Car hire group Avis Europe today posted a sharp fall in full-year profits as it was hit by lower rental prices, increased fleet costs and restructuring charges.

Avis Europe took a sharp fall in profits in its stride today, as the car rental company instead hailed “crucial steps” in a recovery plan.

Troubled car rental firm Avis Europe today became the latest FTSE 250 Index stock to find itself at the centre of takeover speculation.

Car rental firm Avis Europe dealt shareholders a fresh blow today after announcing it would not be making a full-year dividend payment.