(Alliance News) - Trainline PLC on Friday announced a new share buyback programme alongside expectation-beating annual revenue and more than doubled profit.

The London-based rail ticket selling platform said net ticket sales came in at the top end of its guidance range.

Trainline shares rose 8.0% to 325.20 pence each on Friday morning in London.

Revenue in the year ended February 29 topped the "previous guidance range" as it rose 21% to GBP396.7 million, from GBP327.1 million. Back in November, it had guided for revenue growth of 15% to 20%, albeit it had anticipated revenue growth of 13% to 22% for 2024 back in May 2023.

Pretax profit jumped to GBP48.1 million from GBP22.1 million.

Net ticket sales were up 22% on-year to GBP5.30 billion, at the top end of its previous guidance range, from GBP4.32 billion.

Cost of sales increased 22% to GBP91.4 million from GBP74.9 million, while administrative costs increased 11% to GBP249.7 million from GBP224.6 million. Net finance costs came in 35% higher at GBP7.5 million compared to GBP5.5 million.

Meanwhile, Trainline announced a GBP75.0 million share buyback programme. It recently completed a GBP50.0 million buyback which kicked off in September.

Chief Executive Officer Jody Ford commented: "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."

For the new financial year, it predicted net ticket sales growth of 8%-12%, and revenue to rise between 7%-11%.

"Our growth expectations are despite headwinds from ongoing industrial action in the UK, as well as Transport for London planned expansion of their contactless travel zone to a further 53 stations in FY2025," the company highlighted.

By Tom Budszus, Alliance News slot editor

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