Net ticket sales at Trainline increased by 22% year-on-year to £5.3bn, reaching the top end of the previous guidance range.

The train ticket operator also saw its revenue jump by 21% in the year to 29 February 2024, reaching £397m, which is above the previous guidance range.

Furthermore, Trainline’s operating profit also increased by 101% year-on-year, from £28m in the 2023 financial year to £56m in the 12 months to February 2024.

The firm, which operates the most downloaded rail app in Europe, said that it is helping shift the UK rail market to digital tickets, with e-ticket sales increasing from 43% in the 2023 financial year to 47%.

Trainline saw its international consumer net ticket sales surpass £1bn in its latest full financial year, stating that it was driven by European markets, with combined growth across Spain and Italy increasing by 43%.

Chief executive officer at Trainline, Jody Ford, said: "New entrant carrier competition is revolutionising rail in Europe as more customers benefit from greater choice, lower prices and the opportunity to choose greener travel. We are becoming the aggregator of choice in the UK and internationally and are delivering strong growth, particularly in those markets liberalising fastest such as Spain.

"With four carrier brands competing across its high-speed rail network, we have doubled domestic ticket sales in Spain for the second year running and significantly grown our market share on the top routes. With new entrant carrier competition set to ramp up in Italy, France and the UK in the coming years, the opportunity grows to create a golden age of rail travel."

Looking forward to the end of the 2025 financial year, Trainline expects net ticket sales to grow between 8-12% year-on-year, with revenue expected to jump by between 7-11% in the same period.

The firm has also announced a new £75m share buyback programme, which will commence upon completion of the current £50m programme, of which £38m worth of shares have been repurchased as of the end of April.

Investment director at AJ Bell, Russ Mould, added: "Trainline has been buffeted of late by news any incoming Labour government would bring the rail network into public ownership. Given Labour’s position in the polls, the chances of them forming the next government are clearly high.

"However, alongside its annual results Trainline said it had received confirmation this policy would not be accompanied by a revival of the current government’s previous plan, since canned, to have a national ticketing site which could have presented a huge competitive threat to the business.

"And while the company is already a clear leader in the UK, it still has growth to go for by driving up ancillary revenues for services like insurance as well as brand partnerships with online accommodation, parking and taxi services and by luring remaining travellers who still buy paper tickets into the digital world.

"Still, the concern about a state-backed rival is a reminder Trainline has a somewhat precarious competitive position with limited barriers to entry."

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