(Reuters) – Getlink, the operator of the Channel Tunnel, reported on Thursday a sharp increase in turnover in the first half, driven by its ElecLink branch which allows electricity exchanges between France and the United Kingdom.
The ElecLink unit, launched in May 2022, represented over the first six months of the year more than a third of the group’s total revenue, which amounted to 934 million euros, up 64% compared to the first half of 2022.
“In February 2023, I announced a record year 2022 and said that the sequel would also be very, very good. Today, we are there, with a historic first half, the best of the group since its creation”, declared Yann Leriche, general manager of Getlink.
Amid global uncertainty over energy needs, ElecLink has increased electricity transfer capacity between the UK and France by 33%, according to an announcement in May. The unit transported more than 6 TWh of electricity in its first year of existence, equivalent to around 2% of the UK’s total energy consumption in 2022, according to figures from independent research firm Enerdata.
Excluding ElecLink, Getlink’s revenue growth reached 12.7%, the group said at a press conference.
Ebitda stood at 496 million euros over the January-June period, or 63% more than last year. The company’s net profit jumped 218% to 159 million euros.
Travel demand continued to grow in the first half of the year, following the recovery in activity after the COVID-19 pandemic, despite inflation. The Eurostar recorded 5 million passengers over the period, or 54% more than in the first half of 2022, while LeShuttle experienced a 16% increase in its users.
“For Eurostar, we have returned to the pre-crisis level (health), and there is no reason that it should not continue to grow,” said Yann Leriche.
Air travel disruptions can also benefit Getlink, according to its chief executive, who said many customers prefer to avoid flying to Britain from France because of the carbon footprint.
The company confirmed its outlook for the remainder of the fiscal year. It wishes to exceed an Ebitda of 910 million euros “and this, despite an economic and social environment in the United Kingdom and in France which is still uncertain”.
(Report Gaëlle Sheehan and Victor Goury-Laffont, edited by Jean Terzian)
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