Halfords Group PLC: Trading Update (1171791)
March 01 2021 - 1:00AM
UK Regulatory
Halfords Group PLC (HFD)
Halfords Group PLC: Trading Update
01-March-2021 / 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.
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1 March 2021
Halfords Group plc: Trading Update
Full year profit before tax1 expected to be within a range of GBP90m-GBP100m after the repayment of furlough support.
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.
In our Q3 trading update on 14 January 2021, we highlighted a weaker like-for-like ("LFL") growth rate as we exited the
quarter. This was due to regional lockdowns impacting motoring demand, as well as global container shortages and port
disruption delaying stock arriving into the business. Although we have continued to experience a volatile trading
environment across the first seven weeks of Q4, overall trading has been stronger than we initially anticipated across
the business, and we now expect full year profit before tax1 to be within the range of GBP90m - GBP100m. The Board has
taken the decision to repay in full GBP10.7m of furlough income received, and the profit range is after this repayment.
For the first seven weeks of Q4, from 2 January 2021 to 19 February 2021, Group LFL growth was +6.2%, with Retail +5.1%
and Autocentres +13.3%. Despite journeys being c.40% below pre-pandemic levels, our Autocentre business has continued
to demonstrate signs of growing market share, with strong demand for both our garage business and Halfords Mobile
Expert vans. In Retail, our Motoring business, whilst being -14% LFL, has again performed better than traffic levels
would suggest, with sales of blades, bulbs, batteries and general maintenance products performing better. Cycling has
seen LFL growth rates improve as supply disruption has eased, although overall supply remains sub-optimal. Cycling LFL
over the period was +43%, with our unique and exclusive range of kids and adult mechanical bikes performing well, along
with our performance cycling business, Tredz, which continues to see exceptional growth, up +60% LFL in the period.
Although only six weeks remain of FY21, the expected profit range remains quite broad as trading patterns continue to
be volatile, with sales ahead of Easter particularly difficult to predict whilst the UK remains in lockdown. As the
country starts to open up once more, our overriding priority remains the health and safety of our colleagues and
customers.
Our next planned trading update will be our Preliminary results announcement on 17 June 2021.
1. Underlying profit before tax and before adjustments for IFRS16
Enquiries
Investors & Analysts (Halfords)
Loraine Woodhouse, Chief Financial Officer
+44 (0) 7483 360 675
Neil Ferris, Corporate Finance Director
neil.ferris@halfords.co.uk
+44 (0) 1527 513189
Andy Lynch, Head of Investor Relations
andrew.lynch@halfords.co.uk
Media (Powerscourt) +44 (0) 20 7250 1446
Rob Greening halfords@powerscourt-group.com
Lisa Kavanagh
Notes to Editors
www.halfords.com www.halfordscompany.com www.tredz.co.uk
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
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ISIN: GB00B012TP20
Category Code: TST
TIDM: HFD
LEI Code: 54930086FKBWWJIOBI79
OAM Categories: 2.2. Inside information
3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 94472
EQS News ID: 1171791
End of Announcement EQS News Service
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