Getlink’s activity boosted in 1Q by an electric cable under the Channel
Getlink recorded a strong increase in revenues in the first quarter of 2023, thanks in particular to its traditional activities and the new cross-Channel power cable ElecLink. They confirm their objective of Ebitda of more than 910 million euros for the full year 2023.
| Sectors | Power Grids, Transmission, Oil, Gas |
|---|---|
| Themes | Markets & Finance |
| Companies | Getlink |
| Countries | France, United Kingdom |
Channel Tunnel operator Getlink Group more than doubled its first-quarter revenue, thanks in part to revenues from the new ElecLink cross-Channel power cable, while its traditional business grew 21%, according to a statement released Thursday.
The former Eurotunnel group’s quarterly revenues reached €506.9 million between January and March 2023 -including €275.8 million for its traditional activities and €231.1 million for ElecLink–, compared to €227.8 million in the first three months of 2022 (+123%) and €254.4 million in the corresponding period of 2019 before the health crisis.
Rail shuttle traffic between France and England increased by 31% for car transport, but fell by 14% for trucks due, according to management, to the economic slowdown in the United Kingdom, rising energy costs and industrial action.
Eurostar high-speed train traffic, which had been atomized by the pandemic, confirmed its rebound (+121%), while that of freight trains passing through the tunnel decreased by 8%, “penalized by the social movements in France”.
Europorte, the group’s rail freight company, has seen its quarterly revenues increase by 5%, driven by contract renewals, an extension to Belgium and Germany, and the award of the management of the port of Sète.
As for ElecLink, an electrical cable with a capacity of one gigawatt stretched through the tunnel between France and England and connected on May 25, 2022, it contributed 45% of the group’s revenues in the first quarter, “with an availability rate (…) of more than 90%” since its commissioning.
For the full year 2023, management has confirmed its target of gross operating profit(Ebitda) of over 910 million euros, compared with 886 million euros in 2022.
