// Halfords auditor BDO extends publication of the retailer’s annual reports
// The motor and cycling retailer said, despite the delay, it expects to report an underlying pre-tax profit of £50m to £60m
Halfords has delayed the publication of its annual report after its auditor BDO requested more time to complete audit procedures.
The motor and cycling retailer, which was meant to update this morning, will now publish its preliminary results next Wednesday.
The retailer reassured shareholders the audit of its report was “well advanced” and expects to report an underlying profit before tax within its previously guided range of £50m to £60m.
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Halfords’ shares dropped 7% yesterday to 185p following the notice but bumped back up to 195p this afternoon.
The retailer lowered its full-year profit guidance from between £65m to £75m earlier this year due to weakness in the consumer tyre market and labour market issues.
In the 13 weeks to 30 December, group sales surged 38% thanks to strong demand in the motoring division and needs-based categories, but was hit by softer-than-expected cycling and tyre markets.
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