Europcar reports modest revenue increase for 2019

Europcar has reported revenue of €3,022 million for 2019, up 0.9 per cent on an organic basis and or 3.2 per cent on a reported basis.

Group net income for the year stood €38 million.

Caroline Parot, chief executive of Europcar Mobility Group, declared: “The second half of 2019 was challenging, with the European economic slowdown and the Brexit both impacting our corporate and leisure businesses.

“This led us to accelerate the roll-out of our efficiency and standardization programs, so as to adapt our cost-base.

“Finally, in this soft environment characterised by weaker-than-expected demand and pricing pressure, we achieved our revised guidance.”

Corporate net debt at Europcar Mobility Group totalled €880 million.

Parot added: “In 2020, the environment will remain complex, with macro uncertainties in Europe, as well as challenging times when it comes to environmental issues or health major events.

“In this regard, while having no direct operations in the APAC region, we are closely monitoring the evolution of the outbreak situation in our industry and in our company, from an employees and business perspective.”

She added: “At the same time, 2020 being a key milestone on our way to our 2023 ambitions, we will strongly focus on quality of revenue, margin improvement and cash flow generation.

“All this with continued financial discipline, in line with the targets of our efficiency programs.

“Thanks to our unique and central positioning in the mobility ecosystem, we are confident in the relevance of our Shift 2023 strategic roadmap, which aims to enable us to capture further growth, seize market opportunities in front of very promising long-term mobility trends and create greater value for our customers, while progressively rebalancing our revenue streams, thus reducing the impact of seasonality and volatility on our business.”

Source : Breakingtravelnews