Eurotunnel projects €80m earnings rise by 2016

Eurotunnel projects €80m earnings rise by 2016

Eurotunnel today projected that earnings will rise by more than €80 million by 2016.

The Channel Tunnel operator’s EBITDA came in at €498 million last year, a 7% rise on 2013, with the pre-tax profit up by 89% to €56 million.

The company said: “Business remains dynamic, led by growth in the UK economy and signs of improvement in Europe.

“The group remains confident in its ability to generate sustainable growth both in cross-Channel and rail freight activities and to increase its resistance to the vagaries of the economy.”

Eurotunnel expects growth in EBITDA to €535 million this year and €580 million in 2016.

Chairman and chief executive Jacques Gounon said: “In 2014, the 20th anniversary of the opening of the tunnel, the Eurotunnel

Group reached its objective of an operating margin of half a billion euros, one year in advance.

“This is the result of the strong commitment shown by our staff and of rigorous management.”

Eurotunnel Le Shuttle services handled 4% more passenger vehicles at 2.6 million and 1.4 million lorries last year while Eurostar passenger numbers rose by 3% to 10.4 million.

The MyFerryLink cross Channel ferry arm, which Eurotunnel is looking to sell in the face of an order by UK competition authorities, handled 337,564 cars and almost 400,000 lorries and generated revenues of €93 million, a rise of 25% over 2013.

The former SeaFrance ferry business recorded an EBITDA loss of €12 million, a €10 million improvement from €22 million the year earlier.

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