Sales and profits increase at Halfords

Halfords' preliminary figures for the financial year ended 31st March 2002 were released today, mixed in with group figures for current Halfords owner Boots Company PLC. With an increase in sales and profits, Halfords looks like an attractive purchase as Boots actively seeks to offload the bikes-and-auto-accessories retailer surplus to its health-and-beauty requirements
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Halfords turnover at year-end on 31st March 2002 was £528.7m, an uplift of 4 percent. Operating profit was up 29.6 percent to £54.3m.

In April, Boot Co PLC announced its decision to either demerge or sell Halfords, and interested parties may now make firm bids.

"Halfords is a strong business with good growth prospects and the scale to stand alone as a public company," said a statement from Boots Co PLC.

Boots acquired Halfords in 1989. The PLC would like £400m for Halfords but most analysts say the 400-store retailer is worth only half this.

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