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(Alliance News) - Trainline PLC on Thursday reported a plunge in sales and a wider loss in the 2021 financial year, after non-essential UK train travel was effectively banned during the pandemic.
The company made a pretax loss in the year ended February 28 of GBP106.8 million, widened from GBP80.2 million. Revenue fell 74% to GBP67.1 million from GBP260.8 million, as guided for in the trading update on March 11.
Shares were down 4.0% to 432.40 pence on Thursday in London.
But the ticketing app provider said the first quarter of the new financial year has seen the "first signs of recovery" as net ticket sales have risen with the lifting of lockdown restrictions in the UK.
The London-based company is optimistic for demand, based on the strong pick-up last summer when restrictions were eased, and it is ramping up marketing spend to capture more ticket sales. Trainline also benefits from passenger reluctance to queue up at stations or use ticket machines, it said.
"We are well positioned to support the wider industry recovery and continue driving the market shift to online and mobile tickets. We are keeping our foot on the accelerator, improving the customer experience and launching new products across our markets," Chief Executive Jody Ford said.
By Ivan Edwards; ivanedwards@alliancenews.com
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