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(Alliance News) - Trainline PLC said Thursday its annual ticket sales were pummelled in financial 2021.
"While the current trading environment remains challenging, vaccine roll-outs and government roadmaps to ease lockdowns are expected to create the conditions necessary for recovery," the company said.
It added: "Encouragingly, when lockdowns and restrictions were eased during the summer months of 2020, leisure and commuter passenger volumes recovered relatively quickly in Trainline's key European markets, while Trainline's UK consumer net ticket sales recovered faster than the market, reflecting an acceleration in the shift to online and digital channels."
Shares in the digital rail and coach ticketing platform were 1.9% higher in London on Thursday morning at 489.40 pence each.
In the twelve months to February 28, net sales plummeted 79% year on year to GBP783 million from GBP3.73 billion.
In the UK, ticket sales shrank by 83% to GBP548 million, and International ticket sales dropped 52% to GBP235 million.
As a result, total revenue fell 74% to GBP67 million from GBP261 million, with UK revenue down to GBP56 million from GBP235 million.
Chief Executive Jody Ford said: "The last twelve months have clearly been challenging for the industry. However, we are confident we will see more customers booking rail travel online and a continued market shift to digital when government lockdown restrictions ease, as we did last summer.
"Over the year we have kept our foot on the accelerator improving the customer experience, which means we are well positioned to capitalise on this shift to online and digital, and to support rail industry recovery when people start travelling again. In particular, we have leveraged our customer insights and data to understand the 'new commuter' and invested in app technology that will support the UK roll-out of new Flexi Tickets," Ford added.
On a more positive note, Trainline said its monthly cash burn was lower than guidance and its liquidity has significantly improved.
The company reduced its average monthly cash burn to about GBP5 million, outperforming its guided range of about GBP8 million to GBP9 million.
As a result of the savings in operating expenditure, Trainline expects to report adjusted earnings before interest, tax, depreciation and amortisation for the recent financial year of between GBP24 million and GBP27 million.
Trainline's liquidity position was significantly bolstered by the issuance of GBP150 million of convertible bonds in January 2021. The company's liquidity headroom at the end of February 2021 was about GBP260 million, it said.
"As I step into the CEO role, I am excited by Trainline's huge potential and its purpose," Ford said, adding: "We remain committed to championing rail as a greener mode of travel for millions of customers around Europe, and to driving the significant long-term growth opportunity for this business."
By Paul McGowan; paulmcgowan@alliancenews.com
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