Eurotunnel lowers profit forecast as value of pound declines

Published on : Wednesday, July 20, 2016

EurotunnelThe Eurotunnel has lowered their 2016 profit forecast by 4.5% after the value of pound fell down as a result of Brexit. The Eurotunnel authorities have also lowered their profit forecast for 2017 by 4.3%.



Eurotunnel runs train services between France and Britain. The company earns two-thirds of their profit from their shuttle services. Among their passengers, 80% are travellers and citizens from UK.



The authorities of the firm have stated that the impact of Brexit on cross-Channel transportation is not certain.



The Chief Executive of Eurotunnel, Jacques Gounon has stated, “Despite the financial market uncertainty generated by the United Kingdom voting to leave the European Union, the Group remains confident in the performance of its economic model and in its outlook.”



The passenger traffic of Eurostar has fallen 3% in early 2016 because of terror attack in Brussels and railway strikes in France and Belgium. During the same period, the shuttle traffic of the firm has moved up 10%.



Despite of the turmoil, the firm’s overall profit has gone up 4% to €249 million in the first half of 2016. The company has also received a 2% hike in their revenue this year.

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