Trainline has been hit hard by the pandemic with passenger numbers falling up to 95pc.
Chief executive Clare Gilmartin stepped down last year, handing over to Jody Ford, the former boss of Moonpig. Sales in the year to February plunged 75pc to £67m. It is expected to make an operating loss of £60m.
However, Trainline’s shares have almost doubled since November as the UK announced its vaccine programme.
James Congdon, head of Quest, an independent broking division of Canaccord Genuity, warned when Trainline floated its valuation was “overpriced”.
He said: “The market valuation seemed to reflect the business being bulletproof after their [float] but as we’ve seen, it isn’t. Clearly changes in commuting trends will be a concern for train operators as well as third-party ticket resellers like Trainline.”