20-Week Trading Update: Financial Year 2022
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Halfords Group PLC (HFD)
8 September 2021 Halfords Group plc
20-Week Trading Update: Financial Year 2022
A strong start to trading delivered within a challenging operating environment.
Strong growth in Motoring across retail stores, garages and vans.
Halfords Group plc ("Halfords" or the "Group"), the UK's leading provider of Motoring and Cycling products and services, today announces its trading performance for the 20-week period to 20 August 2021 ("the period").
Given the highly unusual sales patterns in the FY21 comparator period, our commentary below focusses on revenue growth on a two-year basis, comparing FY22 revenue to FY20. For completeness, the table below discloses total and LFL growth on both a one-year and two-year basis.
Overview
Graham Stapleton, Chief Executive Officer, commented:
"The first 20 weeks of FY22 delivered a strong trading performance against a hugely challenging backdrop. Our motoring business now represents 65% of our revenues and continues to go from strength to strength, driven by the increased scale of our Autocentres business, the ongoing demand for our Halfords Mobile Expert Vans, and by recent staycation trends. Although our cycling business is currently impacted by the considerable disruption in the global supply chain, as the UK's largest cycling retailer we are well positioned to adapt and to serve our customers, and we remain confident in the long-term outlook for the cycling market. The strength of our overall performance is a clear illustration of the relevance of our service-led strategy and gives us the confidence to continue with our investment plans. We remain positive on our prospects for FY22 and beyond."
Outlook We expect many of the cycling supply chain issues referred to above to continue for some time albeit, as the UK's largest cycling retailer, we are well positioned to navigate these challenges. Conversely, we are targeting strong growth in our Services and B2B businesses, alongside an improved Retail Motoring performance. We plan to continue investing in the initiatives highlighted in our FY21 Preliminary results on 17 June 2021. These include an investment in Retail Motoring pricing, Project Fusion trials, which seek to deliver a seamless, convenient, and consistent experience to our customers across a town, our Motoring Loyalty scheme, and scaling our network of garages and vans. We continue to target a full year profit before tax of above £75m on a post IFRS-16 basis.
Notice of results Our Interim results announcement is on 10 November 2021.
Enquiries Investors & Analysts (Halfords) Loraine Woodhouse, Chief Financial Officer Neil Ferris, Corporate Finance Director Andy Lynch, Head of Investor Relations +44 (0) 7483 457 415
Media (Powerscourt) +44 (0) 20 7250 1446 Rob Greening halfords@powerscourt-group.com Lisa Kavanagh Harold Amoo
Results presentation A conference call for analysts and investors will be held today, starting at 09:00am UK time. Attendance is by invitation only. A copy of the transcript of the call will be available at www.halfordscompany.com in due course. For further details please contact Powerscourt on the details above.
Notes to Editors
www.halfords.com www.tredz.co.uk www.halfordscompany.com
Halfords is the UK's leading provider of motoring and cycling services and products. Customers shop at 404 Halfords stores, 3 Performance Cycling stores (trading as Tredz and Giant), 374 garages (trading as Halfords Autocentres, McConechy's and Universal) and have access to 166 mobile service vans (trading as Halfords Mobile Expert and Tyres on the Drive) and 192 Commercial vans. Customers can also shop at halfords.com and tredz.co.uk for pick up at their local store or direct home delivery, as well as booking garage services online at halfords.com.
Cautionary statement This report contains certain forward-looking statements with respect to the financial condition, results of operations, and businesses of Halfords Group plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, Halfords Group plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.
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| ISIN: | GB00B012TP20 |
| Category Code: | TST |
| TIDM: | HFD |
| LEI Code: | 54930086FKBWWJIOBI79 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 121674 |
| EQS News ID: | 1231857 |
| End of Announcement | EQS News Service |
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