Halfords: first half profits tripled

Halfords Group Plc today released its maiden interim results for the 26 weeks to 1st October 2004. Turnover increased 12.7 percent; like-for-like sales increased 10.6 percent; and pre-tax profit rose 170 percent.
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Halfords, which sells 25-30 percent of the UK's bikes, was worth £600m when it was floated in June. Shares in its initial public offering were priced at 260 pence each.

For the 26 weeks to 1st October the company's turnover increased 12.7 percent to £322.7m. Like-for-like sales were up 10. percent. Operating profit was up 9.1 percent to £34.9m and pre-tax profit up 170 percent to £26.5m.

Basic earnings per share before amortisation of goodwill and exceptional operating items were up 43 percent to 12.3 pence. Basic earnings per share were up 220 percent to 8.0 pence.

David Hamid, CEO of Halfords Group said: “I am very pleased with Halfords’ first set of results since the company’s successful IPO in June. We have delivered a good set of results and continue to develop and position the business for ongoing growth. Turnover in the six week period to 12 November 2004 is in line with our expectations and we remain confident about future prospects.”

Halfords now has 393 stores across England, Wales, Scotland and Northern Ireland. Ten new stores were opened but four were stores closed. The company has 9000 employees.

Halfords now has 39 'supermezzanine' format stores, compared with 11 at the end of the previous financial year. Of these, 22 stores were converted in the second quarter. There are plans to deliver 35 supermezzanine conversions in the current financial year.

The full set of results can be downloaded here:

http://ir.halfordscompany.com/.../results

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