Avis Europe cuts improve revenue

Car rental firm Avis Europe posted a higher full-year profit, boosted by an improvement in volumes and as the company continued to cut costs. The company, which serves customers under the Avis and the Budget brands, expect overall volumes to further improve in 2011. Underlying pretax profit was €51m ($69.7 million) for the year ended 31 December, compared with €35.2m last year.