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 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
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