AVIS Europe has reported a 20% decline in annual
profits from £109.6 million to £89.5 million.
It blamed the downturn on the September 11 attacks and
the resulting decrease in air travel, which hit its airport outlets.
Turnover from corporate customers was down 9% and
sales from leisure customers was down 7%.
But Avis insisted it had softened the
impact by reducing its fleet and selling an extra 5,000 ex-hire cars in
addition to the annual 35,000 vehicles it sells.