AM Online

Sixt improves results in difficult market

Sixt AG, the German rental and leasing group that owns the Sixt-Kenning operation in the UK, recorded EBIT 17.4% higher for the first nine months of this year than a year earlier, at €37.2 million. Third quarter EBIT was up 28.4% at 19.7m. Turnover in the first nine months was 2.5% up at €1.63 billion. The disposal of rental and leasing vehicles fetched 3.6% more in the first nine months of this year than last at €965m, though the group's fleet holdings had been reduced. Sixt AG, the German rental and leasing group that owns the Sixt-Kenning operation in the UK, recorded EBIT 17.4% higher for the first nine months of this year than a year earlier, at €37.2 million.

Chairman Erich Sixt pronounced himself satisfied with the results, which showed the value of the company's discipline in avoiding business that provided insufficient margins and holding rental prices stable, but he described the company's present market environment as difficult as that of a year ago.

In May of this year, Sixt started up a 22-outlet budget rental sub-brand, SIXTI, which now has outlets in Germany, Austria and Switzerland, but not so far in the UK. It is expected to turn over about €3 5 million in its first year and to reach its profit target a year earlier than first planned.

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