STRENGTHENED BALANCE SHEET WILL BACK FLEET EXPANSION, NEW GROWTH
OPPORTUNITIES
Johannesburg, 28 June - The Avis group's operations in Southern Africa and
Scandinavia are all budgeting for satisfactory earnings increases in the
year to March 2002, chief executive Grenville Wilson says.
In the group's 2001 annual report, published today, Wilson says Avis is well
placed to sustain further growth in its key business areas, and the focus in
the year ahead will be on the exploitation of opportunities in its car
rental and fleet services divisions both locally and internationally.
"In addition to operational growth, we shall also be seeking to maximize the
attractive cost sharing possibilities which exist between the headquarters
and back office overheads of Avis Southern Africa, the Rent-A-Car operations
in Southern Africa, Norway and Sweden, and Fleet Services," Wilson says.
He notes that the sale of the group's stake in RCI earlier this year has
significantly strengthened its balance sheet, which can now support the
funding of its projected fleet expansion as well as the exploitation of new
growth opportunities.
Last year's acquisition of the Scandinavian operations has lived up to
expectations, with Norway and Sweden contributing some 20% of profit before
tax in the year to March 2001, and boosting group revenue to well over the
billion-rand mark.
Issued by du Plessis Associates on behalf of Avis Southern Africa Limited.
DPA contact - Kathy du Plessis
Tel : (011) 728 4701
Fax : (011) 728 2547/8 or
e-mail : avis@dpapr.com
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