Rail app business Trainline reported a 20 per cent jump in sales for the past three months in its first trading update since floating on the stock market last month.

The firm, backed by private equity giant KKR, saw shares immediately rise after it floated on the London Stock Exchange in June, valuing it at £1.7 billion following its first day of trading.

Trainline said its sales for the three months to May 31 were boosted by strong performances in the UK and international markets.

Trainline employs more than 600 people across its offices in Edinburgh, London and Paris.

READ MORE: Trainline shares surge on £1.7bn stock market debut

Ticket sales rose by 20% to £906 million, compared with £754m over the same period a year earlier.

Total UK sales rose by 17% to £788m, while international sales increased by 51% to £117m.

The firm, which reported a £10.5m operating profit last year, held firm on the full-year guidance from its IPO prospectus.

The IPO came four years after KKR purchased Trainline for £500 million from fellow private equity firm Exponent.

Clare Gilmartin, chief executive officer of Trainline, said: "We are pleased with our first-quarter performance, which demonstrates that Trainline continues to consolidate its position as the leading independent rail and coach travel platform.

"The first-quarter performance of the UK consumer business further demonstrates that the roll-out of eTickets supported by a great app experience is shifting customers online and to mobile, with strong app performance also driving international growth.

"With the majority of rail and coach tickets currently still sold offline in the UK and globally, there is a huge opportunity ahead of us to continue to grow and innovate for the benefit of all our stakeholders."

READ MORE: Trainline on track in stock-market float

Shares were down by 0.3% to 424p in early trading on Tuesday morning.

Peer-to-peer lender Funding Circle has seen shares slump to record lows after a shock revenue warning as economic uncertainty hit demand for small business loans and sparked a lending crackdown.

Shares plummeted by 22% as the group halved its expected revenue growth for 2019 - to around 20% from 40% previously pencilled in - and said it was tightening its lending to higher risk companies.

It insisted the decision to rein in more risky lending would knock the number of loans made, but would protect investor returns.

Samir Desai, chief executive and co-founder of Funding Circle, said: "The uncertain economic environment has reduced demand from small businesses and led us to proactively tighten lending criteria.

"As a result, revenue growth will be impacted.
"We recognise that this is a change from our previous guidance, but we are taking the prudent course of action for the long-term growth and development of our business."

READ MORE: Edinburgh finance firm clinches biggest-ever acquisition

The Markit/CIPS UK Construction purchasing managers' index (PMI) recorded a reading of 43.1 for June, down from 48.6 in May.

Economists were expecting a figure of 49.2. A reading above 50 indicates growth, below represents contraction.

Tim Moore, associate director at IHS Markit, which compiles the survey, said: "The latest survey reveals weakness across the board for the UK construction sector, with house building, commercial work and civil engineering activity all falling sharply in June.

"Delays to new projects in response to deepening political and economic uncertainty were the main reasons cited by construction companies for the fastest drop in total construction output since April 2009."