(Reuters) - Europe’s largest car rental business, Europcar (EUCAR.PA), reported a first quarter loss in line with management expectations after the French firm completed a major acquisition, it said on Wednesday.
The company reported a loss of 24.5 million euros ($28.93 million) in its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).
The results were hit by the negative impact of the Goldcar acquisition, a negative impact from strong organic growth of the company’s existing Low Cost and Vans & Trucks business unit and an increase in digital & IT spending.
“Nevertheless, our Q1 results are fully in line with our expectations at this stage and were factored in our 2018 outlook” commented Caroline Parot, Chief Executive Officer of Europcar Group.
Reporting by Camille Raynaud; Editing by Elaine Hardcastle