Halfords bumps revenue steerage as rising automotive possession boosts gross sales

Halfords has mentioned its earnings are set to exceed earlier targets as elevated automotive possession following the pandemic helped to drive a surge in gross sales.

hares within the firm leapt greater after the biking and motoring gear retailer additionally informed traders that provide chain pressures have eased again.

It got here as Halfords revealed revenues elevated by 19.2% over the six months to October 1, in contrast with the identical interval final yr.

The retailer upgraded its revenue steerage for the present yr to between £80 million and £90 million consequently.

Motoring continued to drive greater gross sales, with the corporate’s autocentres enterprise reporting an 88.8% surge in revenues.

Graham Stapleton, chief govt officer, informed the PA information company this was boosted by a rise in individuals shopping for vehicles amid warning over utilizing public transport.

“There are three principal components however one is unquestionably that folks sought their very own transport as they had been reticent about public transport,” he mentioned.

“The second factor is unquestionably a transfer in the direction of electrical vehicles. We’ve seen a giant improve in demand associated to electrical automotive possession, so have been having to develop the variety of technicians coping with electrical automobiles.

“I believe we have now additionally seen gross sales aided by our personal high quality in customer support which has actually saved individuals coming again to us.”

Mr Stapleton additionally mentioned the corporate has seen stress from provide chain challenges however pressured these are presently easing.

He mentioned the enterprise has “excellent inventory” of youngsters’s bikes and electrical bikes forward of elevated demand for the vital Christmas interval.

The corporate mentioned it’s “assured” in its capability to navigate the inflationary and operational headwinds within the second half of the monetary yr.

Shares had been 14.5% greater at 319p in early buying and selling.

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