Channel tunnel operator Eurotunnel remains positive on post-Brexit UK prospects

Alys Key
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Channel Tunnel
Eurotunnel operates the tunnel which carries the Eurostar (Source: Getty)

Channel tunnel operator Eurotunnel reiterated a target for underlying profit of €530m (£474m) for this year as it revealed an optimistic view on business in the UK today.

In the group's half-year report, the group said it remained optimistic for business in the UK, citing the outlook of the Bank of England and the European Central Bank.

Read more: Eurostar opens sales for new high-speed train to Bordeaux

Chairman and chief executive Jacques Gounon said: "The economic outlook for the next two years remains good and enables us to confirm our objectives."

But Neil Wilson, senior market analyst at ETX Capital, said the company was not giving a clear idea of the impact Brexit could have on its business.

He said: "Just one mention of Brexit in the entire 36-page report suggests Eurotunnel might be sticking its head in the sand just a little. Even when it does talk about Brexit it merely says it ‘did not note any significant impact’."

The first half of this year brought in €497m, up three per cent on the same period last year. Net profit rose 20 per cent to €30m.

Despite lower car and lorry traffic, the company was able to offset this with reduced operating costs.

Read more: Here's the 25 millionth lorry to pass through the Eurotunnel

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