Trainline reports flat sales amid fare freezes and strikes

Trainline reported flat ticket sales of £2.1 billion for the six months ending in August, citing several external factors that stalled growth. The company attributed the stagnation to the UK government’s freeze on regulated rail fares, disruptions caused by hot weather, and Transport for London (TfL) tube strikes.

Revenue was further impacted by changes to industry refund rules implemented in April. While these rules prevented some disruptions, they also reduced the number of refund transactions, which lowered Trainline’s underlying UK revenue by 5% to £102 million due to a loss in associated refund fees. Additionally, international ticket sales fell 4% to £579 million, a decline the company linked to a rail disaster in Spain, heatwaves in Europe, and conflict in Iran.

Amidst these results, Trainline is facing an investigation by the UK competition watchdog regarding ‘drip pricing’ concerns, specifically whether full prices are shown to customers upfront. On the leadership front, CEO Jody Ford announced he will step down later this month, handing over to Ian Brown. Following the financial results, the group launched a £100 million share buyback.