Europcar sees revenues rise in third quarter

Europcar sees revenues rise in third quarter

Europcar has announced total revenue of €707 million compared for the third quarter of 2016, compared to a figure of €693 million in 2015.

This represents a 5.1 per cent increase at constant currency.

Excluding Locaroise, its third French Franchisee (fully consolidated since July), total revenues growth reached 4.5 per cent.

This increase is mainly driven by a 5.3 per cent growth at constant currency in rental revenue (€665 million) partly off-set by the decrease in petrol prices.

This performance was supported by a good leisure momentum across all brands, and an improvement in the business segments compared to the first half of 2016.

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Philippe Germond, chairman, Europcar, stated: “These solid results confirm the robustness of the group business model and its capacity to deliver sustained profitable growth.

“The strong summer season was totally in line with our expectations, successfully supported by our brand strategy notably in Southern Europe and by operational excellence everywhere in the group.

“In addition, we have fully enjoyed the benefit of the reshape of the capital structure following the IPO allowing us to register a record profits close to €100 million euros for the first nine months.

Rental day volumes increased by 6.5 per cent compared to quarter three of 2015, at 19.0 million, thanks to a positive evolution in leisure over the period on both Europcar and InterRent brands, notably in Spain, Italy and Portugal.

Quarter three adjusted corporate EBITDA reached €159 million versus €154 million in the same period of 2015, reflecting the strong performance during the summer season despite the negative currency effect linked to the depreciation of the pound sterling.