(Reuters) – Getlink on Thursday reported first-half results that beat analysts’ expectations, boosted by higher Channel Tunnel traffic and profits from its new project, ElecLink, which enables exchanges of electricity between France and the United Kingdom.
With the easing of travel restrictions linked to the COVID-19 pandemic, the number of Channel trips has rebounded this year.
Getlink thus recorded an increase in traffic in June for a sixth consecutive month, whether for goods transport trucks or private vehicles.
Eurostar, one of Getlink’s main customers, recorded a 1.924% jump in train traffic between France, the United Kingdom, Belgium and the Netherlands in the second quarter.
In five weeks of activity, the ElecLink segment contributed 35 million euros to the group’s results, Getlink said. Its commissioning was carried out at a time when France needs energy, commented the general manager, Yann Leriche, during a conference call with journalists.
Unscheduled maintenance of EDF’s nuclear reactors has fueled pressures caused by cuts in Russian gas supplies to the European Union, amid war in Ukraine that has prompted EU bloc countries to s move away from Russia for its energy needs.
In the first half, Getlink’s earnings before interest, tax, depreciation and amortization (Ebitda) rose 206% to 309 million euros. The consensus stood at 282 million euros, according to data compiled by the group.
Getlink did not provide a forecast for the year, citing uncertainty related to the geopolitical situation and the COVID-19 pandemic.
(Report Olivier Sorgho and Charlotte Lavin; French version Jean Terzian, edited by Kate Entringer)
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