Profits triple at Halfords

Net income for the year ended April 1st rose to £39.9m. Turnover increased 8.6 percent to £628.4m. Pre-tax profit before goodwill amortisation and exceptional items increased to £77.5m, up 76.9 percent.
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Halfords Group plc was floated in June 2004 and this is the first set of full-year results from the company.

Like-for-like sales, including contribution from new mezzanines, was up 8.9 percent.

After opening 18 stores in the financial year, Halfords now has 398 stores. 57 are 'supermezzanine' stores

Chief exec Ian McLeod sad:

“Against strong comparative trading, we are encouraged that Halfords continues to deliver positive like-for-like sales after adjusting for Easter. The current trading performance gives us confidence that the diligent application of our strategy will enable us to deliver positive results going forward, despite a challenging retail environment.”

The private-equity owners of Halfords raised £267m in an initial share sale last year.

On news of the expected good results, shares rose 1.2 percent this morning to 291 pence. Halfords now has a a market value of £661m.

Roughly a third of Halfords' turnover if generated by sales of bicycles and bicycle parts.

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