Business Irish

Monday 16 September 2019

Gilmartin's Trainline picks up steam as sales jump following IPO

Growth: Trainline CEO Clare Gilmartin said she was pleased with the trading update
Growth: Trainline CEO Clare Gilmartin said she was pleased with the trading update

Henry Saker-Clark

Rail and bus ticket app business Trainline reported a 20pc jump in sales for the past three months in its first update since floating on the stock market last month.

The firm, headed by Irishwoman Clare Gilmartin, and backed by private equity giant KKR, saw its shares rise after it floated on the London Stock Exchange in June, valuing it at almost £2bn (€2.2bn) following its first day of trading.

Please log in or register with Independent.ie for free access to this article.

Log In

Trainline said its sales for the three months to May 31 were boosted by strong performances in the UK and international markets.

Ticket sales rose by 20pc to £906m, compared with £754m over the same period a year earlier. Total UK sales rose by 17pc to £788m, while international sales increased by 51pc to £117m.

The company, which reported a £10.5m operating profit last year, held firm on the full-year guidance from its initial public offering prospectus.

The IPO came four years after KKR purchased Trainline for £500m from fellow private equity firm Exponent. The transport-booking company reported revenue of £210m, and net ticket sales rose 19pc to £3.2bn in the last full year.

On track: A high-speed train arriving at Heuston Station in Dublin
On track: A high-speed train arriving at Heuston Station in Dublin

CEO Ms Gilmartin said: "We are pleased with our first-quarter performance, which demonstrates that Trainline continues to consolidate its position as the leading independent rail and coach travel platform.

"The first-quarter performance of the UK consumer business further demonstrates that the roll-out of e-tickets supported by a great app experience is shifting customers online and to mobile, with strong app performance driving international growth."

Shares in the company fell slightly yesterday.

Irish Independent

Also in Business