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.