Avis Europe praises resilience, despite further losses

By Ben Harrington, Markets Reporter Published: 4:45PM GMT 04 March 2010

Avis Europe

Weak direct in France, Germany, Italy and quite Spain saw organisation let income tumble by €151m (�137m) to €1.16bn and pre-tax increase trip to €35.2m from €38m the year before. Britain, though, supposing a partially volatile performance, with Avis gaining marketplace share.

Pascal Bazin, arch executive, argued that the association had "delivered a really clever result" for the year since the formidable mercantile environment.

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To opposite negligence enlargement in the home markets, Europe"s second largest car let organisation additionally pronounced it plans to quadruple the series of outlets the has in China to 100 by 2012.

"We are entirely rebuilt to maximize opportunities from any upswing in the normal core markets, as well as for longer tenure essential enlargement by enlargement in new markets," pronounced Mr Bazin. "These markets embody China, where the early marketplace entry, the strength of the Avis code and peculiarity of use are reinforcing the on all sides as the heading general brand."

Despite the difficult conditions Avis managed to revoke the debt raise by €375m to €758m, in piece by shortening the distance of the fleet.

Avis is confident about the prospects for this year. "We expect a somewhat certain volume opening for the year and are operative towards a serve alleviation in pricing," it pronounced in the annual statement.

Avis shares rose to 32p.