Eurotunnel cheers shareholders with its first profit after 26 years
Friday 02 March 2012
It's been 26 years, billions of investment, a series of boardroom bust-ups and more than a little political intrigue, but Eurotunnel, the company that operates the Channel Tunnel between Britain and France, yesterday unveiled its first proper profit.
For the year to December 2011, Eurotunnel is in the black to the tune of €11m (£9.2m). While the company has recorded profits before on an operational basis, they have previously always been undercut by "exceptional" items or other matters.
Long-suffering shareholders will also be cheered to hear that the dividend payment is to be doubled. However, even at the new, higher level it will only be eight euro cents a share.
The company predicts that bookings will soar for both the Queen's Jubilee in June and the London Olympics Eurotunnel reckons it can manage the "waves" of extra passengers it is expecting by speeding up shuttle crossing times to 30 minutes – five minutes faster than presently. To achieve this, the shuttles will travel at 100mph. At the moment the trains reach 90mph.
Revenues are up by 16 per cent to €845m. The profit compares to a loss of €58m for 2010. Almost 19 million people and about 17.7 million tonnes of freight crossed the Channel through the tunnel during 2011.
Eurotunnel has debts of €3bn, but insists they are structured in a way as to be perfectly manageable. "We are on the front foot," said the company bullishly.
The Independent's live blog of today's Premier League action
- 1 Scottish referendum: So how about the English now being given a chance to split from England?
- 2 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 3 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 4 Matthew Miller: American sentenced to hard labour in North Korea 'wanted to be Snowden II'
- 5 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
Isis in Syria: 60,000 Kurds flee terror in new exodus
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
4Chan naked photos leak: Celebrity Twitter reactions to the mass breach of privacy
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...