Car rental firm Sixt posted a 7.4 per cent year-on-year increase in consolidated revenue in the second quarter to €1.08 billion and confirmed its full-year growth forecast on Wednesday (13 August) despite ¡°declining visibility¡±.

The Germany-based company also recorded a 62.4 per cent year-on-year increase in profits for the period to €78.4 million, marking a sharp turnaround from its €12.6 million loss in Q1.

Sixt chief financial officer Franz Weinberger said the company ¡°continues to grow ¨C even in a challenging market environment".

Weinberger, in a statement, said the company ¡°efficiently met strong demand¡± in all regions ¡°with only moderate fleet growth and a high premium share of 54 per cent. This means we are offering more premium vehicles than ever before.¡±

He added: ¡°Overall, despite increasing macroeconomic uncertainty and declining visibility, we are on track to achieve our full-year targets. Based on the current business development, we confirm our guidance." Sixt expects a year-on-year revenue increase of between five and 10 per cent.

Second quarter revenue from the company¡¯s European operations excluding Germany increased 13.7 per cent year-on-year to €456 million, outperforming both Germany (€289.2 million) and North America (€334.6 million).

Sixt¡¯s global fleet at the end of June comprised 197,800 vehicles, representing a 5.7 per cent increase compared to the same period last year. Between April and the end of June, the company opened several new global branches, including in Brooklyn New York in the US, Calgary, Canada, London Richmond in the UK and at Italy¡¯s Reggio Calabria Airport.

The company also extended its existing corporate travel agreement with Siemens until 2027.