• Full-year pre-tax profts fall 1.2% to £79.8m 
  • Group like-for-likes rise 1.5%
  • Cycling like-for-likes slip 0.9%
  • Motoring like-for-likes up 2.5%

Halfords has revealed a slight dip in full-year profits but its cycling division recovered in its second half despite “weaker market conditions”.

The motor parts and cycling retailer, which acquired premium bikes and accessories etailers Tredz and Wheelies last month, said pre-tax profits slipped 1.2% to £79.8m in the 52 weeks to April 1.

Group like-for-likes in the period rose 1.5%. In its motoring division like-for-likes increased 2.5%, but comparable sales in cycling fell 0.9%.

Total annual group sales rose 1.7% to £1.02bn.

Chief executive Jill McDonald branded it a “solid performance”, flagging that it gained market share in its motoring and cycling divisions.

Halfords suffered a sharp fall in cycling sales last summer, which it blamed on wet weather. But McDonald said sales had “improved” in the second half. Fourth-quarter like-for-likes in the division rose 1.9%.

Car maintenance like-for-likes rose 3.4% driven by “good growth in sales of car parts, workshop products and the fitting and sale of bulbs, blades and batteries”, the retailer said.

Last November, McDonald launched an updated strategy – ‘Moving up a Gear’ – aimed at driving “sustainable long-term growth”.

Today she said the strategy is “developing well, including a step change in customer data collection and usage, the introduction of new services, product innovation and exciting collaborations”.

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