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Avis posts ‘better-than-expected’ 2006 results
Avis Europe has reassessed its future operating margin targets, despite posting better-than-expected 2006 year-end results.
The company announced pre-tax profits for 2006 were 10.7 million euros, down from 20.1 million in 2005, but still higher than initial forecasts.
Avis had set a target of increasing operating margins by 3-5% over the next four years, but now says cost pressures from suppliers and overheads mean it must reassess the situation.
Chief executive Murray Hennessy said: “The external environment has been, and is expected to continue to be, more difficult than we assumed two years ago.”
He continued: “Market conditions remain difficult. However, we believe we have the right strategy and are making good progress implementing our key initiatives.”
The company assured investors it is on target to meet forecasts for the 2007 year-end.
By Lisa James
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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