Business
Interim Results
Interim Results.
About this update from Halfords Group Plc
[{"type":"text","content":"\n RNS Number : 4988I Halfords Group PLC 20 November 2008 \n \n\n20 November 2008\n\nHalfords Group plc ('halfords')\nSOLID PERFORMANCE DRIVES EARNINGS AND DIVIDEND GROWTH\n\nHalfords, the UK's leading automotive and leisure products retailer, announces its Interim results for the 26 weeks to 26 September 2008.\n\nFinancial Highlights\n\n\nRevenue £407.1m up 1.6% (2007: £400.7m)\n\n\nLike-for-like sales decrease by 1.1%\n\n\nGross profit percentage improves by 70 basis points to 51.6% (2007: 50.9%)\n\n\nOperating profit £55.0m up 4.6% (2007: £52.6m)\n\n\nProfit before tax £49.1m up 3.2% (2007: £47.6m)\n\n\nBasic earnings per share 16.7p up 9.2% (2007: 15.3p)\n\n\nInterim dividend 5.00p up 5.3% (2007: 4.75p) \n\n\nOperating cash flow £72.6m (2007: £59.4m)\n\n\n\nBusiness Highlights\n\n\nSolid growth in traditional core areas of car maintenance and cycling\n\n\nActive management of operating infrastructure to further improve cost control \n\n\nAdditional cost reduction programmes to be implemented during second half year\n\n\n8 new store openings during the period\n\n\nCzech Republic operation continues to trade in line with expectations \n\n\nPilot results provide confidence to accelerate Central European store-openings \n\n\nNational pilot of standalone cycle store through stores in York and Norwich\n\n\n\n\nCommenting on the results, David Wild, Chief Executive, said:\n'In the current economic environment the core areas of Halfords' business have performed well, particularly car maintenance which is characterised as needs driven, with low transaction values and higher than average margins. We continue to control costs whilst maintaining a solid platform for future earnings growth and ensuring that we maintain a support structure appropriate to this part of the business cycle. \n\nHalfords' ongoing product and service developments together with continuing cost management provide the Board with confidence in the delivery of full year profit before tax, from trading activities, in line with expectations. Furthermore, the success of our initial pilot in Central Europe encourages us to accelerate our operations in this region to secure future growth. This is an exciting opportunity.\n\nThe resilient performance in the first half of the financial year and continued confidence in our future prospe...