Groupe Eurotunnel reports ‘strong growth’ for first quarter of 2011

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Groupe Eurotunnel has reported a 24% growth from the first quarter of 2010 in revenue, to a total of €179.2 million.

This surge has been powered mostly by ‘an increase in its core activity’, namely the transportation of commercial and passenger vehicles via the Channel Tunnel on Eurotunnel Shuttles.

This sector alone experienced a 14% increase, with revenue rising to €81.7 million over 2010’s first quarter figures of €71.3 million. Eurotunnel also gains revenue from charges levied on other companies using the Tunnel, such as Eurostar and certain freight train operators.

This area of revenue also grew, experiencing a 5% rise to €59.9 million, as Eurostar trains experienced an 8% growth in passenger traffic. Eurostar has also recently spent £700m on rebranding.

The numbers for passenger usage are even more remarkable considering the lateness of the Easter holiday – traditionally a period of intense traffic – which falls outside of the first economic quarter this year but did not in 2010.

Overall, the amount of traffic paying concessions for usage of the Tunnel has grown, perhaps surprising given the economic climate.

Rail freight operator Europorte is now fully integrated into Groupe Eurotunnel.

This company, along with its subsidiaries such as GBRf, experienced a substantial revenue growth of 150% to €35.7 million, and the Eurotunnel Group states:

“Rail freight continues to prove its value as part of the Eurotunnel’s substantial development strategy”.

About the revenue growth, Chairman and CEO of the Eurotunnel Group Jacques Gounon said:

“Eurotunnel has made excellent progress in all its strategic activities as a result of its long-term strengths: customer service and protection of the environment, whilst the ferries use bunker fuel are having to apply fuel surcharges. Our rail freight business is developing as planned through the efforts of the dynamic teams at GBRf in the UK and Europorte in France.”

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