HALFORDS GROUP PLC

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Delayed Quote. Delayed  - 12/08 11:35:24 am
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Halfords : sales grow 18.7 per cent year on year

09/08/2021 | 03:00am

Halfords, the UK’s leading provider of motoring and cycling products, saw year on year sales growth of 18.7 per cent despite supply chain disruption.

In the first 20 weeks of the year, growth was driven predominantly by interest in motoring sales, which saw like for like growth of +52.1 per cent, picking up the slack for cycling sales which fell by -22.8 per cent. Sales at the company’s autocentres, which provide servicing and repairs for vehicles, grew by 43.8 per cent year on year.

Graham Stapleton, Chief Executive Officer, commented: “The first 20 weeks of FY22 delivered a strong trading performance against a hugely challenging backdrop.

“Our motoring business now represents 65% of our revenues and continues to go from strength to strength, driven by the increased scale of our Autocentres business, the ongoing demand for our Halfords Mobile Expert Vans, and by recent staycation trends,” Stapleton continued. 

Robust sales growth came despite considerable ongoing supply chain and staffing issues. Halfords has had difficulties hiring adequate numbers of technicians and heavy goods vehicle drivers amid nation-wide shortages and high levels of Covid related absences.

Meanwhile, factory production is down, prices for raw materials are increasing and the delivery of supplies is disrupted.

Against this backdrop Halfords are boosting investment into the motoring side of the business and continue to target a full year profit before tax of above £75m.

Read more: Halfords goes digital with launch of separate software platform