Eurotunnel issues positive outlook after Brexit talks progress

Eurotunnel issues positive outlook after Brexit talks progress

Eurotunnel today issued a positive outlook due to progress made in Brexit talks.

Revenues from Channel Tunnel Shuttle services grew by 7% to €138.3 million in the first quarter of the year.

Car traffic was up by 4% at 487,203 vehicles, helped by the Easter holiday getaway falling in March, despite “unfavourable weather conditions for tourism at the start of the year”.

The car market share for Le Shuttle was 61.1% in the first quarter of 2018.

An increase in Eurostar traffic saw railway network revenue increase by 3% year-on-year to €70.1 million for fixed link operator Groupe Eurotunnel.

“This underlying trend should continue through the rest of the year with the opening on 4 April of the direct London to Amsterdam service,” Eurotunnel said today.

Eurostar achieved a new first quarter traffic record with an increase of 5% to 2.38 million passengers compared to the first quarter of 2017.

This was the second consecutive quarterly record after the fourth quarter of 2017.

Eurotunnel chairman and CEO Jacques Gounon said: “For the first quarter of 2018, the group has again published excellent results, with another record first quarter.

“The growth on both sides of the Channel and progress made in the Brexit negotiations allow us to forecast EBITDA [earnings] of more than €735 million in 2022.”

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