THE loss making Eurotunnel money train, stalled on the buffers of £9 billion indebtedness, is at last beginning a slow forward momentum to some form of fragile profitability. The Channel Tunnel operator, this week, predicted that it would make its first operating profit this year. Annual net losses have been trimmed back from a massive £925 million to a slightly less staggering £685 million as revenue grew from £298 million to £448 million.

The group also said, this week, that final agreement has been reached with the phalanx of 225 creditor banks over an equity restructure and refinancing package. The deal means that lenders now own over 50 per cent of Eurotunnel's equity.

The shares are a disaster area to rival the aftermath of the tunnel fire. Rated at 871p in 1989 the equity now languishes at 71p. With a dividend unlikely until well into the new millennium, any money riding on Eurotunnel is for the adventurous only.