Halfords Group PLC (HFD)
6 September 2023
Halfords Group plc
20-Week Trading Update: Financial Year 2024
Strong market share gains across the Group with +7.8% Group LFL revenue performance.
Halfords Group plc (“Halfords” or the “Group”), the UK’s leading provider of Motoring and Cycling services and products, today announces its trading update for the 20 weeks to 18 August 2023 (the “Period”).
Graham Stapleton, Chief Executive Officer, commented:
"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.
“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.”
Group revenue summary
Strategic and operational update:
(1) At our Preliminary results presentation in June 2023 we shared our expectation that PBT would grow in FY24 (from FY23 PBT of £51.5m) and that we were comfortable with the analyst consensus of £53.3m. Current analyst consensus of PBT is £53.7m, with a analyst forecasts ranging between £51.0m and £57.7m.
Investors & Analysts (Halfords)
Jo Hartley, Chief Financial Officer
Neil Ferris, Group Financial Controller
Andy Lynch, Head of Investor Relations +44 (0) 7483 457 415
Media (Powerscourt) +44 (0) 20 7250 1446
Rob Greening email@example.com
A conference call for analysts followed by Q&A will be held today, starting at 09:00am UK time. Attendance is by invitation only. A copy of the transcript of the call will be available at www.halfordscompany.com in due course. For further details please contact Powerscourt on the details above.
Next trading statement
On 22 November 2023 we will report our FY24 Interim results for the period ending 29 September 2023.
Notes to Editors
Halfords is the UK’s leading provider of motoring and cycling services and products. Customers shop at 393 Halfords stores, 2 Performance Cycling stores (trading as Tredz and Giant), 643 garages (trading as Halfords Autocentres, McConechy’s, Universal, National Tyres and Lodge Tyre) and have access to 264 mobile service vans (trading as Halfords Mobile Expert, Tyres on the Drive and National), 479 commercial vans and 5 HME Cycling vans. Customers can also shop at halfords.com and tredz.co.uk for pick up at their local store or direct home delivery, as well as booking garage services online at halfords.com.
This report contains certain forward-looking statements with respect to the financial condition, results of operations, and businesses of Halfords Group plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, Halfords Group plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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