Halfords forecasts jump in sales and profit
Halfords has forecast an increase in sales and profit as it looks to take advantage of significant opportunities for growth.
In a statement, the car parts and cycling retailer said it expects its annual sales to rise to around £1.9 billion in the mid-term from £1.6 billion in its last financial year, and pre-tax profit to grow to £90 million to £110 million, from £50 million to £60 million.
The company said: “We expect to deliver this growth through a combination of our core markets recovering from the current very challenging conditions, growing market share by leveraging the unique platform we have built, our acquisition synergies maturing, and using scaled and rich customer and vehicle data to drive customer lifetime value.”
In the mid-to-long term, Halfords will be looking to expand into more areas of the motoring market and create a one-stop-shop for motoring ownership whilst delivering convenience and value to customers.
Through its scaled infrastructure and investment in staff training, it will also be working to establish a market leading position in the servicing of all forms of electric cars, vans, scooters and bikes.
Graham Stapleton, chief executive of Halfords, said: “Since 2018, we have doubled the size of our B2B and services business and have become the UK’s biggest motoring services provider, increasing our Group sales by c.40%. From here, we see significant potential for future growth, both in our existing business and in adjacent markets.
“We are today providing a clear roadmap for the mid-term, as we focus on leveraging the unique platform that we have built. We will also be outlining the exciting longer-term strategic transformation opportunities that we see ahead as we unlock the enormous potential within the Halfords brand and infrastructure.”
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