Rugby World Cup boosts Eurotunnel revenues

Fans flocking to Paris for the Rugby World Cup helped Channel Tunnel operator Eurotunnel score a 10% hike in revenues, the group revealed today.

Eurotunnel reported underlying revenues of €195.1m in the three months to the end of September as rugby supporters crossing the channel provided a boost to business.

The group said its railways division saw underlying revenues leap 8% to €64.6m as traffic from rail operator Eurostar increased.

Its car and truck service Le Shuttle also posted a revenues rise, up 11%, thanks largely to increased traffic from the Rugby World Cup.

Thousands of English fans have travelled to the French capital since the tournament began last month and around 60,000 are expected to make the trip to Paris to cheer England on against South Africa at the Stade de France on Saturday night.

Eurostar said it had sold out all 25,000 seats going to and from Paris for this weekend, despite putting on six extra trains to cope with the demand.

Eurotunnel said that over the three months to September 30, more than 2.2 million passengers have crossed the Channel on Eurostar, up 4% on the previous year.

And nearly 660,000 cars used the group’s shuttle service in the period.

Eurotunnel’s third quarter performance figures follow after a momentous year so far for the group.

It was able to finally wipe out the bulk of its £6.2bn (€3.7bn) debt mountain and secure its future in May after striking a finance rescue deal.

Just months before, it claimed victory in its case against the British and French governments for compensation over the security costs and financial loss involved in keeping illegal immigrants out of the Channel Tunnel.

Eurotunnel was formed in 1987 to run the Channel Tunnel, but since the tunnel opened in 1994, it has not made enough money from users such as Eurostar to pay off its debts, many of which were run up during construction.

But its finances have been on the up since the debt-for-equity swap in the summer and the group reported in August that half-year losses had been trimmed by 70% to €32m.