Eurotunnel €29m migrant compensation claim to British and French governments
Published: 10:00, 18 February 2016
Eurotunnel has asked the British and French governments to reimburse it €29 million (£22.6m) to compensate it for lost revenue during last summer’s migrant disruption.
The Channel Tunnel operator made the request as it revealed earnings before tax, interest and other charges increased to €542 million (£394.2m), while pre-tax profits reached €115 million (£83.6m).
It increased its dividend to shareholders by 22% and predicted further increases in profits as the European economy recovers.
Chairman and chief executive Jacques Gounon said: “Business remains dynamic, led by growth in the UK economy and signs of improvement in Europe.
“Despite an uncertain global environment, 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.”
“Despite an uncertain global environment, 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...” - Jacques Gounon, Eurotunnel
Eurotunnel, which carries high speed trains from London, Ebbsfleet and Ashford to Brussels and Paris, said there had been no migrant disruption since it completed works on stronger fencing in October.
In July, it asked the British and French governments to repay nearly £7 million it has spent boosting security as thousands of refugees attempted to make their way from northern France to the UK.
The Home Office had already agreed to pay for new fencing.
In its annual results today, the firm said it expected earnings before tax, interest and other charges – which increased by €3 million last year – to grow by €18 million this year to €560 million (£407.3m) and then by €45 million to €605 million (£440m) in 2017.
It revealed last week that revenues increased by 5% to an unprecedented €1.222 billion thanks to record trucks traffic of nearly 1.5 million.
Mr Gounon added: “In a difficult environment in 2015, the group worked with the efficiency of a private company to deliver a genuine public service.
“This was achieved through the commitment of its staff, close cooperation with the two governments and an exemplary capacity to react to events.”
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Chris Price