Business
Halfords Group PLC: Unaudited Preliminary Res...
Halfords Group PLC: Unaudited Preliminary Res....
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: Unaudited Preliminary Results: Financial Year 2024 27-Jun-2024 / 07:00 GMT/BST\n\n \n\n \n\n27 June 2024\n\nHalfords Group plc \n\nUnaudited Preliminary Results: Financial Year 2024\n\n \n\n \n\nStrong revenue growth of +7.9%, with underlying profit before tax of £36.1m1\n\n \n\nGood strategic progress; market share gains helping to offset significant external headwinds\n\n \n\nStrategically important Services business now represents more than half of Group revenue\n\n \n\nHalfords Group plc (“Halfords” or the “Group”), the UK’s leading provider of Motoring and Cycling services and products, today announces its unaudited preliminary results for the 52 weeks ended 29 March 2024 (the “Period”). \n\n \n\nFY24 Overview\n\nOur focus in FY24 has been to deliver on the areas that are within our control. We have made good progress both strategically and in further optimising the business to create a solid foundation for future growth. Business performance has, however, been impacted by continuing declines in the Consumer Tyres and Cycling markets, and in consumer demand for big ticket purchases. \n\nSuccessfully delivered on the areas within our control:\n\nShare gains in all four of our core markets, outperforming our expectations.\n Strong Group revenue growth of +7.9% and +5.0% on a Like-for-Like (“LFL”) basis. \n A very strong performance in Autocentres and the success of our Better Buying programme helped to offset FX headwinds and increased promotional activity driven by Cycling market consolidation, resulting in gross margin of 48.5%, down 40bps.\n Delivered cost savings of over £35m, ahead of original target of £30m, bringing cumulative cost savings to c. £70m in the last three years. \n Balance sheet strong and liquidity well managed. Retail inventory down £24m versus last year. Net debt, excluding leases, of £8.2m. RCF extended to April 2028.\n Underlying profit before tax (“PBT”) from continuing operations was down 7.9% to £43.1m. Including discontinued operations, underlying PBT was down 18.3% to £36.1m, which was in line with revised market guidance.\n Final dividend of 5 pence per share proposed, which would result in a full year dividend of 8 pence per share.\nGood strategic progress:\n\...