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Halfords in the driving seat as profits rise

Halfords has posted revenues of £831.6m in the year to 2nd April, a 4.6% increase, with underlying, Easter adjusted, like-for-like sales increasing by 0.7%.

GENERAL MERCHANDISE

Halfords in the driving seat as profits rise

Halfords has posted revenues of £831.6m in the year to 2nd April, a 4.6% increase, with underlying, Easter adjusted, like-for-like sales increasing by 0.7%.

Pre-tax profits climbed to £117.1m from £92.4m on revenues that were up to £831.6m from £794.7m. The full-year increased to 20p from 15.9p.

Multi-channel revenue grew by 34% and accounts for 6% of total revenue. David Wild, CEO, commented: 'Halfords has had an excellent year. As a result of our disciplined growth strategy and a clear focus on the needs of our customers, our business continues to develop strongly. Sales growth in core areas, margin expansion and disciplined cost control has led to the delivery of 25% earnings growth.

'In addition we made our first acquisition, Nationwide Autocentres, which represents a natural extension of Halfords service proposition in the car aftermarket and is already making a good contribution to the Group.

'Looking ahead we will continue to expand our core retail business, double earnings from the Autocentre operations over the next three years and harness our strong cash flow to seek further acquisitions that meet our investment criteria. The aim of this strategy is to deliver sustainable earnings growth over the medium term of, on average, 15% per annum.

'While we remain cautious about the current state of the wider UK economy and immediate outlook for consumer spending, we have a proven strategy, a resilient business, and significant opportunities. The Board is therefore confident that the Group will deliver further earnings growth in the year ahead.'

 

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