(Reuters] – Getlink’s core profits and annual revenues slightly outperformed market expectations Thursday, due to cost controls. However, the Channel Tunnel operator remained mum on its guidance.

Since October 2020, the group has not given an outlook. However, it stated that it will share its full-year targets once coronavirus trends which it deemed “currently positively” were confirmed.

Yann Leriche, Chief Executive Officer of COVID-19 told journalists that only the possibility for a sixth wave is keeping us vigilant to the state of the health system.

Getlink serves high-speed trains from London to mainland Europe. In the two-years that have passed, there were on-and off restrictions and Getlink was caught between Britain and France in a post Brexit tug-of war.

Leriche stated that the company had a positive cash flow of 21 millions euros in 2021 and didn’t spend any money on core businesses.

Getlink’s December revenue was 774million euros (or $885.22 million). This compares to the forecast by analyst in a company-compiled consensus at 770million.

According to the group, traffic has improved significantly over the past weeks of 2022 due to gradual lift of travel restrictions and smooth reintroductions of EU-UK customs control.

The annual net loss of Getlink grew to 229million Euros, up from 113million euro a year prior.

Geraldine Perichon (Finance chief) said extraordinary expenses of more than 40m euros were incurred for voluntary departure programmes and disputes over ElecLink contracts. The cost of inflation-linked debt payments was close to 80 million euro.

The British are (…) almost done. Leriche said that the French are still in the middle of the process. He also mentioned the 200-person departure program set for 2022.

($1 = 0.8843 euros)