EarningsOverall Trainline's trading update is better than expectations with the company guidance for the full year rising to the top end of the range for net ticket sales and revenue and EBITDA exceeding the previous range of 2%-4%.
Financial PerformanceTrainline builds on its strong financial position, with £100m of operating free cash flow in H1 helping the company to reduce its leverage ratio to 0.2x LTM adj. EBITDA, while continuing its £75m buyback.
International ExpansionContinued progress in key international markets is evident, with the strongest revenue performance from international consumer, where despite net ticket sales growth of just 6%, revenues grew 21% due to strong growth in Spain and Italy.