Car hire company Avis Europe has posted a 19.5 per cent drop in full-year pre-tax profits, reflecting the fall-off in business following September 11th.
But it says it has seen some "early signs" of a gradual recovery in overall demand.
Avis Europe has reported pre-tax profits before one-off costs of £89.5 million sterling for 2001, down from £109.6 million last year, but in line with analysts' expectations.
Full-year revenue was up 4.2 per cent to £782.5 million. Before September 11th, revenue was up 8.3 per cent but afterwards it was down 5 per cent. Operating profit before exceptional items and goodwill was 12.5 per cent lower at £134 million.
Avis Europe's management is proposing a final dividend of 3.8p per share, maintaining the total dividend at 5.8p.
Chairman Mr Alun Cathcart said: "The group achieved strong growth up to the tragic events of September 11th.
"The fall in demand post-Septembert 11th significantly impacted operating profit. However, we were less affected than most in the travel and transportation sector due to the inherent strength of our balanced business mix and our ability to successfully adjust capacity with minimal one-off costs".
PA