DJ Halfords Group PLC: Interim Results for the 26 weeks to 27 September 2024 Halfords Group PLC (HFD) Halfords Group PLC: Interim Results for the 26 weeks to 27 September 2024 26-Nov-2024 / 07:00
Halfords Group PLC Halfords Group PLC: Interim Results for the 26 weeks to 27 September 2024 26-Nov-2024 / 07:00 GMT/BST =---------------------------------------------------------------------------------------------------------------------- 26 November 2024 Halfords Group plc Interim Results for the 26 weeks to 27 September 2024 Strong first half delivers GBP21m underlying PBT; accelerating Fusion garage services rollout to c.40 locations.
-- Retail generated underlying EBIT of GBP21.2m with 200bps improvement in gross margin inpart reflecting pricing discipline in a better-than-expected Motoring Products market, while the underlying Cyclingmarket remains c.33% below FY19 volumes. -- The effect of the UK Budget on consumer behaviour and hence the trajectory of our end-markets is unclear.We have a greater ability to mitigate headwinds in the more needs-based Autocentres servicing business, wherepricing power is greater. Additional tactical and structural options to support mitigation are under review."I am really pleased with the progress we have delivered in the first half.
The steps we have taken in H1 are very clearly manifested in our gross margin performance, which increased by 160bps YoY to enable us to hold PBT flat vs. last year despite significant wage inflation across the business. Notes: Following the purchase of Wiggle by Frasers Group in Feb 24, Wiggle data, which was previously included in Bicycling Association Cycling data, was removed retrospectively and fully from that point forward. The data service also excludes Evans Cycles. GfK Tyres market reporting includes sales data from Tyre Specialists, Autocentres and Online Pure Players.
More positively, sales of Motoring Products and Motoring Services were strong. In Motoring Products, where a higher proportion of spend is needs-based, the market has grown more quickly than we expected. Our share in this market declined in-line with our expectations for the year given our price and margin optimisation strategy.
Finally, and importantly for all our stakeholders, we have taken further steps forward to deliver on our ESG priorities. We have increased engagement with our partners to drive improved sustainability and working practices throughout the supply chain.
Our priority in FY25 is optimising our existing platform, as detailed above. However, we have continued to prioritise a limited number of strategic initiatives which have been identified as a priority for future growth, including Halfords Motoring Club and, most importantly, the Fusion Motoring Services rollout.
The original plan was to open c.25 new Fusion Motoring Services locations in FY25 at a cost of approximately GBP5m, i.e. GBP200k per site. 22 sites have been delivered so far this year, with the 10 sites delivered over the Summer as the first wave now having 3 to 4 months of trading behind them. These sites are performing significantly ahead of business case and have given us the confidence to go further, accelerating the programme to deliver c.40 sites in total in the current financial year .
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