AA results ‘in line’
The AA plc has posted its interim results for the six months ended 31 July 2017 stating they are ‘in line’ with market expectations.
Trading revenue rose one per cent to £471m reflecting growth in both insurance broking and underwriting. Roadside demonstrated its resilience, maintaining revenue, and despite the anticipated retention challenges, membership numbers rose slightly year-on-year.
The company has also appointed former Uber Europe boss and Expedia founder, Simon Breakwell as its permanent chief executive officer (CEO). He said, ‘I am delighted to be appointed CEO of this great company. As a member of the Board since September 2014, I have had time enough to recognise that it is indeed a great company with enormous strength at a fundamental level. A huge amount has also been done since the IPO to improve its performance and create a platform upon which to grow.
‘I am now reviewing what the business needs to deliver its potential. I am confident that we have the financial strength to build the right team and equip it appropriately to deliver a distinctive business proposition which can generate growth. This will give us the best chance to realise the promise we have all recognised in the AA.’