Halfords Share Discussion Threads

[my retirement fund] 29/11/2023 13:05

FD is OK with numbers below 20. Anything else doesn't have enough fingers and toes to do the job

[argylerich] 29/11/2023 12:33

Thanks for your constructive thoughts 21ant

[gswredland] 29/11/2023 12:22

This always seems to fall on results and then recovers hoping for a bid

[maximus57] 29/11/2023 12:14

Well said, Ant. I confess to being a shareholder at the moment and will continue to be so. This to my mind would represent a great opportunity for a new buyer with a progressive management team to drive a household national name forward. On paper, to me, this looks cheap and could prove an excellent acquisition over time

[21ant] 29/11/2023 11:17

This is a business I know very well. Also I'll just say I'm not a holder at this moment in time but have been several times before.
A lot of the points on here are valid. This is a business with a great heritage and a good future ahead. The issues with management are, in particular, I wouldn't trust Graham S with anything and he is driving this business too hard in one direction. The initial acquisition of Nationwide Autocentres many years ago by David Wild was a good buy and put halfords autocentres on the map but it's too far too quick now and as been pointed out we have cannibalisation in many towns.
I have a fear that the other parts of the business are being ignored and whilst there are lower margins and external challenges for cycling, as the market leader it shouldn't be forgotten - cycling is a big business and will have it's moment again in the future. They need to be ready.
The culture in the business isn't what it was and this doesn't bode well for a positive customer experience - I've also recently had poor experiences where it was easier to try and rip me off than fix a problem (I didn't fall for it but they lost the business).
All in all this is a stock to buy and hold for better times but at what entry point I'm not sure. It should be a bargain now based on potential but it may just be too early. That part I'm not sure about.

[maximus57] 29/11/2023 10:52

Another overdone drop on the back of a good set of results is a great buying opportunity in my book. This will be back up soon

[bookbroker] 29/11/2023 10:24

Easy to rectify, start closing branches where workshops cannibalise each other. Know of several locations where NT. within 100 metres of a Halfords Autocentre.

[kendonagasaki] 29/11/2023 10:16

Looks like national tyres and all these other businesses they bought were overpaid for!Hence the accounting errors????If I was the CEO i would be calling it a day imo.

[fenners66] 29/11/2023 09:42

Wow just got down to this line

"the correction of errors identified in the goods received not invoiced
("GRNI") reconciliation process at 30 September 2022. "

WTAF !

That is BASIC accounting. Its so basic that getting that wrong at any level (even one branch!) is seriously
unforgivable!

Did the FD get sacked ?

[my retirement fund] 29/11/2023 09:30

They are just finding ways of hiding their disastrous aquasistion of their Tyre business overpriced, at the top end of business and loss making. Many more years of pain ahead.

[glavey] 29/11/2023 09:12

This is probably not worthy of a DCB!

[fenners66] 29/11/2023 09:01

Talking about presentation :-

"The results for the 26 weeks to 30 September 2022 have been restated to reflect adjustments which decrease the stated profit before tax by GBP10.6m"

That just shows they cannot get it right
Unforgivable for a company of this size.

[fenners66] 29/11/2023 08:54

This kind of presentation I have been railing against with other companies recently.

I hate the spin of trying to tell everyone that because we adjusted away everything we did really well !
Hoping investors or analysts cannot be bothered to read the results or find say the P&L buried somewhere.

Well the market has seen straight through this BS and down about 20%

[blueball] 29/11/2023 08:37

Thats a bad fall.

[kendonagasaki] 29/11/2023 08:29

Lower is good!

[darrin1471] 29/11/2023 08:26

"Strong H1 performance driven by substantial revenue and profit."

Underlying Profit Before Tax ("PBT") H1 24 £21.3m vs H1 23 £18.4m +15.8%

but then: "H1 FY23 PBT restated to reflect adjustments relating to FX accounting and Cost of Goods Sold. As a result PBT for H1 FY23 has reduced by GBP10.6m from GBP29.3m to GBP18.7m"

[darrin1471] 29/11/2023 08:25

"Strong H1 performance driven by substantial revenue and profit."

Underlying Profit Before Tax ("PBT") H1 24 £21.3m vs H1 23 £18.4m +15.8%

but then: "H1 FY23 PBT restated to reflect adjustments relating to FX accounting and Cost of Goods Sold. As a result PBT for H1 FY23 has reduced by GBP10.6m from GBP29.3m to GBP18.7m"

[babbler] 29/11/2023 08:24

Yeah...lower lol

[kendonagasaki] 29/11/2023 07:43

Looks like the takeover will be back in play after the golden quarter.Gonna have renegotiate the price obviously.??

[argylerich] 21/11/2023 07:53

Kendo you're a card!
Up 20% and looking forward to the divi.
Cheerio old chap

[kendonagasaki] 20/11/2023 20:17

Rich.Do not lose money here.You love losing money?Heart versus head?And not the head you usually partake in?

[argylerich] 20/11/2023 19:44

Lol we always live in hope 😉🤣