Europcar returned to growth in 2010 with operating profit up by 12% to €243 million helped by a leaner cost structure and tight fleet management.
Revenue rose 4.6% year-on-year to €1.973 billion on strong revenue per day increases and progressive volume recovery, according to the car rental company.
Chief executive Philippe Guillemot said: “Our 2010 results show the return to growth for Europcar, after 18 months of business contraction. This, together with the full effect of the reorganisation measures implemented in 2009, resulted in improved profitability.
“With the extension of the maturities of our main fleet financing facility and half of our corporate debt, we have time in front of us to grow our business. To this end, in 2010 we built our three-year plan, to enhance growth and improve financial performance over 2011-2013.”
But he added that the recovery in demand “remains modest” with many situations across the globe having an impact on the travel industry.
“These challenges may also represent opportunities. The agility of Europcar’s organisation is more relevant than ever to face today’s fast-changing business environment,” said Guillemot.