Trainline, the FTSE 250 train ticketing platform, has reported flat ticket sales of £2.1bn for the six months ending in August. The company attributed this halt in sales growth to several factors, including the government's freeze on regulated rail fares and disruptions caused by Tube strikes.
The government's decision to freeze all standard rail fares across England is set to remain in effect until March. Trainline also noted that new government rules tightening refund procedures slowed refund transactions, contributing to a five per cent decrease in its underlying UK revenue, which fell to £102m.
International ticket sales for Trainline also saw a four per cent dip to £579m. The company linked this decline to one-off events such as a rail disaster in Spain in January, record heat, train strikes across Europe, and the Iran war, which collectively led to a "softness in foreign travel demand."
Chief executive Jody Ford is scheduled to leave the business later this month. The company has launched a new £100m share buyback scheme, following the completion of a previous £150m scheme.