Europcar reports 6.2% revenue rise in first quarter of 2015

Europcar is expecting to deliver profitable growth over the next three years after recording increased first quarter revenues.

The car hire company reported that revenues rose by 6.2% to €413.7 million in the first three months of the year over the same period in 2014.

The number of rental days increased by 10.4% with “good momentum” reported from the UK, Italy and Spain.

This was helped in the UK by the introduction of the company’s ‘ToMyCar’ app which enables users to book, unlock and drive their rental vehicle via smartphone.

The range of mobility products for leisure customers was expanded in March with the launch of ‘Keddy by Europcar’ aimed at price-sensitive users for use by tour operators, travel agents and brokers.

The group revealed plans to create Europcar Lab as a separate entity to encourage innovation and improve mobility.

“The first illustration of Europcar Lab seizing market opportunities is Europcar’s recent acquisition of a majority stake, alongside the founders, in Ubeeqo, a French start-up specialising in car-sharing and pioneer and leader of the business market,” the company said.

Europcar expects full year revenues to increase by between 3% and 5% with adjusted earnings (ebitda] of around €245 million, driven by both revenue and cost control initiatives.

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