Almost 1,000 jobs were created by the UK arm of Enterprise Rent-A-Car as its turnover surged towards £2bn during its latest financial year.
The Surrey-based company increased its average headcount in the year to July 31, 2023, from 5,120 to 6,054, according to newly-filed documents with Companies House.
The new financial results also show that Enterprise Rent-A-Car’s turnover increased from £1.3bn to £1.8bn in the year while its pre-tax profits grew from £163.6m to £202.8m.
A statement signed off by the board said: “In fiscal 2023, the group saw growth in demand for rental vehicles and a continued normalisation of operations, alongside the sustained stabilisation of impacts from the Covid-19 viral disease.
“The ongoing shortage of components used in the manufacturer of new vehicles has continually caused significant delays in the supply chain and a shortage of new vehicles available in the UK.
“Despite this, the group has not seen any significant adverse impact on financial results, financial stability and going concern in fiscal 2023 but continues to work closely with vehicle manufacturers to monitor and respond to the evolving situation.”
Enterprise Rent-a-Car was established in Missouri, USA, in 1957 by Jack Taylor.
Its parent company, which also runs the National and Alamo brands, posted a revenue of $35bn for the financial year.
On its future, the UK arm of Enterprise Rent-a-Car said: “During fiscal 2024, management forecasts that demand for mobility services will continue to increase, broadly in line with the recovery of the wider UK economy, and that the business is likely to record a healthy by moderate increase in revenue.
“The principal reason for this restrained forecast is the fact that the business, and indeed the wider industry, will be hampered by the ongoing challenges to vehicle supply, which is due to a global shortage of semiconductors and therefore the number of new vehicles that are entering the market.
“Enterprise Rent-a-Car has taken steps to mitigate the shortage by working closely with original equipment manufacturer partners, extending fleet cycles and using an extensive branch network to move vehicles to meet spikes in demand.
“it is anticipated that the effect will be felt throughout at least the first half of fiscal 2024.
“However, as more vehicles become available, management is confident that moderate revenue growth will continue to be seen.”