View from City Road: Another let-down from Eurotunnel

Eurotunnel's shareholders have grown used to disappointments. Now it is the turn of its customers. The few thousand who had booked their place in history were told yesterday that they may have to settle for their money back since Eurotunnel can no longer guarantee that passenger services will be running in May.

The company insists the effect on revenues of these latest delays to freight and passenger shuttles will be 'negligible'. That may be so. Harder to quantity is the likely effect on sentiment as Eurotunnel prepares for this spring's pounds 500m rights issue.

It will surely take a handsome package of travel incentives or a deep discount to keep shareholders on board, for the suspicion must remain that while the Channel tunnel will be a winner in the long run, Eurotunnel may not be there to share the spoils.