Combined Motor Holdings says reductions of its rental fleet will continue week by week as the economy reels
Jebb McIntosh, CEO and co-founder of CMH. Picture: TEBOGO LETSIE
CMH said in its 2020 annual report on Tuesday it had already reduced its fleet by almost 15% over the past two months, and will be reducing this by 2%-3% per week until an optimum level is reached — a level is still unclear. The announcement follows that of Motus, the owner of Europcar and Tempest, which said on Friday it was reducing its fleet by 40% and cutting staff between 50% and 60%.CMH said on Tuesday headline earnings per share fell 10.8% to 254.8c in the group’s year to end-February, with the group citing the “sustained difficulties” SA's economy has faced over the past three to four years, including low economic growth and load-shedding.
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