Home Kent Business County news Article
Eurotunnel revenues shrink 39% for Q1 figures for 2021 as Covid crisis hits bottom line
10:23, 22 April 2021
updated: 10:25, 22 April 2021
Eurotunnel saw its revenues shrink by 39% - the equivalent of more £68million - over the first three months of the year, as it continued to be hit hard by travel restrictions due to the pandemic.
Its parent company, Getlink, revealed the damage, being caused by borders remaining virtually closed to tourists, in its financial figures for the first quarter of 2021.
It said the drop "reflected the Covid-19 public health situation" and was "accompanied by continued furlough for both British and French staff".
Meanwhile Eurostar, which pays to use the Channel Tunnel link, saw its traffic levels fall 95% during the first quarter compared to the year before.
Yann Leriche, its group chief executive officer said: "The decrease in revenue reflects the travel restrictions put in place by the authorities and the adaptation of the freight market to the new post-Brexit customs formalities.
"Our teams are actively working for when the border reopens for tourists."
Freight traffic for the first three months of the year using Eurotunnel was down 21% while passenger traffic was down 72%. However, that marked a record share of passenger traffic crossing the Channel - with Eurotunnel taking an 80.9% slice of the market.
Cross-Channel rail freight dipped 10% - blamed primarily on Brexit.
Head to our business page for all of the latest news about businesses in Kent