Avis Europe has shown strong financial performance over the first two quarters of 2010, the best results posted by the firm in the last five years, which company executives attribute to new contracts, cost cutting initiatives, and market growth in both the Middle East and Asia. Pre-tax profit for Avis Europe was €300,000 for the period ending 30 June, compared with the whopping €13.9 million loss the company experienced during the same period a year prior.

Rental income during the first half of the year was also substantial during the first six months, with a rise of 1.1 per cent to €539 million, coupled with a net debt reduction of €786 million. Chief executive of Avis Europe Pascal Bazin said that one of the main factors contributing to the strong performance by his company was the increase in travel by both business and leisure consumers, both of which had dropped significantly over the course of the past two years. Mr Bazin went on to say that he expects Avis Europe growth to continue in the future.

Avis Europe has plans to further reduce its debt through a recent €181 million rights issue and €375 worth of its revolving credit. The firm also hopes to increase the growth seen in the booming Middle East and Asian markets.