Trainline shares chugged to the top of the FTSE 250 this morning as the booking app hailed its success in mainland Europe.
The business saw ticked sales top £5 billion, while revenue came just short of £397 million.
Much of that growth came in Spain and Italy, markets where it said carrier competition is “widespead”, with multiple firms able to run trains for the same routes. That allowed the firm to become the “aggregator of choice” in those countries, with customers comparing prices from different operators using the app.
The firm said it is the top rail app in Europe. Madrid-Barcelona is its third-most-popular route, which AJ Bell investment director Russ Mould said “feels telling”.
In the UK, sales were up by 23%, after strikes in 2022 had hit the business.
Underlying profits are expected to come to around £120 million.
Jody Ford, CEO of Trainline said: "Trainline is a home-grown British tech success that has scaled beyond domestic borders to become Europe's most downloaded rail app. We outperformed expectations this year, growing strongly in the UK and across the continent, with International Consumer net ticket sales of more than £1 billion.
“Our growth was fastest in Spanish domestic travel, which doubled year on year as we position ourselves as the aggregator of choice. Trainline's market share continues to rise on key routes like Madrid - Barcelona, which is now our third most popular route across all countries, including the UK. This reflects liberalisation and emerging carrier competition that is set to transform European rail, driving down prices for customers while increasing choice and value."
Shares were up 12.4% to 367.8p. They’re up almost 60% since late October.
