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Interim Results

AA maintains divi as trading revenues rise

26 September 2017 07:26

AA has maintained its interim dividend after reporting first results in line with forecasts.

Trading revenue rose 1% to £471m reflecting growth in both insurance broking and underwriting.

AA said: 'Roadside demonstrated its resilience, maintaining revenue, and despite the anticipated retention challenges, membership numbers rose slightly year-on-year.'

Trading EBITDA rose 1% to £193m reflecting gains in insurance broking as well as reduced head office costs.

AA said: 'In Roadside Assistance, the increased costs related to erratic workload patterns and the relatively inflexible resourcing model held back profitability.'

Operating profits rose by 35% to £178m and group pre-tax profits were up 67% at £80m.

The group also announced that Simon Breakwell had been appointed permanent chief executive.

Chairman John Leach said: 'The Board is very pleased that Simon Breakwell has agreed to take the role of CEO on a permanent basis.

'He has, since his appointment as acting CEO, invested his full energy and skills into the company and identified the means of strengthening it, reinvigorating our people, and rebuilding the culture under his leadership.'

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