DAILY rental giant EuroDollar has doubled its profits for the year to March 31, 1997, despite higher vehicle holding costs. The company grew its operating profit by 32.6%, to £17 million from £12.9 million for the same period in 1996, on a turnover up 11.6% to £107.4 million (1996: £96.2 million).

This translated to a pre-tax profit of £8.25 million (1996: £4.01 million), continuing the company's recovery path after a difficult period in 1995-96 when residual values of ex-rental cars plummeted. EuroDollar reported strong demand for rental services, particularly among its core corporate client base, and this allowed the company to increase rates by an average of 8% last year.