Halfords exits the FTSE 250
Halfords has dropped out of the FTSE 250 after its shares fell more than 30% in less than a year.
The retailer issued a profit warning in January after poor trading in the run-up to Christmas, which dragged its shares down to a six-year low.
Halfords had revealed underlying profits for the financial year to March 2019 were expected to be between £58m-£62m, which would be the fourth consecutive year of falling profits for the group.
The companies that are in the FTSE 100 and FTSE 250 are reviewed quarterly. Halfords’ market value of £470m is more than £100m lower than three months ago.
Phoenix and Just Eat have been promoted to the FTSE 100 in place of GVC and Wood Group, while AJ Bell, Kier Group and Pets At Home have entered the FTSE 250.
Halfords’ share price hit a six-year low in January
Halfords chief executive Graham Stapleton had sought to reassure investors about its longer term prospects.
Speaking last month, he said: “Halfords is a robust business and we firmly believe that the strategy we outlined in September is the right direction for the business.”
That strategy sought to improve the shopping experience, improve its offer of services and increase cross-selling.
