Key Points For The Half:
Strong Q1 for Retail followed by +6.6% LFL growth in Q2 despite the tough prior-year comparator
Focus areas of Cycling and Car Maintenance performed particularly well
Retail management team strengthened, including the addition of Emma Fox as Commercial Director
The Getting Into Gear programme in Retail progressing well, including: the launch of new recruitment process and colleague training programme, a new Halfords.com website and a number of store refurbishments
Autocentres performance driven by both market and operational challenges; new Autocentres CEO to be appointed
Interim dividend of 5.2 pence per share, in line with prior guidance
Matt Davies, Chief Executive, commented:
"These are early days in our three-year transformation plan but it is encouraging to see the Retail business deliver a strong first-half performance. In Cycling we were helped by the better weather but made the most of it by ensuring we had the stock and compelling offers to meet demand. We have made a good start on many elements of our Getting Into Gear programme and now have a strong Retail management team in place. The performance in Autocentres by contrast was impacted by both operational and market challenges, although we have a clear investment plan in place to grow the business over the medium term."
