Halfords Group PLC Announces FY24 Unaudited Preliminary Results

Halfords Group PLC reported a revenue growth of 7.9% for the financial year ending 29 March 2024. The company's underlying profit before tax stood at £36.1 million. Despite facing significant external headwinds, the Group managed to gain market share and make strategic progress.

The Services business, now contributing over half of the Group's revenue, played a crucial role. Autocentres delivered a strong performance, with a 17.6% increase in revenue, helping mitigate FX headwinds and market consolidation pressures in Cycling.

However, declines in Consumer Tyres and Cycling demand, worsened by cost inflation totaling £37 million in FY24, impacted overall business performance. Consequently, underlying profit before tax from continuing operations decreased by 7.9% to £43.1 million.

Despite these challenges, CEO Graham Stapleton remains optimistic about Halfords' strategic direction, highlighting the company's resilience and commitment to improving tyre safety and customer value during the cost-of-living crisis. Looking forward, the Group anticipates continued market pressures but remains confident in its strategy for profitable growth.