UK's Trainline rises after upbeat FY revenue forecast on travel recovery
(Reuters) - Shares of Trainline Plc jumped 12% on Thursday after the British rail ticketing company's full-year revenue forecast largely beat market expectations on account of strong domestic and international travel demand.
Trainline said it sees annual revenue growth between 13% and 22%, while analysts expect growth of 14.4% for the year, according to company-compiled estimates.
The outlook comes after Britain faced its most serious period of industrial unrest in decades last year, with railway employees striking regularly since the summer as they sought better pay amid a cost-of-living crisis.
Meanwhile, London-listed Trainline, which works with more than 270 rail and coach companies across 45 countries, has been investing in markets like Spain and Italy in order to grow sales.
International net ticket sales more than doubled to 915 million pounds ($1.15 billion) for the year ended Feb. 28, Trainline said.
Revenue for the year grew 74% to 327 million pounds, and the company swung to an operating profit of 28 million pounds, helped by a jump in ticket sales.
It expects net ticket sales to grow between 13% and 22% for the current financial year.
Shares rose to 268.6 pence and the company was the biggest gainer on the FTSE 250 mid-cap index <.FTMC> on Thursday. As of last close, shares had lost nearly 13% of their value so far this year.
($1 = 0.7961 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Sonia Cheema)