The Getlink group, which operates the Channel Tunnel, announced on Thursday a record result for 2023, with net profit up 30% to 326 million euros thanks to the good performance of cross-Channel rail traffic and the performance of 'ElecLink, electrical connection between France and England.
The former Eurotunnel group achieved a turnover of 1.8 billion euros, an increase compared to the year 2022 (1.6 billion), a performance described as
“very good results”
, by the director general of the group, Yann Leriche.
“Our fundamentals remain extremely solid and therefore allow us to look to the future with great confidence
,” rejoiced Mr. Leriche during the presentation of the results.
The group was notably able to count on its electricity transmission service ElecLink, which transported 5.5 TWh in 2023. This activity reached a turnover of 558 million euros for its first full year of operation. .
The cable, with a capacity of 1 gigawatt, was opened in May 2022 and generated a gross operating surplus of 368 million euros, after taking into account a provision of 156 million euros in the perspective of revenue sharing envisaged with the networks.
Eurotunnel's activity also recorded good results.
Only truck transport declined with 1.2 million vehicles transported (-17%) due to the weak dynamism of trade but also social dumping practiced by competing ferry companies according to the company.
Eurostar ridership jumped 29%
Yann Leriche hopes to see this competition balanced thanks to the adoption of
“social anti-dumping laws”
in France and the United Kingdom and the obligation for ferry companies since January 1 to pay
“the European carbon tax to 40% of their CO2 emissions”
and 100% in two years.
Passenger transport by car increased by 6% compared to 2022 with 2.3 million vehicles transported, representing a market share of 58%.
Eurostar ridership jumped 29% with 10.7 million passengers transported.
Getlink hopes to welcome two new companies in the coming years since the Spanish Evolyn and the Dutch Heuro have expressed their wish to launch a high-speed train service in the tunnel, the 30th anniversary of which will be celebrated in May.
For 2024 Getlink is confident and forecasts a gross operating surplus of between 780 and 830 million euros.
The company proposes to pay a dividend of 55 cents to its shareholders - to 90% of institutional investors, the construction group Eiffage being the first -, 10% more than last year.