THE UK’s largest roadside assistance provider, AA plc, has reported a 1.6 per cent increase in first-half revenues to £491.7million, as it posted its maiden results as a listed company.
Although revenues rose, pre-tax profit fell to £10.2m, which is down from £121.2m for the same period in 2013.
The company headquartered at Fanum House, on Basing View, said this is down to exceptional costs such as its June floatation and financing costs put in place by its previous owners.
Bob Mackenzie, executive chairman, said: “These results demonstrate the stability and hugely cash-generative characteristics of this business.
"Since arriving at the AA less than three months ago, the new executive team has focused on getting to know the business in detail, assessing the business operations and infrastructure and developing the strategy for future long term growth.
“Progress has been made on all fronts but there is more to be done.
“In terms of the future, our task is to better capitalise on the strength of the AA brand, make the right investments to enhance our service to members and customers, and reduce the leverage of the business.
"These are the objectives we have set ourselves to deliver long-term value to our investors.
The business continues to perform satisfactorily and the board expects the full-year to be in line with market expectations.”
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