Halfords lifts profit guidance as profits & sales surge

Britain's largest cycle retailer Halfords as upgraded its full-year 2022 profits guidance after reporting a strong first-half performance. of surging bike sales
“We are delighted to have delivered a strong H1 performance." : Halfords CEO.
// Halfords raises its full-year earnings forecast from £75m up to between £80-90m
// The retailer is on track to train 2,000 technicians to work on electric vehicles by the end of its financial year

Britain’s largest cycle retailer Halfords has upgraded its full-year 2022 profits guidance after reporting a strong first-half performance.

The motoring and cycling products giant has seen revenue grow by almost 20 per cent on its fully-year 2020 figures – powered by dramatic rise in turnover of 88 per cent in its Autocentres division.

On the back of this news, Halfords now expects full-year profits between £80-£90 million, up from its previous guidance of £75 million.

The retailer also said it is on track to train 2,000 technicians to work on electric vehicles by the end of its financial year, meaning that each outlet will have a at least two working there.

The business added that it was seeing significant growth in the number of customers choosing electric forms of transport, with sales of e-bikes, e-scooters and accessories growing by more than 140 per cent on two years ago.

Halfords chief executive Graham Stapleton said: “We are delighted to have delivered a strong H1 performance, driven by market share gains in Motoring products, Garages and our mobile services business, which now account for more than two thirds of our revenue.

“There is good momentum in our existing business, the strategically important area of Motoring Services continues to grow strongly, and our recent acquisitions are all performing well. As a result, despite the challenging trading environment, I am very excited about our future growth prospects.”

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