The fleet service provider said that it consolidated its overall results in 2009 at 320,000 contracts in a European new business market that dropped by 22.4%.

'Last year's market challenges made everyone step back and re-assess plans and strategies. We are very proud to have achieved these results,' said CEO Norbert van den Eijnden.

'Generally, Alphabet has grown at an average rate of 27% p.a. over the last five years. Throughout the last year we have strengthened and further developed our services with a focus on our existing customers. The results reflect our consistent efforts to build our relationship with our customers and meet their needs, even in this challenging market environment,' he continued.

In a statement the company said that it plays a strategically important role for parent company BMW Group and that it will continue to strengthen its structure in order to further develop its products and premium service levels.

It added that due to the importance of the steadily growing full service leasing market, BMW Group would like Alphabet to actively take part in the ongoing process of the European market consolidation.

Norbert van den Eijnden said: 'Last year the main emphasis was on stabilising and strengthening our customer relationship to ensure premium quality service on a deep and comprehensive level. We will continue this in 2010. Having guaranteed the best service for our existing clients even in times of uncertain market development, we are now looking forward to providing these services to a considerable potential of prospect targets.'