Robust performance for Halfords

Halfords, the leisure, cycling and automotive specialist, saw its share price rise despite falls in revenue and profit in the 26 weeks to 30 September.

Underlying group revenue for the period was down just 0.1%, while operating profit fell 17.7% from £69.1m to £56.9m and the operating margin fell from 15.1% to 12.5%. The dividend was maintained at 8p per share.

Revenue for its autocentres division was up 2.7% on like-for-like basis, while full-year management guidance on the retail sector gross margin and operating costs remains unchanged.

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Chief executive David Wild said: "In a challenging market Halfords has delivered a robust sales performance in the first half." However, he did say motorists' spending on maintenance has been "subdued" as a result of inflationary rises in fuel and insurance costs.

"It is impossible to predict when trading conditions will ease. Despite this we are continuing to invest in value for customers, creating the right platform for long-term sustainable growth."

The share price rose 4.09% to 348.7p to 13:34.

NR