The operator of the Channel Tunnel has downgraded its annual profit projections to reflect a likely no-deal Brexit.
Getlink said it could achieve earnings [ebitda] of €575 million if the UK was to leave the European Union with an agreement.
However, the Eurotunnel owner has set an objective of €560 million in the case of a no-deal.
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“As the absence of an agreement on Brexit on 31 October is becoming very likely, the reference scenario for 2019 is now the ‘no-deal’ one,” the company said today.
However, Getlink said it remained confident in its ability to generate sustainable growth and expects annual earnings of €735 million by 2022.
The forecast came as it reported a 2% decline cars using its passenger shuttles to 1.139 million in the six months to June 30.
Eurostar high speed rail passenger numbers were up by 2% to 5.3 million despite the “severe impact” of a strike by French customs officers at Paris Gare du Nord station in March, April and early May.
The company revealed it had spent €15 million preparing for the first Brexit date of March 29 through the installation of new infrastructure.
Getlink chairman and CEO Jacques Gounon said: “In the first half of the year, despite the jolts resulting from the political uncertainties of Brexit the group has once again demonstrated the resilience of its business model with revenue growth for the tenth time in a row.
“Without the recent strike by French customs officers, the group’s ebitda would also have increased.
“The group remains confident in its ability to manage the next stages of Brexit and confirms the dividend growth policy.”
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