Channel Tunnel firm Getlink says no deal Brexit 'very likely'

Channel Tunnel operator Getlink on Tuesday said no-deal Brexit was “very likely” as it warned investors to brace for lower earnings.

The group said Britain exiting the EU without an agreement was now its “reference scenario”.

That would lead to €560 million of underlying earnings instead of the €575 million when it expected a deal between the UK and EU.

Getlink accounts for a quarter of goods traded between the UK and the Continent.

Getlink spent €15 million ahead of the first no-deal Brexit date of March 29 installing new infrastructure while around €3 million went on operating costs linked to Brexit.

The firm still increased half-year revenue by 2% to €523 million, despite a €10 million hit from the French customs strike.

Chief executive Jacques Gounon said: “Despite the jolts from the political uncertainties of Brexit, the Group has once again demonstrated the resilience of its business model.”