Avis Europe sees full-year profit rise

Avis Europe sees full-year profit rise

Avis Europe had recorded an increase in full-year profits, as the international car rental market continues to rebound.

Underlying pre-tax profit stood at €51 million for the year ended December 31st, compared with €35.2 million the previous last year.

Continues cost cutting across the rental firm’s brands – which include Avis and Budget – also boosted profits.

Revenue rose nine per cent to €1.52 billion.

The company, which serves customers under the, expect overall volumes to further improve in 2011.

The company had reduced its staff by a further 2.9 per cent in 2010 and extended the salary freeze of the previous year through the first quarter

Avis Europe - whose key stakeholder is Belgium’s D’Ieteren - runs its business in Europe, Africa, the Middle East and Asia.