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Preliminary Results Announcement
Halfords Group plc, the UK's leading auto, leisure and cycling products retailer, announces its Preliminary Results for the 52 weeks ended 30 March 2007.
Financial Highlights
- Revenue £744.0m up 9.1%, (2006: £681.7m)
- Like-for-like sales up 6.0% (2006: 6.1%)
- Operating profit £93.5m (2006: £89.1m)
- Profit before tax and exceptional items £83.5m up 8.4% (2006: £77.0m)
- Profit before tax £80.9m (2006: £77.0m)
- Basic earnings per share before exceptional items 26.6p up 12.7% (2006: 23.6p)
- Basic earnings per share 25.8p (2006: 23.6p)
- Net debt, including finance leases, £180.0m (2006: £173.7m)
- The Board is recommending a final dividend of 9.50p, making a total of 13.85p per ordinary share (2006: 12.75p), up 8.6%
- Share buy-back: 9.0m shares purchased for an aggregate consideration of £30m (average price 333.2 pence per share). On target to buy back up to £50m of shares within two years from its announcement on 8 June 2006.
Business Highlights
- Growth in all key categories of Car Maintenance, Car Enhancement and Leisure
- Far East sourcing penetration increased to 20%
- Two standalone Bikehut stores opened in Brighton and Putney
- Partnership with Chris Boardman to launch new range of Boardman Bikes announced
- First Central European store opens in Prague on 29 June 2007
- 424 Halfords stores now trading following 23 new store openings
- During the nine-week period since the year-end sales have grown by 12.3%, 9.2% on a like-for-like basis
Commenting on the results, Ian McLeod, Chief Executive,
said:
"These results demonstrate a further year of strong sales growth
from Halfords; a positive momentum that has continued into the new
financial year. A combination of sales and margin initiatives
across all categories, investment in new stores and new formats,
and the delivery of our unique service advantage through the hard
work of our colleagues, continues to give us confidence in
Halfords' growth prospects for the forthcoming financial year."
Enquiries:
| Analysts: | |
| Halfords Group plc | |
| Tony Newbould, Investor Relations Officer | 07753 809522 |
| Media: | |
| College Hill | |
| Andy Cornelius | 0207 457 2822 |
| Duncan Murray | 0207 457 2823 |
Notes to Editors:
www.halfords.co.uk
www.halfordscompany.co.uk
Halfords Group plc
Halfords is the UK's leading auto, leisure and cycling products retailer, with 426 stores including; 15 smaller format, neighbourhood, stores and two standalone Bikehuts (located in Brighton and Putney) and employs 10,000 staff. Established in 1892 as F.W. Rushbrooke and subsequently renamed Halfords in 1907, the company was floated on the London Stock Exchange in June 2004. The Group sells 11,000 different product lines, ranging from car parts and cycles through to the latest in-car technology, alloy wheels, child seats, roof boxes and outdoor leisure and camping equipment. Halfords' own brands include Ripspeed, for car enhancement, and Bikehut, for cycles and cycling accessories, including the Apollo and Carrera brands. Stores offer a "we fit" service for car parts, child seats, satellite navigation and in-car entertainment systems, and a "we repair" service for cycles.
Cautionary Statement
This report contains certain forward-looking statements with respect to the financial condition, results of operations, and businesses of Halfords Group plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, Halfords Group plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.
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