Trainline (LSE:TRN) shares rose 3.5% to 208.8 pence on Friday after the Office of Rail and Road (ORR) published a consultation on proposed regulations governing competition between Great British Railways (GBR) and independent rail ticket retailers.
The consultation introduces a draft Retail Code of Practice intended to establish requirements for fair access to rail ticketing services and industry systems as the UK progresses towards the introduction of Great British Railways.
Under the proposals, GBR would be required to provide independent online ticket retailers with fair, transparent and non-discriminatory access to fares, ticketing products and relevant industry infrastructure.
The draft code would also prohibit GBR from giving its own retail operations an undue competitive advantage over independent providers.
The proposals address concerns about potential conflicts of interest arising from GBR’s planned role as both a state-owned rail operator and a participant in the ticket retailing market.
Trainline, which operates an independent digital rail ticketing platform, has been exposed to uncertainty surrounding the future competitive framework since the introduction of the Railways Bill.
The ORR’s consultation outlines measures intended to maintain access to the rail retailing market for third-party operators under the proposed industry structure.
The draft Retail Code of Practice would be incorporated into GBR’s operating licence, making compliance subject to regulatory oversight.
This would allow the ORR to monitor adherence to the requirements and take enforcement action where breaches of the final rules are identified.
The proposals remain subject to consultation and have not yet been implemented as binding regulatory requirements.
Trainline disclosed the development through a regulatory announcement published at 7:00 a.m. BST on Friday.
The company’s shares advanced following the announcement, reaching an intraday high of 209.8 pence compared with the previous session’s closing price of 201.8 pence.
At 208.8 pence, the shares remained below their reported 52-week high of 283.8 pence.
Separately, Trainline continues to undertake its £100 million share buyback programme, which was announced in September alongside confirmation of its financial guidance for the year ending in 2027.
The company maintained its full-year forecast for group net ticket sales of between £6.2 billion and £6.45 billion.
Underlying revenue is expected to be between £440 million and £455 million, with no changes to these targets announced in connection with the regulatory consultation.
Trainline is scheduled to publish its first-half financial results on 4 November, providing a further update on its trading performance.
The wider equity market also showed a positive tone during the session, with US stock indices trading modestly higher and the FTSE 250 providing a supportive market backdrop.
However, the relative contribution of regulatory developments, the ongoing share buyback and broader market conditions to Trainline’s share price movement cannot be determined independently.
The ORR consultation represents a further stage in establishing the regulatory framework for rail ticket retailing under Great British Railways.
The final requirements will depend on the outcome of the consultation and subsequent regulatory decisions.
About Trainline
Trainline (LSE:TRN) is a digital rail and coach ticketing platform that enables customers to search for, compare and purchase travel tickets through its website and mobile applications.
The company operates as an independent ticket retailer, providing access to rail and coach services and associated travel information.
Its UK operations are subject to developments in rail industry regulation, including proposed changes to ticket retailing arrangements under Great British Railways.
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