Eurotunnel rallies after Brexit and Calais crisis

THE boss of Channel Tunnel owner Eurotunnel has cheered its “best year” ever as the group shrugged off Brexit fears and the impact of terrorist attacks to post a surge in profits.

Eurotunnel said impressive growth in car and truck shuttle traffic helped offset a 4 per cent drop in passengers on Eurostar, which it said was “badly affected” by the recent terrorist attacks in Paris, Brussels and Nice.

The group saw net consolidated profit nearly triple to £171 million last year, from £64m in 2015, as it recovered from a tough 2015 and early 2016, when services were disrupted by the Calais migrant crisis.

Underlying earnings rose 7 per cent to £438m. Eurotunnel warned last July that the Brexit-hit pound would impact earnings in 2016 and 2017 amid fears the plunging pound would put Britons off travelling abroad.

But on unveiling annual results, chairman and chief executive Jacques Gounon said: “2016 was the best year in our history.” He added the group had improved its earnings outlook for the next two years, pencilling in £542m this year and £477m in 2018.

Eurotunnel said car traffic on the passenger shuttle reached its highest level since 2000, up 2 per cent at 2.6 million in 2016, while its truck services enjoyed an “exceptional” year, with traffic up 11 per cent.

Eurotunnel said Eurostar traffic recovered in the final three months of 2016 to rise by 2 per cent, helped by a record December, with growth of 9 per cent.