Group Financial Summary:
| HY13 £m | HY12 £m | Change | |
|---|---|---|---|
| Total Group Revenue | 455.6 | 454.0 | +0.4% |
| Retail | 393.0 | 400.6 | -1.9% |
| Autocentres | 62.6 | 53.4 | +17.2% |
| Operating Profit before non-recurring items | |||
| Retail | 42.0 | 55.0 | -23.6% |
| Autocentres | 3.3 | 3.0 | +10.0% |
| Profit Before Tax and non-recurring items | 41.9 | 54.7 | -23.4% |
| Basic Earnings Per Share, before non-recurring items | 16.2p | 19.8p | -18.2% |
| Profit Before Tax, after non-recurring items | 42.4 | 54.7 | -22.5% |
| Basic Earnings Per Share, after non-recurring items | 16.4p | 19.7p | -16.8p |
| Net Debt | 107.9 | 140.7 | 23.3% dec |
| Interim Dividend Per Share | 8.0p | 8.0p | Maintained |
Key Points For The Half:
- Retail delivered a robust revenue performance in Q2 following a difficult Q1
- Autocentres produced a double-digit increase in operating profit led by further strong top-line growth
- Free cash flow up 47% to £59.5m with continued focus on investment priorities and cash management
- Net debt reduced by 23% to £107.9m
- Interim dividend of 8p per share maintained
- Good progress made in the delivery of strategic initiatives
- Matt Davies joined as Chief Executive in October
Dennis Millard, Chairman, commented:
“Our Retail performance improved markedly in the second quarter after a difficult first quarter and, with a proactive trading stance, we took full advantage of the opportunities provided by the ‘summer of sport’. We continue to be encouraged by the performance and long-term potential of Autocentres. We also made good progress on channel and category initiatives; central to this is the priority of building a company-wide customer service ethic as well as investing in training and support for colleagues.
Our second-half Retail planning assumptions remain unchanged and cautious given the prevailing pressures on the consumer as we approach the important winter and Christmas trading periods. We continue to plan for a full-year Group Profit before tax and non-recurring items of between £66m and £70m. We have a strong platform for sustainable growth; the management team retains its focus on active trading, cash generation, prudent cost management and the delivery of strategic objectives.”
Notes
- Where appropriate, revenues denominated in foreign currencies have been translated at constant rates of exchange.
- All numbers shown in this statement are before non-recurring items, unless stated otherwise. These items, namely £0.5m of income, represent the partial release of the Focus lease guarantee provision, recognised as a non-recurring cost in FY11, resulting from the better than anticipated settlements in the period.
About Halfords Group plc
The Group is the UK's leading retailer of automotive, leisure and cycling products and through Halfords Autocentres also one of the UK's leading independent car servicing and repair operators. Halfords customers shop at more than 465 stores in the UK and Republic of Ireland and at halfords.com for pick-up at their local store or direct home delivery. Halfords Autocentres operates from more than 265 sites nationally and offers motorists dealership-quality MOTs, diagnostic services, tyres, repairs and car servicing at affordable prices.
Halfords employs approximately 12,000 colleagues and sells around 10,000 product lines in stores, increasing to around 16,000 lines online. The product offering encompasses significant ranges in car parts, cycles, in-car technology, child seats, roof boxes, outdoor leisure and camping equipment. Halfords own brands include the in-store Bikehut department, for cycles and cycling accessories, Apollo and Carrera cycles and exclusive UK distribution rights of the premium-ranged Boardman cycles and accessories. In outdoor leisure, we sell a premium range of camping equipment, branded URBAN Escape. Halfords offers customers expert advice and a fitting service called ‘wefit’ for car parts, child seats, satellite navigation, touring and in-car entertainment systems, as well as a ‘werepair’ service for cycles.
( Source Halfords group )
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