Halfords sees strong cycling revenue growth in H1 as e-mobility rises 184%

Halfords has reported strong cycling revenue growth through H1, finishing at 54.4% LFL.

E-mobility rose by 184% and cycle services 24%, the retailer announced in its interim results for the 26 weeks to 2nd October.

The retailer saw group revenue growth of 9.6% and profit before tax of £56 million. Online sales grew by 148% and B2B by 37%.

“We are very pleased to have achieved such a strong first-half performance against the backdrop of one of the most challenging trading environments in recent history,” said Graham Stapleton, chief executive officer. “It is a great testament to the strength and adaptability of our business, as well as to the professionalism, hard work and dedication of our colleagues.

“We have worked hard to capitalise on the cycling market tailwinds by sourcing more stock from existing and new suppliers, as well as launching new products and brands to serve the high level of demand for our cycling products and services. Despite the headwinds we have seen in motoring, with UK traffic 30% lower than pre-COVID-19 levels and the impact of the MOT deferment, our ‘Road Ready’ campaign and the investments we have made in our motoring services business have enabled us to increase market share and grow the business in Q2.”

Halfords will be growing the number of e-bike and e-scooter servicers in its stores from 400 to over 1,800, Stapleton said, meaning that by April, each of Halfords’ garages will have at least one electric car technician, with electric bike and scooter servicers in every store.

“As an essential retailer and service provider, we are proud to be able to help keep the UK moving during these exceptionally challenging and uncertain times,” Stapleton added.

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