DOUBLE-digit growth in the UK and four other major European markets helped Avis Europe achieve a massive 44.1% rise in pre-tax profits to ú98.7m in the year to December 31 1998.
The car rental company said the strength of sterling against other European currencies helped to improve figures, with reported revenues up 14.3% to ú576.3m.
Chief executive Mark McCafferty: “We have got a very well-balanced business in the UK, France, Germany, Italy and Spain, which accounts for 84% of our revenues to give us good top-line performance.”
He said a 6.6% growth in the airline passenger market, crucial to Avis’ performance, contributed to the improved figures in its major business regions.
McCafferty added that the core segments of corporate, leisure and replacement car sectors had all experienced growth. Avis’ highest-yielding premium business, where unbooked customers need cars immediately, also rose.
These core segments are now broken down to corporate, accounting for 25% of Avis business; leisure 37%; and replacement car and premium business both 19%.
Avis is currently looking for partnership deals in Japan and China, following the recent appointment of a licensee in India to establish Avis Rent A Car.