Corporate customers keep Avis Europe in good shape

CAR rental firm Avis Europe said yesterday that January to April rental income rose 5.2 per cent, partly due to increased volumes from its corporate customers.

The company, which serves customers under the Avis and Budget brands, said billed days – its measure of volumes -- were ahead of last year in nearly all of its markets and it expected the trend to continue.

Avis has operations in Europe, Africa, the Middle East and Asia, and about 86 per cent of its revenue comes from France, Germany, Italy, Spain and the UK.

The company, whose key stakeholder is Belgian auto company D’Ieteren, said it worked with car manufacturers to maintain its fleet supply following the Japan disaster, and did not expect any impact to its key summer trading period.

“Our expectations for the full-year remain unchanged and we continue to expect good progress for the year and a further increase in our underlying pre-tax margin,” Avis said.

Shares of the Berkshire-based company closed 0.3 per cent higher at 196.4p yesterday, valuing the business at about £384m.