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TNLIY - Trainline: Results Show Vulnerability Of Business Model
Trainline
U.K.-based train ticketing provider Trainline (TNLIF, TNLIY) released its half year results along with a trading statement last week. On the basis that they weren’t as bad as feared, they were well received and the stock traded slightly up afterwards. However, I think the results simply serve to underline the vulnerabilities in the company’s business model and retain a negative outlook on the name.
Revenues were Decimated
The revenue picture was that revenues fell markedly. These results run for the six months to the end of August, so in the company’s key market of the