Trainline’s first-half profit fell to £55.2m from £66.2m a year earlier, after the company set aside a £4m charge linked to a Competition and Markets Authority (CMA) investigation into its booking fee transparency
The Trainline app(Image: BEN STANSALL/AFP via Getty Images)
Trainline saw its profits decline in the first half of the year after the ticketing giant was weighed down by costs tied to an investigation by the UK’s competition regulator.
The rail ticketing platform set aside £4m to cover legal fees and potential liabilities following the launch of a Competition and Markets Authority (CMA) inquiry.
The watchdog opened a formal investigation in August, exercising new consumer protection powers that came into force in 2025. It is scrutinising whether Trainline’s presentation of mandatory booking fees falls foul of transparency rules.
“The investigation is at an early stage, and there are many variables involved in predicting the possible range of outcomes of the investigation and therefore to quantify any potential financial impact,” the firm said in its update.
The next case update is slated for January 2027. Shares in the firm were down 6.5 per cent in early trading on Wednesday, falling below 200p, as reported by City AM.
Trainline’s pre-tax profit fell to £55.2m, down from £66.2m over the same period last year.
This came as group revenue edged down one per cent to £233m, largely attributable to pressures stemming from UK rail fare reforms. Earnings were constrained by the government’s decision to freeze regulated fares, which eliminated the inflation-linked price rises that typically bolster percentage-based ticketing commissions.
Modifications to refund regulations introduced in April 2026 have also significantly curtailed ticket refund transactions, weighing on the administrative fee income that Trainline generates from cancelled journeys.
Total ticket sales across the group remained largely unchanged at £3.3bn, while digital railcard users on the app climbed 26 per cent to 3m.
Abroad, the firm’s international consumer division turned profitable for the first time, posting a £6m gain compared with an £8m loss the previous year.
The recovery was underpinned by leaner marketing expenditure and double-digit ticket sales growth along France’s South-East corridor.
The group is forecasting net ticket sales of between £6.2bn and £6.45bn for the year, with revenue anticipated to land between £440m and £455m.