Passenger rise buoys Eurotunnel

A financial restructuring recently slashed Eurotunnel's huge debt

The number of people using the Channel Tunnel rose in the first six months of the year, operator Eurotunnel has said.

Passenger numbers increased 5% to 3.91 million, as lorry traffic rose 9% and car numbers rose 8%. However, coach and non-Shuttle freight traffic slipped.

The abolition of a minimum user charge paid by rail firms meant total revenues during the period fell 8% from last year to £273m ($554m; 403.2m euros).

Excluding revenues from the charge, sales rose 7% on last year to £252m.

Late last month, the company successfully completed a debt restructuring drive which significantly reduced its debt from £6bn to £2.84bn.

Since its formation in 1986, the Channel Tunnel operator has struggled to make cash, owing to larger-than-expected construction costs which were never recovered and lower-than-estimated traffic through the tunnel.

"Having succeeded in restructuring its finances, Eurotunnel has now completed its return to the cross-Channel market with significant growth in its main traffic. It is clearly market leader," said chief executive Jacques Gounon.