Car hire group Avis Europe saw its underlying profits fall in 2005 but is confident its recovery plan will bear fruit during 2006.
2005 proved a tricky year for the car rental company
Avis said profit before tax and exceptional items was 37.8m euros ($45.1m; £26m), compared with 52.1m euros the year before.
Sales rose 2% to 1.3bn euros and chief executive Murray Hennessy said 2005 was "difficult in terms of pricing".
However, Avis said that "overall" it was "pleased" with the figures.
Avis said last month that it plans to shed 200 jobs, shift others to its Barcelona and Budapest call centres and renegotiate or exit some non-fleet supplier contracts.