StockMarketWire.com - A nosedive in ticket sales has sent Trainline Plc into a loss in its final results for 2020, as lockdown measures put in place to combat the Covid-19 pandemic take their toll.

In its 12-month results statement to 28 February 2021, the group recorded an operating profit loss of £100 million, having been £2million in profit the year before.

Trainline also reported a 74% fall in revenue to £67 million and a 79% drop in net ticket sales to £783 million for the period.

During the 12-month period, the company scaled back its monthly cash burn to circa £5 million to mitigate the impact and increased available liquidity to £260 million following £150 million convertible bond issuance.

According to the results statement, there are already positive signs of recovery as UK consumer net tickets sales have stepped up in the first quarter of FY2022.

Jody Ford, CEO of Trainline said: 'Last year was clearly very challenging for the industry. However, as we enter FY2022 we are seeing the first signs of recovery, with net ticket sales increasing as lockdowns ease and as non-essential travel returns, particularly in the UK.

"We are keeping our foot on the accelerator, improving the customer experience and launching new products across our markets. Our focus includes developing innovative, bespoke features to serve the needs of the new commuter in the UK, and harnessing growing competition amongst rail operators in Europe by combining all carriers into one app to position Trainline as the marketplace of choice.'


At 8:50am: [LON:TRN] Trainline PLC share price was 0p at 418.8p



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