Belfast Telegraph

Channel Tunnel has best year with £171m profit

By Holly Williams

The boss of Channel Tunnel owner Eurotunnel has cheered its "best year" ever as the group shrugged off Brexit fears and the impact of terrorist attacks to post a surge in profits.

Eurotunnel said impressive growth in car and truck shuttle traffic helped offset a 4% drop in passengers on the high-speed Eurostar rail, which it said was "badly affected" by the recent terrorist attacks in Paris, Brussels and Nice.

The group saw net consolidated profit nearly triple to €200m (£171m) last year, from €75m (£64m) in 2015, as it recovered from a tough 2015 and early 2016, when services were disrupted by the Calais migrant crisis. Underlying earnings rose 7% to €514m (£438m).

The group's trading cheer confirms that last summer's worries in the immediate aftermath of the Brexit vote were overdone.

Eurotunnel warned last July that the Brexit-hit pound would impact earnings in 2016 and 2017.

Belfast Telegraph