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Eurotunnel owner says no-deal Brexit would cost it €15 million
A no-deal Brexit could wipe €15 million off this year’s pre-tax earnings for Eurotunnel operator Getlink, but the company insisted it was ‘ready for Brexit’ as it announced pre-tax earnings for 2018 were up 9% to €569 million.
The company has set itself a target of making €560 million this year if Britain leaves the EU next month without a deal, but it said it was expecting to make €575 million if an agreement is reached.
"The current political situation, particularly in the United Kingdom, is likely to generate uncertainty about the short-term impact of the exit of the United Kingdom from the European Union on 29 March 2019. The Group considers that this uncertainty is likely to affect its activity in the first weeks following this date," it said in a statement.
"Despite this short-term uncertainty, the Group remains very confident in the solidity of its various businesses and their medium-term growth potential."
Eurotunnel’s preparations for Brexit include the creation of a veterinary and phytosanitary customs zone and border inspection post for the French authorities, the installation of e-gates for passengers, and investment in information systems.
Last year, Le Shuttle trains carried 2.7 million cars and 1.7 million trucks while Eurostar trains carried almost 11 million passengers, more than half a million more than in 2017.
Chairman and CEO Jacques Gounon said: "The Group has seen its ninth consecutive year of growth and has had an exceptional 2018 from both operational and financial perspectives with results that exceed market expectations.
"The Group is focusing on Brexit from a solid foundation in order to provide our customers with the best possible service whilst increasing our competitiveness."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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