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Business

Eurotunnel parent company Getlink reports return to profits for first half of 2022

By: Chris Britcher cbritcher@thekmgroup.co.uk

Published: 10:27, 21 July 2022

Updated: 10:29, 21 July 2022

The company which operates the Eurotunnel cross-Channel service says it has recorded "very encouraging" financial results for the first half of the year.

Getlink says the lifting of travel restrictions and demand for its services has seen its revenues on its core busines increase 81% year-on-year and earnings before tax shoot up 213% to €260million (£222m). Overall, the company reported earnings before interest, tax, depreciation and amortisation (EBITDA) of €309m (£264m).

Eurotunnel is back in the black after the ravages of travel restrictions on its business. Picture: Getlink

At the same point last year, Getlink reported a loss of £105m.

And it says Eurostar - a separate company which pays to use the Channel Tunnel - has seen a strong bounce back after, at one stage, facing an uncertain future.

Yann Leriche, Getlink CEO, said: “In the first half of the year, we achieved very encouraging results, driven by the return of passenger traffic, the effects of our customer focused strategy and operational

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excellence, and the commercial launch of ElecLink."

ElecLink is a power connection which links the UK and France, with cables using the tunnel. Designed to allow the sharing of power, it went live in May.

He added: "However, uncertainties linked to the evolution of both geopolitical and health events require us to remain prudent.”

It added its Le Freight service saw a 19% increase in truck traffic, while it accounts for 69.6% of all car traffic across the Channel. A figure which will have been swollen by the problems faced by P&O.

Eurotunnel has seen a health start to the year - but says it remains alert to the 'uncertainties' which could lie ahead.

Some 872,000 passenger vehicles used the route linking Cheriton with Coquelles.

The resumption of Eurostar services saw 3.3m passengers travel through the tunnel with the London to Amsterdam service proving a success with plans for an addition round trip being added from September.

However, Eurostar has still not announced when services will resume once again from Kent's two international stations at Ashford and Ebbsfleet.

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