Eurotunnel reports upswing in half year results

Eurotunnel reports upswing in half year results

Eurotunnel today reported an upswing in its financial fortunes with a half-year profit of €39 million against a loss of €5 million in the same period last year.

Earnings (EBITDA) increased by 9% to €252 million as revenues increased by 6% to €443 million.

Car traffic using Channel Tunnel shuttle services grew by 4% and passengers using Eurostar high speed services increased by 2%.

Eurotunnel aims to increase shuttle capacity by 20% with the addition of three new units to expand the fleet to 15. This will enable daily frequency to rise from six to eight departures.

The group revealed that it was claiming reimbursement from the French state to due on-going disruption to traffic and additional security costs created by the large concentration of migrants in Calais.

It also confirmed that its two MyFerryLink ferries had been chartered out to rival DFDS Seaways following a clampdown by the Competition and Markets Authority.

Jacques Gounon, Eurotunnel's chairman and chief executive, said: “The Eurotunnel Group’s results for the first half year of 2015 are consistent with the dynamism of the previous quarters.

“We are confident that this positive trend will continue through the second part of the year.

“This performance is the fruit of the efforts and commitment of our 4,000 employees on both sides of the Channel who, despite a sometimes complicated environment, ensure that we offer our customers an excellent, competitive, fast, reliable and comfortable service, every day.”

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