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Interim Results to 28 September 2007
Halfords, the UK's leading auto, leisure and cycling products retailer, announces its interim results for the 26 weeks to 28 September 2007.
Financial Highlights
- Revenue £400.7m up 8.5% (2006: £369.2m)
- Like-for-like sales up 5.5%
- Operating profit £52.6m up 8.5% (2006: £48.5m)
- Profit before tax £47.6m up 16.4% (2006: £40.9m)
- Profit before tax and exceptional items £47.6m up 9.4% (2006: £43.5m)
- Basic earnings per share 15.3p up 20.5% (2006: 12.7p)
- Basic earnings per share before exceptional items 15.3p up 13.3% (2006: 13.5p).
- Interim dividend 4.75p up 9.2% (2006: 4.35p)
Business Highlights
- Continued growth in all key categories
- Gross Profit at 50.9%, broadly flat year-on-year
- 10 new store openings during the period
- Bikehut and Czech Republic stores trading in line with management expectations and further store openings remain on track
Commenting on the results, Ian McLeod, Chief Executive, said:
"Halfords continues to grow sales in all of its key categories, maintaining the long-term momentum in the business. Our market-leading positions in leisure, in-car technology and car maintenance, together with our high levels of service and store opening programme continue to differentiate Halfords within the retail sector. Trading in the seven weeks since the half-year end is in line with our expectations and, whilst acknowledging a challenging retail environment, we remain confident in our second half performance."
Enquiries:
| Halfords Group plc (www.halfordscompany.co.uk) | |
| Tony Newbould, Investor Relations | +44 (0) 7753 809522 (on the day) |
| +44 (0) 1527 513113 (thereafter) | |
| Hogarth Partnership | |
| Julian Walker, James Longfield | +44 (0) 207 357 9477 |
Notes to Editors
Halfords
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 employs in excess of 10,500 staff and 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, Bikehut, for cycles and cycling accessories, including the Apollo and Carrera brands and Urban Escape for its premium range of camping equipment. Operating from 433 stores, including two stores in the Czech Republic, 17 smaller format, neighbourhood stores and two standalone Bikehuts (located in Brighton and Putney), Halfords offers 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.
View the full press release in PDF format.