Trainline’s profit slipped in the first half of the year after the ticket retailer was dragged down by a charge linked to an investigation from the UK competition watchdog.
The rail ticketing platform recorded a £4m hit to its bottom line, which will cover legal fees and potential liabilities, following the Competition and Markets Authority (CMA) inquiry.
The watchdog launched a formal probe in August under new consumer protection powers that came into force in 2025. It is examining whether Trainline’s presentation of mandatory booking fees breach 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.
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SUBSCRIBE HERETrainline’s pre-tax profit dropped to £55.2m, down from £66.2m in the same period last year.
Trainline squeezed by UK fare reforms
It also came as group revenue dipped one per cent to £233m, largely driven by headwinds from UK rail fare reforms. Earnings were capped by the government’s decision to freeze regulated fares, which stripped out the inflation-linked price hikes that typically buoy percentage-based ticketing commissions.
Changes to refund rules introduced in April 2026 also sharply reduced ticket refund transactions, which have dampened administrative fee revenue that Trainline collects on cancelled trips.
Total ticket sales across the group were broadly flat at £3.3bn, while digital railcard users on the app rose 26 per cent to 3m.
Overseas, the firm’s international consumer division swung into profitability for the first time at £6m, compared with an £8m loss a year earlier.
The turnaround was helped by tighter marketing spend and double-digit ticket sales growth across France’s South-East corridor.
The group is projecting net ticket sales between £6.2bn and £6.45bn for the year while revenue is expected to come in between £440m to £455m.