Enterprise Rent-A-Car creates over 700 UK jobs as sales pass £2bn
More than 700 jobs were created by the UK arm of Enterprise Rent-A-Car as rising demand helped sales pass the £2bn mark during its latest financial year.
The Surrey-based division of the US giant increased its headcount to 6,778 in the 12 months to 31 July, 2024, according to new accounts filed with Companies House.
The latest total is a rise from the 6,065 Enterprise Rent-A-Car employed in the UK at the end of its prior year.
That total itself was a huge lift from the 5,120 the company employed at the end of July 2022.
The new accounts have also revealed that Enterprise Rent-A-Car’s turnover jumped from £1.8bn to £2bn in the year.
However, its pre-tax profit fell from £246.6m to £178.6m over the same period.
Enterprise Rent-A-Car said its profit fell because of an increase in vehicle expense driven by an increase in average cost per unit and average monthly depreciation expense per unit due to a higher percentage of vehicles being depreciated at 1.7 per cent in 2024.
The company added that the impact was offset by an increase in the number of vehicles sold.
Enterprise Rent-A-Car sales to continue rise
A statement signed off by the board said: “In fiscal 2024, the group saw growth in demand for rental vehicles amid more stabilised global market conditions compared to the previous three fiscal years.
“The alleviation of issues in the global vehicle manufacturing supply chain enabled the group to refresh and grow its rental vehicle fleet profile, investing in the ongoing commitment to meet the quality, diversity and availability needs of customers, in close alignment with global corporate strategic goals and values.”
Enterprise Rent-a-Car was established in Missouri, USA, in 1957 by Jack Taylor.
On its future, the business added: “During fiscal 2025, management forecasts that demand for mobility services will continue to increase despite uncertainties and challenging conditions in the wider United Kingdom economy, as customers seek flexible, reliable and cost effective alternatives to traditional travel and vehicle solutions.
“Consideration has also been given to current global political unrest and uncertainty, changes in global socio-economic trends, and ongoing cost of living pressures.
“As a result the group is expected to record a heathy but moderate increase in revenue, which remains consistent with the long term global strategy and culture.”