Trainline launches £100m buyback as sales come in flat
By Frank Prenesti
Date: Friday 11 Sep 2026
(Sharecast News) - Online ticket platform Trainline held guidance and launched a new £100m share buyback after delivering flat sales and revenue for the half year.
Group net ticket sales came in at £3.3bn for the six months to August 31 and group underlying revenue was £233m, 1% lower year-on-year.
UK consumer net ticket sales were flat at £2.1bn, supported by strong rail demand and fewer refunds after April's policy change, though fare freezes, hot weather disruption and TfL strikes weighed on performance. Train operators preferencing their own websites were also a drag on performance, the company added in a trading statement on Friday.
Underlying revenue in the UK fell 5% to £102m as lower refund volumes reduced fee income and commission cuts lingered, partly offset by strong growth in ancillary lines such as insurance and advertising.
Trainline's digital railcard base grew 26% to more than three million, with rising use of travel and disruption tools. The company expects imminent ORR consultation on the GBR draft Retail Code of Practice.
International Consumer net ticket sales dropped 4% to £579m amid Spain's rail accidents, geopolitical tensions, strikes and heat-related disruption, alongside reduced marketing spend across key European markets.
International Consumer underlying revenue rose 1% to £34m, driven by strong ancillary growth, while France's South-East network delivered double-digit gains.
Trainline reconfirmed its FY2027 guidance for Group net ticket sales of between £6.2bn to £6.45bn, group underlying revenue of between £440m to £455m a0nd adjusted EBITDA as a percentage of net ticket sales at 2.9%, with International Consumer expected to breakeven this year.
Reporting by Frank Prenesti for Sharecast.com
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