Channel Tun­nel prof­its boost de­spite Brexit

Kentish Express Ashford & District - - Points Of View - By Chris Price

other charges grew by 8% to €242 mil­lion (£216m).

Bosses pre­dict fur­ther growth in the sec­ond half thanks to grow­ing high-speed pas­sen­ger traf­fic from new Eurostar trains on the Lon­don to Brus­sels route and a new di­rect ser­vice to Am­s­ter­dam from the end of the year.

The com­pany has also cut the cost of its debt to less than 4% af­ter a par­tial re­fi­nanc­ing in June, sav­ing the com­pany about €60 mil­lion (£54m) per year for at least the next five years.

Net profit from con­tin­u­ing op­er­a­tions in­creased 23% to €30 mil­lion (£27m).

The growth comes de­spite a 1% fall in truck traf­fic to about 823,000 since the start of the year, due to the dif­fi­cult weather con­di­tions in south­ern Europe at the be­gin­ning of the year.

Pas­sen­ger shut­tle traf­fic us­ing the tun­nel be­tween Folke­stone and Co­quelles was down 7% in June com­pared to the same time in 2016, when the UEFA football cham­pi­onships were held in France.

It is down 2% to 1.14 mil­lion since the start of the year.

Chair­man and chief ex­ec­u­tive Jac­ques Gounon said: “Over the past 10 years, the group has fo­cused its busi­ness model on value cre­ation through the qual­ity of ser­vice pro­vided.

“The suc­cess of the par­tial re­fi­nanc­ing of the debt shows the con­fi­dence of the mar­kets in the strength of this model. The eco­nomic out­look for the next two years re­mains good.”

Jac­ques Gounon, chair­man and chief ex­ec­u­tive of Euro­tun­nel, says the eco­nomic out­look for the next two years re­mains good

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