News

AVIS Europe has reported a 20% decline in annual profits from £109.6 million to £89.5 million.

It blamed the downturn on the September 11 attacks and the resulting decrease in air travel, which hit its airport outlets.

Turnover from corporate customers was down 9% and sales from leisure customers was down 7%.

But Avis insisted it had softened the impact by reducing its fleet and selling an extra 5,000 ex-hire cars in addition to the annual 35,000 vehicles it sells.