AA PLC shares fell in early trade on Tuesday as the motoring assistance company released a trading statement pointing to higher revenue.

Trading revenue for the six months to the end of July 2017 rose 1% to £471m to £467m.

However, investors were displeased with the update and dumped the shares sending them 9% lower and to the lowest level since their IPO in 2014.

AA also confirmed Simon Breakwell would be the new permanent CEO and was setting about reviewing the business.

Mr Breakwell commented:

“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.”