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EUROTUNNEL chairman Charles Mackay has warned difficult trading conditions are likely to continue into the second half of the year.

Reporting first-half figures, the Channel Tunnel operator said net losses were £17 million, down from £94 million last year, on the back of a 7% fall in operating revenue.

Mackay said: "Our first half results reflect the current depressed demand and consequent pricing pressures which are affecting the travel and freight sectors as a whole.

"These challenging conditions now look set to continue in the second half."

Mackay warned full-year revenues are unlikely to cover its interest charges from cashflow