Halfords increases its 2018 Interim dividend by 3%

DividendMax Ltd.

Halfords increases its 2018 Interim dividend by 3%

Halfords 2018 interim results

Steady revenue growth in challenging conditions

Total Group Revenue +3.8% and +1.5% LFL

Motoring +1.9% and Cycling +2.0% on a LFL basis, with total Cycling sales up 7.0%

Retail gross margin decline as expected, primarily due to the adverse impact of FX year-on-year

Autocentres sales -1.3% LFL, lower as planned and previously guided, with higher gross margin and EBIT

Service-related Retail sales up 19.3%, with c.2 million in-store fitting and repair jobs performed

Group online sales +10.8% and +4.8% LFL

Good cash generation and profit in line with market expectations

c.£15m additional cost of sales in the first half from the weaker pound, representing the peak FX impact

FX mitigation plans implemented and working

Underlying Profit Before Tax of £36.8m, down £4.0m year-on-year

Free Cash Flow of £31.1m, up £6.9m on H1 last year

Net debt at £84.8m representing 0.8 times Underlying EBITDA

Interim dividend per share of 6.0p, up 3.0%

Companies mentioned