Cycling performance helps Halfords clock up £500m of revenue in the first half
AUTOMOTIVE, cycling and leisure products retailer Halfords has seen its half year revenue pass the £500m mark.
Announcing its interim results for the 26 weeks to September 26, the Redditch firm – which also operates in the auto repair sector – revealed half year revenue of £524.1m compared to £490.6m (an increase of 6.8%).
Revenue in its retail business was up 6.8% to £451.9m while in Autocentres it was up by 8.4% at £72.2m.
Profit before tax and non-recurring items was up by 10.8% to £49.4m.
The star performer once again was cycling sales which were up by 16%. Car Maintenance sales were up by 7.1% and online retail sales up by 13.7%.
As part of the firm’s Getting Into Gear Retail strategy, 46 stores traded under a refreshed format.
Another development saw the launch of Car Parts Direct, which Halfords hopes will strengthen its hand within the auto sector.
And a new cycle brand, 13, has been launched to complement a growing portfolio of performance brands.
Matt Davies, chief executive, 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.
“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.”
