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Halfords grows sales and profits in first half

Halfords, the car parts and cycle retailer saw its pre-tax profit rise by 10.8% in the first half of its financial year as it made further progress in its retail plan.

GENERAL MERCHANDISE

Halfords grows sales and profits in first half

Halfords, the car parts and cycle retailer saw its pre-tax profit rise by 10.8% in the first half of its financial year as it made further progress in its retail plan.

In the six months to 26 September, pre-tax profit before non-recurring items increased to £49.4 million from £44.6 million in the same period in the previous year.

Meanwhile, group EBITDA grew by 6.7% to £63.6 million.

Halfords chief executive Matt Davies said: “This was a strong performance against particularly tough comparatives and we are pleased overall with the progress we are making under our ‘Getting into Gear’ retail plan.

“A strengthened cycling offer was underpinned by the acquisition of Boardman Bikes whilst Halfords continued to build its auto credentials with the launch of Car Parts Direct.

“More retail colleagues completed their Gear-2 training, the supply-chain and IT infrastructure improved further and refreshed stores performed in line with expectations.

“Autocentres delivered an improved sales performance, with new management focused on the motorist experience. I look forward to a second half where we will continue to position Halfords to deliver sustainable profit growth."

The group’s core retail business increased its total revenue by 6.6% to £451.9 million with like-for-like sales increasing by 6.8%.

Like-for-like cycling sales rose by 16% as trade was driven my continued market growth, better weather over the summer and events such as the Tour de France. 

Online retail revenues grew by 13.7% and represented 12.2% of total retail sales.

Like-for-like sales at Halfords’ autocentres business rose by 4.4% with total revenue rising by 8.4% to £72.2 million.

Looking ahead Davies said: “The early signs for both retail and autocentres are encouraging as we look to offer consistently the expertise-based experience our customers deserve.”

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