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AA revs up as business running more smoothly

The transaction will take place “potentially imminently” with positive trading expected to continue for the full year

AA PLC - AA to pay outstanding bonds as business goes well

AA PLC (LON:AA.) shares shot higher after the roadside recovery and insurance provider revealed its intention to buy back or tender for outstanding bonds as business was said to be going well.

The transaction will take place “potentially imminently” as “positive” operational momentum reported in September's interim results is set to continue in the second half.

READ: AA 'on course' for flat roadside this year and return to growth thereafter

At the moment, underlying profits (EBITDA) and free cash flow in the full year are seen in line with market expectations.

“Given the positive operational momentum, subject to market conditions, it also intends to pursue a range of debt tenders, redemptions and issuances over the coming months,” the company said in a release.

Shares jumped 12% to 48.78p on Wednesday morning.

Quick facts: AA PLC

Price: 34 GBX

LSE:AA.
Market: LSE
Market Cap: £211.59 m
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