Failure to implement a new enterprise resource planning (ERP) system has cost Avis between 40 and 45 million Euros. (£28m to £31m). Shares in the car rental company fell by 8% on the news.

A second blow was a warning about softer trading conditions in a very competitive market.

The past year has seen a precipitous fall in the share price of 45%.

In abandoning the ERP system, Avis blamed a "number of fundamental problems with its design and implementation."

The aim was to link the different parts of the company's business processes. In business terms a target was set to increase operating profit margins by one percent. This has now been scaled back.