Profits at thetrainline.com remain on track following 63% rise
Online travel booking service thetrainline.com has brushed aside recent travails around a botches sale and costly disposal of its smartcard business to post a 63 per cent rise in profits over the year.
Profits raced ahead to £8.78m for the year to 31 March on the back of a 6.5 per cent rise in ticket sales which reached £1.4bn – off setting a £2m hit from advisory fees following an abortive sales process and a £5.4m loss on the sale of Advanced Smartcard Technologies.
Group turnover also reached £108m as investment in a new smartphone and tablet app begins to reap rewards. An ambitious European expansion plan is also on the cards following agreement with rail operators in Germany and Italy.
Talks on similar deals are also underway in France and Spain, the likely outcome of which will be a renewed effort by private equity firm Exponent to sell the business on in 2015.