Revenue up at Halfords

Bikes and car accessories retailer Halfords reported a solid increase in total revenue after a strong performance at its autocentres and said there has been no material change in its financial position.

Total revenue increased 1.6% for the 15 weeks to January 11th 2013 while revenue rose 0.8% for the 41 weeks to January 11th.

Revenue at autocentres for the third quarter rose 12.4% and for the 41 week period increased 15.4%.

Like-for-like retail revenue for the 15 weeks rose 1% after a robust performance from car maintenance, which rose 6.1%.

Travel solutions fell 8.2% after weak sales of child car seats. Car enhancement fell 1% while cycling reduced 1.6% after weak demand for older-kids and adult-mainstream bikes.

Mild and wet weather conditions affected the demand for winter products, it said.

"We do not anticipate a material improvement in short-term trading conditions. Given the Retail revenue performance in the period our plans would indicate group profit before tax for the year ended March 29th 2013 in the range of £68-72m, a modest upgrade to our prior assumptions," it said in a statement.

"We will continue to exit old inventory as we invest for the next financial year."

CJ