Acquisitions drive up revenue at Europcar

Acquisitions drive up revenue at Europcar

Europcar Mobility Group has reported revenue of €1,297 million for the first half of 2018, up 28 per cent at constant exchange rates.

Organic growth stood at 3.4 per cent.

Caroline Parot, chief executive of Europcar Mobility Group, said: “We have made significant progress on the execution of our strategy during the first half of 2018 confirming our organisation into business units and the relevance of the acquisitions made in 2017.

“This is highlighted by a good set of operational and financial results with solid performances across our three major business units, which puts us well on track to deliver our 2018 financial objectives.”

Adjusted corporate EBITDA for the period stood at €46 million, with a net profit of €20 million versus €27 million loss in the first half last year.

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Parot added: “During the first semester, our performance was in line with our expectations, and reflected the change in the Group’s perimeter with an increased seasonality of both revenue and adjusted corporate EBITDA.

“This year we are faced with an increase in our fixed cost structure due to the integration of the networks and headquarters of our acquired perimeters with synergies and rationalisation programs to be extracted and deployed in the near future.”

Europcar Mobility Group confirmed its 2018 financial guidance for the year.

Parot continued: “Integrating Buchbinder and Goldcar into the group was a major stream in our half one agenda and continues to be a key priority for the group.

“Both integration processes are on track to deliver the expected synergy target for 2018 and the full synergies of at least €40 million of cost savings and additional corporate EBITDA by the end of 2020.

“This will be complemented by significant action in terms of network optimisation and headquarter cost reduction at group level over the next two years.”