Business
Halfords Group PLC: Interim Results: Financia...
Halfords Group PLC: Interim Results: Financia....
About this update from Halfords Group Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nHalfords Group PLC (HFD)\n\n\n\n\n\n\nHalfords Group PLC: Interim Results: Financial Year 2024 29-Nov-2023 / 07:00 GMT/BST\n\n \n\n29 November 2023\n\nHalfords Group plc \n\nInterim Results: Financial Year 2024\n\n \n\nStrong H1 performance driven by substantial revenue and profit growth through increased market share, optimisation of our Autocentres business, and delivery of targeted cost savings.\n\nHalfords Group plc (“Halfords” or the “Group”), the UK’s leading provider of Motoring and Cycling services and products, today announces its interim results for the 26 weeks to 29 September 2023 (“the period”). \n\nGroup Financial Summary\n\n\n £m\n \n \n FY24\n\n H1\n \n \n FY23*\n\n H1\n \n \n FY24 vs \n\n FY23\n \n \n % Change\n \n \n Revenue\n \n \n 873.5\n \n \n 767.1\n \n \n 106.4\n \n \n 13.9%\n \n \n Retail\n \n \n 516.6\n \n \n 500.5\n \n \n 16.1\n \n \n 3.2%\n \n \n Autocentres\n \n \n 356.9\n \n \n 266.6\n \n \n 90.3\n \n \n 33.9%\n \n \n Gross Margin\n \n \n 47.8%\n \n \n 49.9%\n \n \n (210bps)\n \n \n \n \n \n Retail\n \n \n 45.8%\n \n \n 49.1%\n \n \n (330bps)\n \n \n \n \n \n Autocentres\n \n \n 50.6%\n \n \n 51.2%\n \n \n (60bps)\n \n \n \n \n \n Underlying EBITDA\n \n \n 90.9\n \n \n 81.4\n \n \n 9.5\n \n \n 11.7%\n \n \n Underlying Profit Before Tax (“PBT”)\n \n \n 21.3\n \n \n 18.4\n \n \n 2.9\n \n \n 15.8%\n \n \n Profit Before Tax\n \n \n 19.3\n \n \n 18.7\n \n \n 0.6\n \n \n 3.3%\n \n \n Underlying Basic Earnings per Share\n \n \n 7.6p\n \n \n 6.7p\n \n \n 0.9p\n \n \n 13.4%\n \n \n\n*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 £10.6m from £29.3m to £18.7m, this has also affected EPS as disclosed in note 20. For further detail see page 11 of Chief Financial Officer’s report.\n\nSee page 20 for glossary of alternative performance measures.\n\n \n\nOverview\n\nStrong revenue growth, up 13.9%, with like-for-like (‘LFL’) sales growth of 8.3% achieved despite challenging macro environment.\n Market share gains in all categories, ahead or in line with expectations.\n Varying performance across underlying markets:\n Needs-based categories, such as retail motoring and motoring services, in strong growth and in line with expect...