Getlink’s historic semi-annual results

These results are largely driven by the performance of ElecLink, a one-gigawatt electric cable stretched in the tunnel between France and England.

The return of Eurostar passengers and the success of the cross-channel electric cable ElecLink: The Getlink Group, the operator of the channel tunnel, achieved the best first half in its history with revenues of 934 million euros, according to a press release published on Thursday.

It’s up 64% compared to the first half of last year. On top of it all, net income jumped 218% to €159m, the same as it was in the whole of 2019.

These “historic” results are largely driven by the performance of ElecLink, a 1-gigawatt electric cable that runs in the tunnel between France and England.

vitality arrived

This service, which was launched in May 2022, achieved 330 million euros in sales, a third of that group, compared to 35 million last year.

Getlink Managing Director Yann Leriche, quoted in the results press release, commented, “The importance of our high voltage electrical interconnection ElecLink reinforces our position as a vital link and key player in trade between the UK and Europe.”

In an interview with news outlets, he praised the “successful transformation” of Getlink’s portfolio as well as its “diversification”.

With the exception of ElecLink, the traditional activities of the group also developed with an increase in turnover of 13%.

“There has been a very strong increase in traffic from our Eurostar customers,” Yann Leriche confirmed. Thus, the Franco-British company registered 5 million passengers in the first half of 2023 (+54%).

5 million passengers

In the second quarter, the number of travelers returned to a pre-pandemic level for the first time since 2019 “and there is no reason why it should not continue to grow,” Jan Lerich rejoiced.

Rail traffic between France and England increased by 16% for car transport, but decreased by 19% for vans due, among other things, to a “slowdown in British household consumption,” according to the department.

Europorte, the group’s rail freight company, suffered like the entire sector from social movements on the French railway network during the movement against pension reform, but still saw its turnover increase by 7%, to €73m.

These offerings allow Getlink to envision access to Ebitda (gross operating surplus) of €910m in 2023, “despite the still uncertain economic and social environment in the UK and France.”