AVIS SA ON TRACK TO MEET EARNINGS GROWTH FORECAST
Avis Southern Africa Limited
Registration number: 1967/010220/06
Share Code: AVS
ISIN Code: ZAE000013371
Johannesburg, 27 June - Avis Southern Africa is on track to produce strong
real earnings growth in the year to March 2003 and to meet the performance
expectations as outlined in its annual results announcement last month,
chief executive Grenville Wilson said today.
The London-based Avis Europe earlier today issued a trading update to the
effect that its earnings for 2002 could be up to 15% lower than those for
2001. It cited continuing weakness in the European corporate sector and
said European companies had significantly constrained their travel
expenditure.
Wilson said Avis SA`s car rental and leasing operations in Southern Africa
and Scandinavia were all budgeting for good revenue increases in the year
ahead. They were in line to reap the benefits of a range of growth drivers,
including the expected increase in international inbound tourism to Southern
Africa, an improvement in the Southern African domestic market and the
effect of the firm oil price on the Scandinavian economies. In addition,
all these operations were developing new products, seeking greater
penetration of their existing markets and exploring new market sectors.
Issued by du Plessis Associates on behalf of Avis Southern Africa Limited.
dPA contact - Helen McKane on Tel : +27(11) 728 4701, Fax : +27(11) 728
2547/8 or e-mail : avis@dpapr.com
Date: 27/06/2002 04:51:00 PM Produced by the SENS Department
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