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%
