avis revenue down 5%

AVIS Europe reported a 5% drop in revenue between September 11 and the end of 2001 although revenue growth for the year was up 4.2% compared to the previous year.

The company insisted transatlantic business was recovering but warned that corporate bookings in northern Europe were not showing any sustained improvement. Group finance director Martyn Smith has been appointed to the board after joining the firm from John Menzies. Meanwhile 70-year-old non-executive director Wally Taylor retired from the board.