Halfords new chairman starts assembling stake

Halfords' new chairman Dennis Millard has bought his first shares in the car parts and bicycle retailer, spending more than £45,000.

He bought 15,000 shares at 310p a time.

The company's shares have edged up since last week, when chief executive David Wild took 20,000 shares at 305p a time.

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Earlier this month, Halfords upped its dividend after delivering a slightly better than expected 2.4% rise in full-year profits.

Profit before tax and exceptional items for the 52 weeks to 27 March was £92.4m compared with the previous year's £90.2m. Market consensus was for adjusted profit before tax of £91.5m.

Profits rose despite a 0.3% drop in revenue to £794.7m, also better than the expected £790m, with like-for-like sales down by 3.3%.

Millard, who joined the company as chairman on 28 May, is also chairman of newspapers and magazines wholesaler Smiths News.

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