Sixt has reported positive signs of recovery in both its rental and leasing operations.

The company’s second quarter results, which have just been published, show it enjoyed a high level of demand in both its vehicle rental and leasing business units in the second quarter of this year.

As a result, revenue increased by 7.8% compared to the first three months of the year.

Along with many of its competitors, Sixt initiated cost-cutting measures at the end of last year, which saw it reduce its rental fleet resulting in rental revenue dropping 5% year-on-year in Q2.

However, it also increased rental prices, which have helped push up its performance.

During the first six months of this year it added just 66,300 vehicles compared to 84,700 vehicles during the same period in 2008, to its rental and leasing fleets.

This represents a decline of 22% in the number of vehicles and 21% in the investment volume.

In the company's vehicle rental business unit, the decrease in investments amounted to 22% in terms of vehicle numbers and 20% in terms of the investment value.

The average size of the European rental fleet fell to 67,900 in the first half of 2009, compared with 72,300 vehicles in full-year 2008 (-6.1%).

In addition, the financing of part of Sixt’s fleet was switched from purchase to leasing.

As a result, the volume discounts granted by manufacturers that are common to the industry will not be received until later in the financial year.

“Sixt has successfully adapted to the change in the market environment,” said Erich Sixt, chairman of the managing board of Sixt AG.

“The second quarter has shown that our cost-cutting and efficiency-enhancing measures are starting to take effect.

"A cautious fleet policy, price increases, customer-focused product innovations and cost awareness are the key factors for continued success in this environment.”

Ian Lawrence, managing director of Sixt UK, added. “We are delighted to achieve such high results in a difficult market.

"We pride ourselves on innovation, vehicle choice and value for money and are constantly striving to find ways to improve our services for our customers and to offer rental solutions to satisfy their needs, enabling us to go from strength to strength."