Fleet News

EuroDollar doubles profit despite increased costs

DAILY rental giant EuroDollar has doubled its profits for the year to March 31, 1997, despite higher vehicle holding costs. The company grew its operating profit by 32.6%, to £17 million from £12.9 million for the same period in 1996, on a turnover up 11.6% to £107.4 million (1996: £96.2 million).

This translated to a pre-tax profit of £8.25 million (1996: £4.01 million), continuing the company's recovery path after a difficult period in 1995-96 when residual values of ex-rental cars plummeted. EuroDollar reported strong demand for rental services, particularly among its core corporate client base, and this allowed the company to increase rates by an average of 8% last year.

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