Eurotunnel passengers are set for miserable cross-Channel disruption because of immigration exit checks — but investors celebrated better news, with a 20% dividend hike after annual profits almost doubled.
It comes as the Government demanded that, from April 8, ferry operators and Eurotunnel — which suffered severe delays in January because of a fire — must check the identity of every traveller leaving the UK.
This is set to trigger long delays at the train service’s Kent terminal during peak summer travel. Experts predict queues of up to five miles.
But shareholders will cash in after 2014, the 20th anniversary of the opening of the Tunnel, saw Eurotunnel’s Shuttles transport 2.6 million cars and 1.4 million trucks under the English Channel as Eurostar’s high-speed trains packed on 3% more passengers to almost 10.4 million.
Pre-tax profit shot up 89% to €56 million (£40.5 million).
The pacy performance was “led by growth in the UK economy and signs of improvement in Europe,” Eurotunnel said.
It’s now proposing a 20% rise in the dividend, to €0.18 a share. The Government is selling its 40% stake in Eurostar to an Anglo-Canadian consortium for £757.1 million.
Source: London Evening Standard
