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Halfords sees profits soar

// Group sales at Halfords rise 13.1% to £1.29 billion
// Thanks to the retailer’s mobile service, autocentre revenues grew 31.6% year on year

During the Covid-19 pandemic, Halfords’ B2B, services, and online businesses grew, resulting in record earnings, despite store closures over the course of lockdown.

For the full year to April 2, the bicycle and automotive retailer reported a 72.3 per cent increase in underlying profit before tax, driven by the “largest ever year for services.”

According to the report, service-related group sales currently account for 29 per cent of total group sales, with 44 per cent coming from the internet and 18 per cent from B2B channels.

Overall, group sales increased 13.1 per cent to £1.29 billion as the store took advantage of “record demand” for bikes and cycling gear.

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With traffic levels reduced by up to 90 per cent during the pandemic, Halfords said that motoring was down 12.1 per cent on a like-for-like basis however autocentre revenues grew 31.6 per cent year on year thanks to its mobile service.

By continuing to expand its offer, investing in employees, and enhancing its digital capabilities, the retailer said it is now focusing on driving its service-led business for both customers and enterprises.

Halfords chief executive Graham Stapleton said in a statement: “This year has undoubtedly been one of the most challenging that Halfords has faced in its 130-year history,”

“I reflect on the year with immense pride in the commitment and determination of our colleagues to support our customers, suppliers and communities, whom we served throughout the pandemic to keep the UK moving in a time of great difficulty.

“Despite the challenging operating environment, I am very proud of the resilient and strong performance we delivered in FY21.

“We have shown agility in adapting our operating models on multiple occasions during the year, while at the same time continuing to build the strategic foundations on which we will transform our business in FY22.”

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