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Halfords first-half profit doubles, H2 outlook uncertain
StockMarketWire.com
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Motoring and cycling group Halfords reported that profit more than doubled in the first half of the year as strong demand for cycling products and services boosted revenue.
For the 26 weeks to 2 October 2020, pre-tax profit rose to £55.4 million from £27.5m year-on-year as revenue grew 9.65%, with retail up 4.8% and autocentres up 38.7%.
All product areas and businesses returned to growth towards the end of the first half, the company said.
Trading for the first five weeks of H2, to 5 November 2020, continued to be relatively strong, though its motoring segment slowed following the new lockdown measures.
'Since the 5th of November we have seen some impact on trading ... Cycling has continued to grow, but sales of motoring products have been impacted, with Government data showing car traffic last week at 70% of pre-Covid-19 levels,' the company said.
'In cycling, we expect good levels of demand to continue, notwithstanding the normal seasonal decline as we enter the winter months of H2,' it added.
Looking ahead, Halfords said its outlook for H2 remained uncertain given the seasonality of its business and the ongoing impact of Covid-19.
At 8:13am: (LON:HFD) Halfords Group PLC share price was 0p at 242p
Story provided by StockMarketWire.com
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