Trainline announced a 222% jump in net ticket sales and 181% growth in revenue due to the ease of Covid-19 restrictions supporting the company which led the ticketing platform’s shares to rise 10% to 309p on Thursday.
Trainline noted a 222% increase in group net ticket sales to £2.5bn in line with the group’s guided range set out in its half-year trading update, despite the impact of Omicron in the fourth quarter.
As net ticket sales recovered over the year, the group’s revenue also recovered to £189m, which was 181% higher than 2021.
The UK Consumer segment contributed 248% to £153m, Trainline Partner Solutions generated £15m and International sales brought in £21m.
Trainline’s gross profit rose by 214% to £153m, noting a 279% increase to £129m in the UK Consumer segment followed by Trainline Partner Solutions contributing £11m and the International segment generating £13m.
Adjusted EBITDA was £39m compared to a loss of £25m in 2021 which lead to a basic loss per share of 2.5p versus 19.1p for Trainline.
The group’s operating free cash flow amounted to £166m as adjusted EBITDA and working capital inflows improved with the recovery in net ticket sales.
Trainline noted a decrease in net debt from £241m to £90 as a result of the recovery in trading leading to a positive operating free cash flow.
The group reported a 39% increase in customers that transact 2+ times a month compared to pre-Covid times and sold over 1m railcards in the UK during FY22.
Trainline launched flexi tickets and piloted digital season tickets which converted 27% more time-checkers to customers in comparison to pre-COVID times.
Since Trenitalia’s launch, tickets sold doubled as high-speed routes liberalise such as Paris-Lyon and the group scaled marketing investments in its International segment which delivered record new app customer acquisitions.
Trainline FY 2023 Guidance
Trainline predicts robust growth in FY2023, with net ticket sales in the range of £3.8-£4.2bn, with the bottom of the range exceeding FY2020, which was the year before COVID.
Revenue in the range of £280-310m, higher than FY2020, and adjusted EBITDA in the range of £70-75m are projected, with increased investment in its international segments, is expected by the group.
Jody Ford, CEO of Trainline said, “Our strong performance and positive outlook for next year reflects our relentless focus on supporting the rail industry’s recovery, making greener rail travel easier and better value for customers.”
“In the UK, we are constantly innovating our app experience for commuters, including personalised journeys and easy rebooking, while also scaling digital railcards.”
“In Europe we are investing to become the rail app of choice. Customers are increasingly looking to Trainline to find value as choice spreads across markets with the entry of new rail operators.”
