Halfords has reported that its full year pre-tax profit edged up by 0.5% to £81.5m following increased sales in its retail and Autocentre divisions.
Total revenue rose by 1.7% to £1bn, while group like-for-likes increased by 1.5% during the period. However, as expected, Halfords recorded a 0.9% fall in cycling like-for-likes over the year as a result of “weaker market conditions” in the sector.
“This was a solid performance and we gained market share in both our motoring and cycling divisions” said Halfords Chief Executive Jill McDonald.
“In cycling our sales improved in the second half of the year and cycle repair delivered good growth. The Moving Up A Gear strategy aimed at driving sustainable long-term growth is developing well.”
To aid the recovery of its bicycle business, Halfords will be launching an exclusive bike range with Olympic gold medallist Laura Trott. The partnership is likely to encourage greater bike sales and act as a complementary addition to Halford’s latest £18.4m acquisition of bicycle and replacement parts companies Wheelies and Tredz.