Visitor shortage slows Avis Europe

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With a lack of tourists boosting car rental volumes, Avis said it is having to increase rates to offset falling profits. It added that the number of days its cars were going out on rental during the summer months fell because fewer Americans were coming to Europe.

Though Avis had kept its business together on the back of increased corporate and insurance-replacement rentals, that has now also fallen to the financial crisis. The company said: "Volumes have noticeably weakened in the fourth quarter to date."

Pascal Bazin, brought in to run the company 12 months ago, said he had implemented a "significant price increase" and was looking to push through further price rises in 2009.

He warned Avis will fail to match last year's underlying profits of 33 million (£28.2 million), and said much of that will be wiped out anyway by a charge of 23 million, mainly as a result of cutting 315 jobs, about 5% of the workforce.