Restructuring costs totalling €2.7 million at the Dublin-based European Services Centre for car-hire giant Hertz contributed to pre-tax profits at the firm dropping by 20 per cent to €10.8 million in 2008.

According to accounts recently returned to the Companies’ Office, Hertz Europe Services Centre Ltd’s (HESC) turnover dropped by 5 per cent from €65.6 million to €62.1 million the end of December 2008.

The directors state: “Despite the difficult trading conditions, as in previous years, HESC has exceeded our stated financial expectations.”