Traffic fall hits profit at Eurotunnel
Operating profit at Getlink, the Eurotunnel operator, fell from €171 million in the first half of 2018 to €164.4m this year, despite a two per cent increase in revenue to €523m.
Truck shuttle traffic was four per cent lower than last year at 810,000, although rail freight was ten per cent up at 1,166.
Finance costs on its €4.8 billion debt were €133.3m, marginally lower than last year, leaving a pre-tax profit of €36.8m.
Chairman and chief executive Jacques Gounon said: “In the first half of the year, despite the jolts resulting from the political uncertainties of Brexit the Group has once again demonstrated the resilience of its business model with revenue growth for the tenth time in a row. Without the recent strike by French customs officers, the Group’s EBITDA would also have increased.
“The Group remains confident in its ability to manage the next stages of Brexit and confirms the dividend growth policy.”