Halfords revenues rise 14.1% amid strong motoring demand
As a result Halfords’ trading year to date is in line with expectations and its full year underlying profit before tax is expected to be between £48m and £58m
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Halfords has announced that its revenues have increased by 14.1% for the 20 weeks ended 18 August 2023, boosted in part by its autocentre business.
According to the group, this increase in revenue was driven by needs-based categories, with revenue from autocentres up 34.6% and retail revenue up 3.7%.
Strong Services and B2B performance accounted for 48% and 29% of group revenue respectively, with B2B winning a significant nationwide contract with Yodel.
Furthermore, the company has seen strong market share gains with a 7.8% increase in group LFL revenue performance.
The company’s underlying services markets remain robust, whilst discretionary categories have been softer in Q2 to-date vs Q1.
As a result Halfords’ trading year to date is in line with expectations and its full year underlying profit before tax is expected to be between £48m and £58m.
Graham Stapleton, CEO, said: “It’s been a good start to the year for Halfords, and our ongoing focus on essential maintenance and servicing is driving a strong performance in our autocentre and retail motoring business.
“Group motoring, which now accounts for over 75% of our total sales, is a resilient sector and we’re progressing with our long-term plans to become a one-stop-shop for motoring ownership.”
He added: “We’re continuing to do everything that we can to support our customers through the cost-of-living crisis and are determined to offer them unrivalled value. For instance, our research shows that motorists who use manufacturers’ franchised dealerships can pay over 50% more for repairs compared with Halfords.
“With the average cost of car ownership pushing £300 a month, the last thing hard pressed motorists need is to pay over the odds for repairs. That’s why, today, we’re launching a campaign called Dealer or No Dealer, designed to raise motorists’ awareness of the choice and cost savings available to them for servicing and repairs, and that any work carried out by Halfords will not affect their manufacturer warranty.”
