Strong year for Halfords as profits grow 26.7%

Sales for the motor accessories specialist grew 4.6% for the year to £831.6m with adjusted like-for-like sales marginally ahead at 0.7%.

Multi-channel sales grew by 34% over the year and now account for 6% of the group’s total revenue.

During the year Halfords bought car service and repair operator Nationwide Autocentres and said it is still on the acquisition trail for businesses to provide extra avenues of growth.

Halfords chief executive David Wild said: “Halfords has had an excellent year. As a result of our disciplined growth strategy and a clear focus on the needs of our customers, our business continues to develop strongly.” 

 He added: “Looking ahead we will continue to expand our core retail business, double earnings from the Autocentre operations over the next three years and harness our strong cash flow to seek further acquisitions that meet our investment criteria. The aim of this strategy is to deliver sustainable earnings growth over the medium term of, on average, 15% per annum.

“While we remain cautious about the current state of the wider UK economy and immediate outlook for consumer spending, we have a proven strategy, a resilient business, and significant opportunities. The Board is therefore confident that the Group will deliver further earnings growth in the year ahead.”