HALFORDS’ FY RESULTS: BIKES UP, CAR PARTS DOWN

Halfords
Strong results from chain, though predicting supply and demand has been difficult

Full-year results from Halfords for April 2020-2021 have recorded a pre-tax profit of £96.3m, up £40.4m from the previous year.

Autocentres, and notably the Mobile Expert vans gained significant market share growing like-for-like 9.7 percent over a period where road traffic was much lower than pre-pandemic levels. The mobile Expert vans in particular reported a 200 percent growth in revenue, dur in part to a ‘zero contact’ servicing initiative put in place at the start of the pandemic.

READ: HALFORDS FY REPORT 2021

Car accessories did not perform so well as a whole, down 12.1 percent but core ranges, such as the ‘three B’s’ (blades, bulbs and batteries) ‘outperformed traffic levels’ according to the company.

However, pedal cycles, bike servicing and related parts and accessories outperformed all pre-pandemic predictions. ‘Cycling Services’ grew by 51 percent and group-owned bike shop Tredz grew revenue by 66 percent. E-bike sales grew by 94 percent and regular bike sales were up 113 percent. The statement notes that these sales could have been higher still, but events in the year ‘presented its own challenges in securing supply and predicting demand’.

Chief Executive Graham Stapleton said: “I am very pleased with our performance in FY21, shown not only in the financial results but also in the operational agility demonstrated throughout the business to overcome the many challenges presented last year. COVID-19 was clearly the most significant challenge faced by any retailer, but we have also faced Brexit, container shortages, port congestion and more recently, the blockage of the Suez Canal. Our performance not only showcases the resilience of our core business and the relevance of our strategy, but also the importance of our progress in creating a more efficient and profitable business to provide strong foundations for future growth”.

 

Published by Greg Whitaker

Editor of CAT Magazine and an experienced motoring journalist @GregWhitaker5

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