Halfords moves up a gear with 9.6% revenue uplift thanks to cycling boom
Motor parts and bicycle retailer Halfords has reported a “very strong” first half of the year following increased popularity of cycling during the pandemic.
The company has published its interim results for the 26 weeks to October 2, which saw an almost double-digit revenue increase despite the disruption caused by COVID-19.
Group revenue was up by 9.6 per cent on the previous year, with underlying pre-tax profit of £56.0m - a year-on-year increase of £30.1m.
The firm, which was classified as an essential retailer by the government during lockdown, has seen its dip in motor activity offset by a growing demand for cycling equipment.
Graham Stapleton, chief executive officer at Halfords, commented: “We are very pleased to have achieved such a strong first half performance against the backdrop of one of the most challenging trading environments in recent history.
“We have worked hard to capitalise on the cycling market tailwinds by sourcing more stock from existing and new suppliers, as well as launching new products and brands to serve the high level of demand for our cycling products and services.
“As an essential retailer and service provider, we are proud to be able to help keep the UK moving during these exceptionally challenging and uncertain times.”
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