Chairman's Statement

 

“In this past year, the first year of our transformation, we have strengthened the foundations of the AA and put in place the platform which is allowing us to revolutionise customer experience. We have also substantially reduced the cost of borrowings. At the same time, we have delivered results in line with expectations and strong operational cash flow.

“With stronger foundations and the significant potential we see across the business, we are confident that our continued investment during the 2017 financial year will build momentum. We expect to begin to realise the benefits of this transformation in the 2018 financial year.

“The Board’s confidence in the business, combined with the substantial reduction in the annual cash interest costs achieved by the refinancing, has led to the recommendation of a total dividend of 9p in respect of the 2016 financial year.”

Bob Mackenzie
Executive Chairman