Business
20-Week Trading Statement
20-Week Trading Statement.
About this update from Halfords Group Plc
[{"type":"text","content":"\n \n\n\nHalfords Group PLC (HFD)\n\n\n\nHalfords Group PLC: 20-Week Trading Statement07-Sep-2022 / 07:00 GMT/BSTDissemination of a Regulatory Announcement, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n \n\n7 September 2022\n\nHalfords Group plc \n\n20-Week Trading Update: Financial Year 2023\n\n \n\nFull year profit guidance unchanged following good performance across the business, and market share gains across Motoring and Cycling products and services.\n\n \n\nHalfords Group plc (“Halfords” or the “Group”), the UK’s leading provider of Motoring and Cycling products and services, today announces its trading update for the 20-week period to 19 August 2022 (“the period”). \n\n \n\nOverview\n\n \n\nTotal revenue growth of +9.2% vs FY22 and -1.9% LFL against strong prior year comparatives (see figure 2), when sales benefited from the UK emerging from the final COVID-19 lockdown.\n Strong total revenue growth vs FY20, up +30.3%, or up +11.7% LFL, with all segments showing LFL growth over 3 years with Autocentres +28.2%, Retail Motoring +8.5% and Cycling +9.5%. Strategic acquisitions in Autocentres are the key driver of total sales growth. \n Strong progress against our FY23 strategic priorities including the growth of our Motoring Loyalty Club to 500k members, Project Fusion roll out, National Tyres integration and the scaling of our Services business.\n Service-related sales represent 42.2% of Group revenues in the period, up from 21.9% in FY20.\n Performance in the period has been in-line with our expectations, and we therefore continue to target full year underlying profit before tax (“PBT”) of £65m to £75m.\n \n\nGraham Stapleton, Chief Executive Officer, commented:\n\n \n\n“We are working extremely hard to help our customers with the cost-of-living crisis and have dropped prices across nearly 2,000 motoring essentials, ensuring that products remain accessible and affordable for all. Our Motoring Loyalty Club is also proving to be extremely popular and has already attracted over half a million members since its launch in March, with benefits including MOT discounts and a free 10-point car health-check, putting almost £14m of savings directly back into members’ pockets.\n\n \n\nWe are also determined to do everything that we can t...