People aren't catching trains as much as they did before the pandemic. In the second quarter of 2024, UK passenger journeys came in at 96 per cent of 2019 levels, according to the Office of Rail and Road. Exclude the new Elizabeth Line in London and the figure sinks to 85 per cent.
Tip style
Growth
Risk rating
Medium
Timescale
Medium Term
Bull points
- Big opportunity in Europe
- Guidance upgrades
- Reduced regulatory risk in UK
- New cost-efficiency programme
Bear points
- Falling UK commission rates
- Competitive European market
Despite this backdrop, ticketing platform Trainline (TRN) enjoyed a very strong 2024, with the shares rising by roughly 40 per cent. Gains were driven by robust trading, guidance upgrades and an improved regulatory backdrop. As we enter 2025, it's reasonable to ask whether the shares risk running out of steam. However, an abundance of international opportunities, together with continued progress at home, suggest there is plenty more to come in 2025.