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Almost two million people made use of Eurostar during the first three months of this year - but that figure is down 11.5 per cent over the same period last year.
The high-speed train operator says this is partly due to part of the Channel Tunnel being closed until mid February due to last September's fire.
It achieved sales of £168.1million in the first quarter, which is 5.8 per cent down on the previous year's figure of £178.5million.
Business sales were down by 20 per cent - but leisure sales were up by just over two per cent as more of us use the service for short breaks to the near continent.
Richard Brown, Eurostar's chief executive, said: "The downturn may be depressing business travel but it is having the opposite effect on the leisure market, with more people wanting to get away from it all to relax, recharge the batteries and spend time with loved ones.
"Like other businesses, we must reduce our costs to meet the new economic realities. We are also preparing for the challenges and opportunities of on-rail competition from January 2010."