Avis Europe saw 2010 profits rise by 45% as it benefitted from an improvement in the global economy, the company said as it reported its end of year results.
The underlying pre-tax profit for the year came in at €51 million in the year to December 31. Net debt reduced to €528 million as the group was strengthened by a €181 million rights issue.
Chief executive Pascal Bazin hailed the strong performance on the back of increased rates per day for the third consecutive year. “During the past two years we have engineered a significant turnaround of the group, effectively restructuring the company and reorganising the Avis and Budget brands for future growth,” he said.
“At the same time we have continued to invest in both customer service innovation and product differentiation. Together with our rights issue in the summer this provides a very strong platform to further drive profitable growth.
“We now intend to maximise opportunities from the improving trends we are seeing across the industry as a whole, which will support our continued push for improved margins and cash generation.
“The strength of our brands, service and innovative offer to customers position the group well to take full advantage of opportunities in both our traditional core and emerging markets and in growing our new mobility offers. Consequently, we remain confident of further progress in the year ahead.”