Pre-tax profit was €14 million. Avis Europe chairman Sir Bob Reid said, “Market demand showed signs of recovery from the second quarter, with the exception of long-haul travel, although prices were still weaker. Summer trading has met expectations.”
Overall Avis Europe expects full year revenues, excluding Budget Rent-a-Car, to be 4-7% lower than 2002. It has not revised its expectations for full year earnings.
Avis Europe's majority shareholder d'Ieteren was also expected to announced first-half results today indicating the negative effect of weak new-car markets in its Benelux import and distribution operations.