Europcar benefits from turnaround strategy

Europcar posted a drop in revenue

Car hire firm Europcar is benefiting from a turnaround strategy after seeing its adjusted EBITDA more than double.

The company’s adjusted EBITDA was 136% up in the first six months of this year compared to the same period in 2012, while its operating income came in 17.2% higher at EUR68 million.

However the group only marginally reduced its net debt by 0.7% to EUR3.1bn and revenues dropped 1.9% to EUR863.9m.

Its B2B sales and commercial initiatives had helped boost numbers.

“Our transformation plan, Fast Lane 2014, enables profit improvement and is well on track. The many initiatives launched and their successful execution allow us to achieve a significant improvement in both adjusted corporate EBITDA and operating income over this first semester,” said Roland Keppler, CEO of Europcar group.

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