March 28, 2017 / 6:36 AM / 4 months ago

AA full-year core profit steady, new business up

1 Min Read

LONDON, March 28 (Reuters) - Motoring group AA posted a full-year core profit of 403 million pounds ($505.5 million) on Tuesday, steady from the previous year and in line with expectations, supported by growth in new business.

AA, which offers roadside recovery and motor insurance services, saw a 14 percent growth in new business volume for the year ending Jan 31, 2017, it said in a trading statement.

Trading earnings before interest, tax, depreciation and amortisation was up 0.2 percent from a year earlier and in line with 403 million pounds forecast on Thomson Reuters I/B/E/S.

The group's trading revenue rose 1.6 percent to 940 million pounds, below 953 million forecast.

Operating profit fell 4.4 percent, however, to 284 million pounds.

The firm said it had seen a positive start to the 2018 financial year.

AA said it would pay a final dividend of 9.3 pence per share, up 3.3 percent from a year earlier.

$1 = 0.7972 pounds Reporting by Carolyn Cohn, editing by Dasha Afanasieva

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