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Eurotunnel cuts outlook on earnings

By Holly Williams

Published 21/07/2016

Eurotunnel said the impact of Brexit on cross-channel traffic was uncertain, but it did not expect any significant knock to its activities in the short term
Eurotunnel said the impact of Brexit on cross-channel traffic was uncertain, but it did not expect any significant knock to its activities in the short term

Eurotunnel has warned over earnings this year and next after the pound's plunge since the Brexit vote. The Channel Tunnel operator cut its outlook for underlying earnings by €25m (£21m) in 2016 and €26m (£22m) next year after the pound's drop in value against the euro.

Sterling plunged to 31-year lows against the US dollar and tumbled against the euro after the UK's vote to leave the EU, although it has since regained some ground.

Eurotunnel have commented that, based on the pound being 7% lower against the euro, its profits are now expected to be 4.5% down in 2016 at €535m (£449m).

Belfast Telegraph

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