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Revenue growth at Eurotunnel

 

New record for truck shuttle traffic in March

Eurotunnel Group has reported a 10% year-on-year increase in revenues during the first quarter of 2015. Revenues reached €304.9 million, compared to €276.9 million in 2014 (following readjustment to take into account exchange rate fluctuations).

The rise was driven by an increase in revenues from the group’s rail freight arm Europorte, which reached €77 million, a year-on-year increase of 15%. The group has recently signed contracts with the Atlantic Port of Bordeaux to operate the Verdon terminal facility, while UK subsidiary GB Railfreight has taken on haulage of the Caledonian Sleepers under contract to Serco as well as agreeing a five-year deal with Aggregate Industries. Eurotunnel says these two contracts each bring annual revenues of around €7 million.

The Channel Tunnel Fixed Link segment recorded a 6% growth in revenue, reaching €202.7 million. Revenues from shuttle services grew by 10% to €124.6 million, and March saw an all-time record in the number of trucks transported by the service (140,009). Truck shuttle traffic grew by 8% over the quarter, in spite of disruption caused by closure of the tunnel following a fire on a shuttle on 17 January. Passenger shuttle traffic saw a 4% year-on-year rise, while the number of freight trains through the tunnel grew by 11% and the tonnage of freight carried rose by 13%.

Jacques Gounon, Chairman and Chief Executive Officer of Groupe Eurotunnel SE, stated: ‘On top of the excellent progress in revenues across the Group’s activities, the new all-time record for truck traffic recorded in March shows the potential of the Channel Tunnel, which will be further strengthened by the current investment programme.’

Subsidiary MyFerryLink grew its market share to almost 12% during the first quarter of the year, with a year-on-year revenue increase of 37% to €25.2 million. Eurotunnel is looking to sell this business following a Competition and Markets Authority ruling that it must cease operation of the service by 2 July, as the CMA believes Eurotunnel has gained too large a share of the cross-channel market. Eurotunnel said the French authorities ‘are closely monitoring events and are considering the structures that could enable the activity to continue’.

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