investors@trainline.com
For media enquiries, Hollie Conway
press@trainline.com
Brunswick Group
Simone Selzer
+44 207 404 5959 /
trainline@brunswickgroup.com
About Trainline:
Trainline (www.trainline.com) is the leading independent rail and
coach travel platform selling rail and coach tickets to millions of
travellers worldwide, enabling them to seamlessly search, book and
manage their journeys all in one place via its highly rated website
and mobile app. Trainline is a one-stop shop for rail and coach
travel bringing together millions of routes, fares and journey
times from rail and coach carriers across Europe.
Unaudited figures:
All figures in this document are unaudited.
This announcement includes
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties, many of which
are beyond the Group's control and all of which are based on the
Directors' current beliefs and expectations about future events.
Forward-looking statements are sometimes identified by the use of
forward-looking terminology such as "guidance", "believe",
"expects", "may", "will", "could", "should", "shall", "risk",
"intends", "estimates", "aims", "plans", "predicts", "continues",
"assumes", "positioned", "targets" or "anticipates" or the negative
thereof, other variations thereon or comparable terminology. These
forward-looking statements include all matters that are not
historical facts and include statements regarding the intentions,
beliefs or current expectations of the Directors or the Group
concerning, among other things, the results of operations,
financial condition, prospects, growth, strategies, and dividend
policy of the Group and the industry in which it operates. No
assurance can be given that such future results will be achieved;
actual events or results may differ materially as a result of risks
and uncertainties facing the Group. Such risks and uncertainties
could cause actual results to vary materially from the future
results indicated, expressed, or implied in such forward-looking
statements. Such forward-looking statements contained in this
announcement speak only as of the date of this
announcement.