UPDATE 1-Avis Europe shares sink after profit warning

Newswire

(Adds detail, share price, background) LONDON, June 27 (Reuters) - Shares in Avis Europe Plc sank by as much as 22 percent on Thursday after the car rental firm warned that profits this year would be lower because companies had tightened their belts and reined in their travel budgets. Avis Europe said it now expected full-year profits in euros before tax, exceptional items and goodwill amortisation to be up to 15 percent lower than 2001 and did not see a recovery in corporate volumes in ...

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