Trainline shares slump after profit slips on watchdog probe

Trainline’s first-half pre-tax profit fell as the rail ticket retailer set aside £4m for legal costs and potential liabilities linked to a UK competition watchdog investigation. The CMA is examining whether the way Trainline displays mandatory booking fees complies with transparency rules, and the inquiry adds uncertainty for the company.

Pre-tax profit was £55.2m, down from £66.2m a year earlier, while revenue slipped 1% to £233m and shares fell 6.5% to below 200p in early trading. UK fare reforms and April 2026 refund-rule changes weighed on income, although group ticket sales held broadly steady at £3.3bn; international consumer operations returned to profit, making £6m after an £8m loss.