(Boursier.com) — Getlink published a 25% drop in its turnover in the fourth quarter, while the number of trucks transported by Eurotunnel shuttles and the turnover of the ElecLink unit recorded a decline over the past period. The group’s turnover amounted to €423 million in the last quarter of the 2023 financial year, compared to a recalculated turnover of €562 million a year earlier.
Getlink explained that the number of trucks transported by Eurotunnel shuttles during the quarter fell by 13%, penalized by the difficult economic environment in the United Kingdom and increased competition from ferry companies “moving away from social models applicable to British and French domestic navigations.” The Passenger Shuttle activity remained stable over the past period.
The ElecLink unit, which allows electricity exchanges between France and the United Kingdom, saw its quarterly turnover fall sharply by 53% to 132 million euros, “an expected consequence of the narrowing of price differences electricity between France and Great Britain.
As of December 31, 2023, 65% of ElecLink’s interconnection capacity for the 2024 financial year has already been sold, which should generate a turnover of nearly €281 million.
Over the whole year, Getlink’s turnover stood at €1.829 billion, up 14%.
Management reiterated its confidence in its ability to exceed 910 ME in Ebitda for the entire 2023 financial year.
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