Le Shuttle runs 24 hours
Thursday 05 January 1995
Le Shuttle, which went into service on 22 December, had until now offered hourly trains from both sides between 7am and 11pm. An overnight service will now run every two hours. The extra night services introduced on 2 January increase the overall number of shuttles through the tunnel from 26 to 40 per day.
The announcement, welcomed in the city as a sign that Eurotunnel's trading should improve in 1995, said that 12,000 reservations had been booked in the last two weeks of December for the 35-minute journey between Folkestone and Calais.
The news put further pressure on Eurotunnel's main rival, P&O, already facing the prospect of tougher ferry safety rules, whose shares fell 13p to 597p. Eurotunnel closed up 15p at 312p.
"They [P&O] are going to lose market share but a lot was already anticipated in many analysts' forecasts,'' Richard Hannah, analyst at UBS, said.
Michael Cohen, a Salomon Brothers analyst who has been bullish about Eurotunnel for several months, said he was considering upgrading his Eurotunnel financial forecast. He saw the shares as undervalued up to around 340p or Fr29.
Eurotunnel emphasised that these were early days for the services and would not alter last October's gloomy financial statement from Sir Alastair Morton, the co-chairman. He revealed that 1994 revenues would reach only about £35m compared with the £135m forecast at the time of the £8585m rights issue in May. Revenues in 1995 - the year Sir Alastair said would be critical - would be hit by delays in starting services, he said.
The company announced that the Eurostar passenger train service has also increased departures to four a day in each direction between London and Paris, and three a day between London and Brussels.
The frequency and capacity of services would continue to increase during the first quarter of 1995, building up to a peak summer period, the company said.
Outlook, page 33
- 1 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 2 Ben Affleck asked TV chiefs to hide slave-owning ancestry, new hacked Sony emails published by Wikileaks claim
- 3 Driving while dehydrated can be just as dangerous as drink driving, study suggests
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
- 5 One Direction: Louis Tomlinson launching his own record label, has already 'signed two acts'
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Professional big game hunter Ian Gibson crushed to death by elephant during hunt
Driving while dehydrated can be just as dangerous as drink driving, study suggests
Ben Affleck asked TV chiefs to hide slave-owning ancestry, new hacked Sony emails published by Wikileaks claim
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...