Eurotunnel profits steam ahead

Channel tunnel operator Eurotunnel today reported a hike in half-year earnings after “spectacular” growth in passenger numbers using the Eurostar service.

The second phase of the high speed line between London and Folkestone and the opening of the Eurostar terminal at St Pancras in London meant passenger numbers for independently-run Eurostar surged 18% to 4.6 million.

Eurotunnel’s net income in the six months to June 30 climbed to €26m from €1m the year before, but Eurotunnel warned sales growth may slow in the second half as a result of the economic slowdown and the weakness of the pound against the euro.

However, Eurotunnel chairman Jacques Gounon said: “With a significant growth in net profit, Groupe Eurotunnel is ahead of its forecasts and enters the second half of 2008 in a position of strength.”