PROFITS SLUMP AT HALFORDS FOLLOWING MILD WINTER

Halfords PLC, the company behind the retail chain and auto centres as well as specialist cycle shops Treadz and Cycle Republic, has announced its results for the year ending in March 2019.

Underlying profit before tax was down £12.8m on last year to £58.8m.

Halfords
Profits down at Halfords following a mild winter

Chairman Keith Williams noted a ‘disappointing fall in profit vs expectations’ which he put down to a mix of Brexit uncertainty and a mild winter. CEO Graham Stapleton expanded that the drop was also due to ‘weakened consumer confidence’ in the run up to Christmas, retail cost inflation as well as investment in ‘strategic opportunities’, such as the opening of a Boardman Performance Centre. The report also noted that operating costs both in retail and in the auto centres had increased, further reducing profitability.

However, it wasn’t all bad headlines for the retailer. Like-for-like cycle sales grew modestly, net debt was reduced by £6m to £81.8m and total Autocentres revenues were up £2.6 percent. Battery, bulb and blade fitting services at the retail outlets were also showing positive growth.

Published by GregWhitaker

Editor of CAT Magazine and an experienced motoring journalist

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