Halfords Group PLC: Trading Update (1138110)

 
 Halfords Group PLC (HFD) 
Halfords Group PLC: Trading Update 
 
01-Oct-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
1 October 2020 
 
      Halfords Group plc: Trading Update 
 
  H1 profit before tax1 expected to be in excess of GBP55m as a result of 
      continued momentum in Cycling and Motoring products and services 
 
 Halfords Group plc ("the Group"), the UK's leading provider of motoring and 
       cycling products and services, today updates the market on its recent 
            trading performance. 
 
     Our 20-week trading update on 8 September 2020 highlighted an improving 
growth trend throughout the period, reflecting continued strength in Cycling 
            and a return to growth in Motoring products and services. 
 
       Despite the peak Cycling and Staycation season coming to an end, this 
      positive momentum has continued, such that Group like-for-like ("LFL") 
         growth in the five weeks to 25 September 2020 was +22%. Cycling has 
  continued to perform well, up +46% LFL in the five-week period, reflecting 
  the strength of our unique proposition and continual improvement in supply 
     to meet unprecedented levels of demand. Motoring in our Retail business 
     improved to +7.5% LFL in the five-week period. Our Autocentres business 
 continued to grow strongly, up +18% LFL (+64% including acquisitions). This 
      included exceptional demand for our growing Mobile Expert proposition, 
driven by customers seeking greater convenience and safety from our fleet of 
     vans. With the substantial growth we have seen in our motoring services 
    business across both Retail and Autocentres, we have launched a national 
            campaign to recruit hundreds of skilled technicians. 
 
    Given stronger than expected trading since week 20, we now expect profit 
     before tax1 for H1 FY21 to be in excess of GBP55m. We do, however, remain 
     cautious in our outlook for H2. The potential impact of second waves of 
       COVID-19 now seems more pronounced than just a few weeks ago, and the 
  economic impact of an end to the furlough scheme and the outcome of Brexit 
      negotiations remains very uncertain. We are well placed to address any 
    headwinds we may face and capitalise on the tailwinds as they arise. Our 
            balance sheet and liquidity position remain strong. 
 
            We will report our interim results on 18 November 2020. 
 
  1) Underlying profit before tax and before adjustments for IFRS16 
 
Enquiries 
Investors & Analysts (Halfords) 
Loraine Woodhouse, Chief 
Financial Officer 
Neil Ferris, Corporate Finance              [phone] 
Director 
 
                                      [e-mail] 
Andy Lynch, Head of Investor                 [phone] 
Relations 
 
                                     [e-mail] 
 
Media (Powerscourt)                         [phone] 
Rob Greening                      [e-mail] 
Lisa Kavanagh 
 
            Notes to Editors 
 
            www.halfords.com www.halfordscompany.com [1] www.tredz.co.uk [2] 
 
  Halfords is the UK's leading provider of motoring and cycling products and 
      services. Customers shop at 444 Halfords stores, 3 Performance Cycling 
       stores (trading as Tredz and Giant), 367 garages (trading as Halfords 
      Autocentres and McConechy's) and have access to 91 mobile service vans 
   (trading as Halfords Mobile Expert and Tyres on the Drive). 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. 
 
            Cautionary statement 
 
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 
 
ISIN:           GB00B012TP20 
Category Code:  TST 
TIDM:           HFD 
LEI Code:       54930086FKBWWJIOBI79 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   85202 
EQS News ID:    1138110 
 
End of Announcement EQS News Service 
 
 
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(END) Dow Jones Newswires

October 01, 2020 02:00 ET (06:00 GMT)