REVENUE at Getlink is down 12% to €326m compared with the first half of 2020 according to its half-year results published on July 22.
At a group level the business highlighted that the first half results were marked by effects of the Covid-19 pandemic and new administrative formalities for Brexit.
“As long as the governments fail to take a stable long-term position on international travel restrictions, the group will not be able to provide guidance on its profit trajectory,” Getlink says.
The Fixed Link part of the business, which covers Channel Tunnel operations, reported a 17% drop in revenue to €260m. However, the Europorte subsidiary recorded a 14% increase in revenue at €66m. Operating expenses have been cut by €45m in the first half of 2021 compared with the same period in 2019.
Overall, the business had €549m cash available as of June 30, an all-time high. “In the first half of the year we have delivered satisfactory results given the market conditions thanks to improved cost control and the implementation of our WAYforward transformation programme, focused on customer service and operational excellence,” says Yann Leriche, CEO of Getlink.
Lorry traffic was affected at Eurotunnel in the first three months of the year due to stockpiling before the end of the transition period at the end of December. Eurotunnel Le Shuttle Freight recorded a 38.9% market share in the first half of the year.
Passenger traffic, however, remains heavily affected by the pandemic and travel restrictions imposed by governments.
Getlink highlighted that in the first half of the year, Europorte launched the Flex Express rail service linking France, Germany and Benelux and renewed a rail infrastructure manager contract in Hauts-de-France for the Saint Quentin - Origny and Barry au bac - Guignicourt lines.
