Getlink’s Q3 revenue jumps on rising passenger traffic, strong ElecLink debut

By Dina Kartit and Augustin Turpin

(Reuters) – Channel Tunnel operator Getlink posted on Thursday a 109% rise in third-quarter revenue, driven by growth in passenger traffic and the launch of its new ElecLink project.

The France-based company’s third-quarter reported revenue of 466.1 million euros ($455.47 million), compared to 223.1 million euros for the same period last year.

“The growth in passenger traffic, our marketing investments and ElecLink entering its operational phase allow us to establish a higher level of revenue compared to 2021 and confirm the attractiveness of our low-carbon solutions for customers,” Chief Executive Officer Yann Leriche said in a statement.

Traffic across the firm’s Channel Tunnel is picking up this year as pandemic-related travel curbs have eased across Europe.

Revenue for Getlink’s mainstay Eurotunnel between the United Kingdom and Europe, came in at 325.8 million euros, up 71% year-on-year, driven by growth in its passenger Shuttle and Eurostar train traffic.

Eurotunnel’s Le Shuttle recorded a strong growth in traffic over the third quarter with 788,560 passenger vehicles transported, up by 107%.

Getlink’s railway network quarterly revenue was also up 116% at 84.3 million euros, driven by the recovery in traffic of Eurostar, a key Getlink client which runs high-speed connections between London, Paris, Brussels and Amsterdam.

The train operator welcomed nearly 2.6 million passengers in the third quarter, said Getlink in a statement.

The group’s new ElecLink unit, operational since May, which enables electricity flow between France and the United Kingdom, contributed to 107.4 million euros in revenue to the Group during the July-September period — its first full quarter of activity.

France is grappling with an energy crisis as unexpected maintenance and strikes across the sector heaps additional pressure on supply already strained from Russian gas cuts to Europe, a situation that could benefit ElecLink, said Leriche in call last quarter.

($1 = 1.0233 euros)

(Reporting by Dina Kartit and Augustin Turpin; edited by Lincoln Feast)