Weak pound reduces Eurotunnel revenues by 1.4%

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Eurotunnel Group has announced its financial results for its 2016 financial year and fourth quarter. The group (excluding MyFerryLink and the recently sold, former subsidiary, GB Railfreight) made €1.0bn in revenue for the 2016 calendar year. This was a decrease of 1.4% in actual terms, however with exchange rates held constant over the previous two years, Eurotunnel Group increased revenue by 4.0%.

Results from Q4 followed a similar pattern to that of the year-on-year financial results. Eurotunnel announced €237.7m revenue in Q4 of 2016. This was a 1.9% reduction in revenue versus Q4 of 2015, but when adjusted for exchange rate differences there was a 5.1% increase.

Truck shuttle volumes saw a 10.6% increase in 2016 to 1.6m, whilst in Q4, growth increased by 7.9% when compared with the same period the previous year. Eurotunnel perceived continued growth in the UK economy, as well as the security provided to transporters through the group’s investments, as reasons for its positive shuttle services results.

Rail freight train volume decreased by 26.7% to 1.0m tonnes over the year. Eurotunnel saw operators elect for other cross-border routes due to the refugee crisis, as well as the strikes across the French railway network earlier in the year. As a result of improving conditions in the latter part of the 2016, Q4 volume was up by 11.9% on Q4 of 2015.

Source: Eurotunnel Group