Pre-tax profits at bike and car accessories specialist Halfords jumped 16.4 per cent to £47.6 million in the 26 weeks to September 28, with growth in all its key areas.

Sales rose 8.5 per cent to£400.7 million, with like-for-likes up 5.5 per cent.

The group opened 10 stores in the UK during the period, taking its total to 433. It is planning a further 20 this financial year.

The retailer said its Bikehut standalone stores and Czech Republic pilot stores are trading in line with expectations. It operates from two stores in the Czech Republic and is to open a further four in the next year.

Halfords chief executive Ian McLeod said: “Our market-leading positions in leisure, in-car technology and car maintenance, together with our high levels of service and store opening programme, continue to differentiate Halfords within the retail sector.

“Trading in the second week since the half-year is in line with our expectations and, while acknowledging a challenging retail environment, we remain confident in our second-half performance.”

Numis Analyst Jose Marco said: “While the consumer environment can be expected to have a negative impact on car enhancement with the sale of SatNavs and music systems coming under pressure, we expect this to be compensated for by a gain in car maintenance, with an increasing number of people opting to maintain their cars themselves.

“Importantly, Halfords is not a Christmas-dependent stock, and sales and profits remain evenly spread between the two halves of the year.”

Topics