New figures released by Avis Europe show that the daily rental company achieved 'double-digit revenue growth' in all major European markets apart from Germany.
'The German market remains difficult and we continue to focus on improving yield, together with actions to further reduce costs,' the company said.
Latest figures show that during the six months to June 30, Avis Europe revenue grew by 8.6% to €604.6 million and its operating profit, before exceptional item, was €99.3 million — just above the same period last year. Its pre-tax profit was down 5.7% at €64.4 million from €68.3 million.
Commenting on the German market in its financial report, Avis Europe added: 'Against the background of a significant slowdown in business activity in Germany, as well as continuing weakness in the replacement segment and a sharp rise in fleet costs to the rental industry, we have placed particular focus on strategies to increase yield in preference to volume growth.
'As a result, during the period we achieved a 16% increase in rate per day. Volumes declined 16% following exceptionally strong growth in the same period last year.
'Measured over a three-year period, volume and revenue growth have been 18% and 42% respectively. Conditions in the German market remain weak and we continue to pursue strategies to consolidate our market position, optimise yield and reduce the cost base.' (October 2001)