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Avis looks to cut distribution costs
Avis Europe is to seek more cost efficient distribution after admitting “continued pressure” on margins.
The car rental group said it expected current “difficult competitive conditions” to continue into 2005.
Avis said: “Whilst we will focus on yield opportunities where possible and the expansion of the business through lower cost distribution channels, we expect little upward movement in pricing and therefore continued downward pressure on margins.”
The company said it expected to give an update during the first half of next year on a second phase of “strategic actions” to imrpove margins over the medium term.
It said pre-tax profit expectations for 2004 remain unchanged, with lower than expected year on year revenue growth being offset by operation cost efficiencies together with interest savings from lower debt.
Report by Phil Davies
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