Channel Tunnel operator Getlink reported a 25% fall in fourth-quarter sales on Thursday, as both the number of trucks carried by Eurotunnel shuttles and sales by the ElecLink unit declined over the period.

The French group's sales amounted to 423 million euros in the final quarter of 2023, compared with recalculated sales of 562 million euros a year earlier.

Getlink reported that the number of trucks carried by Eurotunnel shuttles during the quarter fell by 13%, penalized by the sluggish economic environment in the UK and intensifying competition from ferry companies "deviating from the social models applicable to British and French domestic sailings."

Passenger Shuttle business remained stable over the period.

The ElecLink unit, which enables electricity exchanges between France and the UK, saw its quarterly sales fall by 53% to 132 million euros, "an expected consequence of the narrowing of electricity price differentials between France and Great Britain", explained the group.

Getlink said that by December 31, 2023, 65% of ElecLink's interconnection capacity for the 2024 financial year had already been sold, which should generate sales of around 281 million euros.

For the year as a whole, Getlink's sales came to 1.829 billion euros, up 14%, a "historic" performance, according to Yann Leriche, the group's managing director.

Getlink reiterated its confidence in its ability to exceed earnings before interest, taxes, depreciation and amortization (Ebitda) of 910 million euros for the full year 2023.

(Dagmarah Mackos; Camille Raynaud)