Strong cycling growth reported by Halfords

Halfords has released its interim results for the 2017 financial year, with cycling outperforming the rest of the business. Cycling sales increased by 15.4 percent on a like-for-like basis, pushing the division’s revenues up 4.6 percent. Revenues for the group as a whole rose by 2.2 percent.

Wheelies and Tredz – acquired in May – increased revenues by 25 percent year-on-year.

Halfords’ CEO Jill McDonald said: “The first half sales performance was strong, improving through the period, with growth across all areas of our business.

"I’m pleased with the momentum that is building as we implement our strategy. There is demonstrable progress across the plan, with more to come in the year ahead, and the benefits for colleagues and customers are starting to come through."

However, she added: "The depreciation of Sterling brings cost headwinds."

She stressed that Halfords had plans up its corporate sleeves to "mitigate the profit impact". McDonald said she remains "confident in the underlying performance of the group.”

Halfords has 460 stores, as well as 12 bike-specific Cycle Republic stores.