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Eurotunnel parent company Getlink reports £105m loss for first six months of 2021
10:34, 22 July 2021
updated: 10:35, 22 July 2021
The cost of the pandemic on cross-Channel traffic came into sharp focus as Eurotunnel's parent company, Getlink, posted a net loss of €123million (£105.6m) for the first six months of the year.
It compares to a loss during the same period last year of €79m (£67.8m).
Eurotunnel, which operates between Folkestone and Coquelles, has seen passenger traffic numbers plunge as a result of travel restrictions introduced on both sides of the Channel.
Car traffic using the crossing is down 61.7% between January and June compared to the first six months of 2020.
And while Eurotunnel remains the market leader for freight crossings, accounting for almost 39% of cross-Channel traffic, the number of crossing have reduced to as a result of the pandemic and Brexit.
While there was a surge of stock-piling of goods leading up to the end of the transition period at the end of 2020, the additional administrative pressures of the split from the EU has seen numbers dip.
The figures for the first six months of 2021 are still below that of pre-pandemic 2019.
Getlink's CEO, Yann Leriche, said: "In the first half of the year we have delivered satisfactory results given the market conditions."
Looking ahead, its six-month financial report says the cross-Channel passenger market is "still affected by the uncertainties linked to the Covid-19 crisis".
However, it adds that despite the uncertainties it remains "confident" its passenger shuttle traffic will "rebound" once restrictions are eased, pointing out it had a market share in the first half of 2021 of close to 80%.
The CEO added: "We have a cash position of €549m (£471.6m) at the end of June. The low immediate visibility therefore does not affect the underlying strength of the group in its various businesses.”
However, the group warned while governments on both sides of the Channel "fail to take a stable long-term position on international travel restrictions", it was unable to provide any financial guidance going forward - but stressed it expected a surge in bookings when restrictions were eased.
Eurostar, a different company which operates high-speed rail services to the continent and pays to use the tunnel route - saw passenger numbers down 90% between January and June. Eurostar has run a skeleton service of just two trains a day as a result of the pandemic as well as last year confirming no services would stop at its international stations in Ashford or Ebbsfleet until 2022.
It needed a £250m rescue package which it secured in May to keep afloat.
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