StockMarketWire.com - Online rail and coach ticketing platform Trainline has announced its chief executive will take a 50% salary reduction for the 'foreseeable future' and that it plans to furlough 'certain teams' as part of measures to reduce operating costs and cash outflows.

The company said it had taken 'mitigating actions' given the significant fall in industry passenger numbers over the past month as a result of the Covid-19 lockdown, including the introduction of a recruitment freeze and deferred bonus payments.

Trainline confirmed that the board of directors and management team will take a voluntary 20% reduction in their board fees and salaries respectively for the foreseeable future, while the executive directors and management team will defer their annual bonus for full-year 2020.

It said that as a result of these actions, its cash outflow from operating costs and capital expenditure has reduced to £8m to £9m per month.

Chief executive Clare Gilmartin said: 'Trainline is a resilient business and we believe that our prudent action now strengthens us for the long term, positioning us well to return to growth once travel restrictions lift.'

At 9:17am: [LON:TRN] Trainline PLC share price was +22.3p at 352.3p



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