Financial Highlights
Group revenues +6.8% (Q2 Retail LFL sales +5.7%)
Cycling sales +16.0% with growth in all Cycling categories
Car Maintenance sales +7.1% in the second quarter
Online Retail sales +13.7%
Basic earnings per share before non-recurring items +14.2%
Operating cashflow of £86.1m funding the acquisition of Boardman Bikes and an increase in cash capex
Interim dividend per share of 5.5p, up 5.8% as the Group progresses to a 30:70 interim:final weighting
Business Highlights
Further success of the Getting Into Gear Retail strategy: 46 stores traded under a refreshed format, successful trial of five days a week delivery to store and an essential SAP upgrade completed
The launch of Car Parts Direct, strengthening Halfords' authority within the Auto category
A new cycle brand, 13, launched to complement a growing portfolio of performance brands
The first steps of the rollout of Cycle Republic, a fresh cycling proposition in Britain's towns and cities
The £14.0m acquisition of Boardman Bikes, taking one of the UK's fastest-growing cycle brands in-house
Matt Davies, Chief Executive, commented:
"This was a strong performance against particularly tough comparatives and we are pleased overall with the progress we are making under our Getting Into Gear Retail plan. A strengthened Cycling offer was underpinned by the acquisition of Boardman Bikes whilst Halfords continued to build its Auto credentials with the launch of Car Parts Direct. More Retail colleagues completed their Gear-2 training, the supply-chain and IT infrastructure improved further and refreshed stores performed in line with expectations. Autocentres delivered an improved sales performance, with new management focused on the motorist experience. I look forward to a second half where we will continue to position Halfords to deliver sustainable profit growth."
