Trainline set to trim workforce to save costs
The group is pressing ahead with plans over the next six months to make annual cash savings of around £12 million.
Online ticketing platform Trainline has revealed plans to cut its workforce as it looks to slash costs despite forecasting better-than-expected annual sales.
The group revealed in its half year results that it is pressing ahead with plans over the next six months to make annual cash savings of around £12 million, which will see roles axed.
It did not reveal how many roles will be cut, or where the jobs will go.
Trainline said: “In the second half, we are running a cost optimisation exercise, which includes reducing headcount.
“We expect the exercise to generate annual cash savings of around £12 million, of which £8 million will benefit the income statement.”
The cost savings plan comes in spite of Trainline upping its full-year revenue guidance after reporting a more than doubling of pre-tax profits to £46.5 million for the six months to August 31.
It said it is now forecasting for revenue growth of between 11% and 13% over 2024-25, up from a previous range of 7% to 11%.
The firm saw net ticket sales jump to £3 billion in the first half from £2.65 billion a year ago.
It also raised its full-year net ticket growth guidance to between 12% to 14%, from a previous range of 8%-12%.