European car rental company Europcar announced its financial results for the third quarter and first nine months of 2011, reporting that year to year revenue was stable during a period of worsening economic conditions in Europe, according to a Europcar press release.
Philippe Guillemot, CEO of Europcar Group, said the company experienced growth in corporate segments and sustained demand in leisure segments, primarily from cost-conscious consumers. He said that in the current market uncertainty, the company has “prepared additional cost-saving initiatives, if necessary.”
The company reported revenue of €616 million in the third quarter and €1,526 billion in the first nine months of 2011.
The company also reported that it continued to improve its fleet utilization rate at 77.3% rate in the third quarter of 2011 compared with 76.9% in the year-earlier period.
For the nine months ending Sept. 30, 2011, Europcar’s consolidated revenue rose by 0.1% to €1,526 million from €1,524 million in the first nine months of 2010 (restated at constant exchange rates).
Average fleet in the first nine months of 2011 was 1.7% lower than the 2010 level for the same period, illustrating the higher utilization rate.