Halfords reports 9 per cent revenue boost

Halfords has today unveiled its preliminary results for the 52 weeks ended 30th March. Revenue rose 9.1 per cent to £744.m.
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During the nine-week period since the year-end, sales have grown by 12.3 per cent.

Halfords CEO Ian McLeod, pictured, 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.

"[Bikehut] our visible commitment to the premium sector of the market has also attracted a broader range of specialist cycling brands to be available in these stores, including Condor, De Rosa, Pashley, Marzocchi, Endura and Gore-Tex."

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.

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