Avis Europe plc AGM Trading Update.Business Editors BRACKNELL Bracknell (brăk`nəl), city (1991 pop. 52,257), Bracknell Forest, S England. Bracknell was designated one of the new towns in 1949, in order to alleviate overpopulation in London. , Berkshire Berkshire (bärk`shĭr, –shər, bûrk`–) or Berks (bärks, bûrks), former county, S central England. , England--(BUSINESS WIRE)--April 18, 2001 Avis Europe plc, the leading car rental company in Europe, Africa, the Middle East and Asia, announced that at the AGM AGM annual general meeting AGM n abbr (= annual general meeting) → AG f AGM n abbr (= annual general meeting) → JHV f at noon today, Chairman, Alun Cathcart, will comment: In 2000, we achieved another year of double-digit revenue growth in all key markets, and operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: remained strong, although below prior year as a result of rising fleet costs. As expected the slower economic growth in Europe is leading to somewhat lower volume growth in 2001, although favourable trends on pricing continue. In Germany, we continue to see above average fleet cost increases and weakness in demand for replacement vehicles. The general outlook for the German economy remains difficult to predict and as a result we have implemented a further program of cost savings. After a good start to the year's trading in our UK business, the market is showing some signs of the impact of the foot and mouth crisis on domestic and inbound in·bound 1 adj. Bound inward; incoming: inbound commuter traffic. Adj. 1. inbound travel. Although overall revenues from US inbound business in the first quarter are in line with expectations, we remain cautious about demand from US customers which generates some 10% of total annual revenues. We have now reached agreements with insurers representing approximately 80% of outstanding claims in our 3 Arrows replacement car business, and on terms broadly in line with the level of provisions previously made. We are now beginning to see increased demand in line with our plans for development of this business. We have implemented a series of additional cost efficiency actions across the group which should ensure modest growth for the full year. Avis Europe plc rents cars under the Avis brand name to customers in 112 countries. Avis Europe's ordinary shares trade on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . Prices may be accessed on Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. under the symbol AVE LN and Reuter Equities 3000 Service under AVE.L. Additional information is available on Avis Europe's internet site: www.avis-europe.com. |
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