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Halfords upgrades full year profit outlook

Halfords has upgraded it outlook for full year profits after revenue grew by 19.2% to £694.8 million in the first half of its financial year. In… View Article

GENERAL MERCHANDISE

Halfords upgrades full year profit outlook

Halfords has upgraded it outlook for full year profits after revenue grew by 19.2% to £694.8 million in the first half of its financial year.

In the six month period to 1 October,  pre-tax profit came in at £64.3 million compared to £55.4 million at the same time last year.

While retail motoring revenue saw an uplift of 7.7%, sales in the motoring and cycling categories increased by 88.8% and 8.8% respectively.

Graham Stapleton, chief executive of Halfords, said: “We are delighted to have delivered a strong H1 performance, driven by market share gains in motoring products, garages and our mobile services business, which now account for more than two thirds of our revenue.

“We also continued to see a significant contribution from areas of strategic focus, with revenue from group services, online and B2B, all growing by more than 75% on a two-year basis. In cycling, demand levels remain good, and we are pleased with the current availability of kids bikes and e-bikes as we head into the Christmas trading period.”

The company said it has made a positive start to its second half with sales momentum continuing across the business. As a result, it has now upgraded full year profit outlook to between £80 million and £90 million from a previous guidance of above £75 million.

Halfords also revealed that its electric mobility revenue from products such as e-bikes, e-scooters and associated accessories was up 140% in the period.

Stapleton added: “We are seeing significant growth in the number of customers choosing electric forms of transport, and we continue to have a market-leading position in the servicing and repair of electric vehicles. Sales of e-bikes, e-scooters and accessories grew by more than 140% on two years ago, and servicing for electric cars in our garages was up 120% year-on-year.

“We have already invested in the training of more than 1,300 electric technicians and are on track to train 2,000 by the end of FY22, equating to more than two per store or garage. This number will double next year.”

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