Sixt Q2 2021 on par with record year 2019
Following a significant pick-up in the second quarter of 2021, Sixt has announced a business performance on par with the record year of 2019. Business was particularly strong in the US and overall, costs fell compared to Q2 2019.
“Sixt has used the crisis as an opportunity and expanded its market position both in Europe and especially in the United States. Despite the extremely positive result in the second quarter, the fourth quarter of this year remains fraught with uncertainty,” said Alexander Sixt, co-CEO.
Earnings before taxes (EBT) reached €77.9 million, up from €73.3 million in Q2 2020 although quarterly operating revenue of €498.1 million was still around 20% below the level of 2019 (€625.7 million).
Across the globe, air traffic revenue fell by more than 62% compared to Q2 2019. The decline Sixt reports is less pronounced, the result of a highly flexible business model, targeted acquisitions and strategic product offensives at the right time, while optimising the cost base, said a spokesperson.
Sixt has available financial resources of around €1.5 billion, which should mean it is well-equipped for further expansion.
US as the driver
As travel activity is returning to normal in the United States, business there was the driving factor behind the positive development at Sixt. Operating revenues in the US in Q2 2021 were four times higher than in the same quarter of last year at €155.3 million, increasing by 65.3% to €237.6 million for the first half of the year. The stations acquired at 10 important US airports in 2020, where SIXT managed to achieve a market share of over 5% in the first year of business in some cases, made a significant contribution to growth.
Business in Europe picks up
Sixt also saw a significant upturn in demand in European countries with the start of the holiday season and the easing of travel restrictions. Operating revenues increased by 177% year-on-year to €185.2 million in Q2 2021. Sixt continues growth in car subscription services and the company expects its market share to continue growing in Europe.
Outlook for 2021
For 2021, the Board expects consolidated operating revenues of between €1.95 billion and €2.10 billion (2020: €1.52 billion) and Group earnings before taxes (EBT) in the range of between €190 million and €220 million (2020 from continuing operations: € -81.5 million).
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