Halfords profits surge as cycling sales boom

Halfords

Halfords has reported a strong performance for its half year results to 2 October, with revenue up 9.6 per cent to £638.9m.

The cars and bikes retailer saw profits before tax of £55.4m, double its £27.5m figure for the same period last year.

Halfords said it was able to capitalise on the cycling market which has seen “high demand” from customers. Cycling sales were up 44.6 per cent on last year.

However, the group said the outlook for H2 remains uncertain due to the seasonality of the business and the ongoing impact of the pandemic.

Graham Stapleton, chief executive officer, commented: “We have worked hard to capitalise on the cycling market tailwinds by sourcing more stock from existing and new suppliers, as well as launching new products and brands to serve the high level of demand for our cycling products and services. Despite the headwinds we have seen in motoring, with UK traffic 30% lower than pre-Covid-19 levels and the impact of the MOT deferment, our ‘Road Ready’ campaign and the investments we have made in our motoring services business have enabled us to increase market share and grow the business in Q2.”

Halfords is currently recruiting for a wide range of service-orientated roles across stores, autocentres and Halfords Mobile Expert vans. It is also investing in training its existing staff across motoring and cycling services.

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