Halfords' first-half profits jump as turnaround gains pace

Group revenue increased 7.7% to £490.6m, while retail sales rose 7.9% to £424m. Group like-for-likes nudged up 6.2% over the half while retail like-for-likes rose 7.7%.

Cycling was the star performer in retail, with like-for-likes up 14.2% in the category.

Group EBITDA edged up 3.1% to £59.6m.

Halfords chief executive Matt Davies said: “These are early days in our three-year transformation plan but it is encouraging to see the retail business deliver a strong first-half performance.

“In cycling we were helped by the better weather but made the most of it by ensuring we had the stock and compelling offers to meet demand. We have made a good start on many elements of our Getting Into Gear programme and now have a strong retail management team in place.

“The performance in autocentres, by contrast, was impacted by both operational and market challenges, although we have a clear investment plan in place to grow the business over the medium term.”

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