Avis Budget group has reported record revenues for 2014 with 7 per cent year-on-year growth.
The company reported revenues for the year ending December 31 2014 of $8.5 billion and adjusted EDITDA increased 14 per cent to $876 million, the highest in the company’s history.
It follows a 2 per cent increase in revenues for the final quarter of the year of $1.9 billion compared to the same period in 2013.
Avis said the strong growth was driven by 7 per cent growth in rental days, a 2 per cent increase in North America pricing, and a 13 per cent increase in ancillary revenues.
Avis Budget Group chairman and chief executive Ronald L Nelson said: “We had a record year in 2014 as we saw incremental benefits from our key strategic initiatives, and reported our second consecutive year of increased pricing in North America.
“We returned $300 million of cash to shareholders through share repurchases, reducing our diluted share count by 5%, while also making a number of strategic investments, including our purchase of our Budget licensee for Southern California and Las Vegas in the fourth quarter.”