Halfords Group PLC (HFD)
14 January 2021
Halfords Group plc
Q3 Trading Update: Financial Year 2021
Strong LFL momentum continued in a challenging operating environment.
Autocentres LFL revenue up 21.1%, with strong performances from key areas of strategic importance (online, services, B2B)
Halfords Group plc ("Halfords" or the "Group"), the UK's leading provider of Motoring and Cycling products and services, today announces its Q3 trading update for the 13 weeks to 1 January 2021 ("the period").
Graham Stapleton, Chief Executive Officer, commented:
"We are pleased to have delivered a strong performance under hugely challenging circumstances, including our best ever Christmas week. Despite a large reduction in traffic on the roads, our strategically important Autocentres business saw significant growth, with particularly strong demand for the services of our growing fleet of Halfords Mobile Expert vans.
We are currently carrying out over half a million services and repair jobs on cars and bikes each month, and therefore continue to play an essential role in keeping the UK moving during this pandemic. Throughout the crisis we are privileged to have been able to offer free checks and discounts to 239,000 NHS workers, teachers and Armed Forces staff to help them keep their vehicles safe and roadworthy.
The health and safety of our colleagues and customers remains our number one priority and I would like to offer my sincere thanks for their unwavering loyalty and support."
The UK government announced a third national lockdown on 4 January 2021. As an essential retailer and services provider, our portfolio of stores, garages and Mobile Expert vans will remain open and continue to support key workers and customers with their journeys. The scale and extent of this lockdown will inevitably impact demand for our motoring products and services, with fewer car journeys being made across the UK. Although we currently anticipate a less severe impact on motoring demand relative to the spring lockdown, the cycling market is seasonally smaller during Q4 and may not fully offset the impact on motoring.
We remain confident in the financial strength and operational agility of our business to navigate the ongoing challenges arising from COVID-19. Our significant progress this year will ensure that we start financial year 2022 with a stronger platform for growth but, nevertheless, the immediate financial impact in Q4 is uncertain. We do not believe it appropriate to provide profit guidance at this stage but we currently intend to issue a pre-close statement during March 2021. Our position with respect to business rates relief and the Coronavirus Job Retention Scheme is still under review and we will provide an update when the COVID-19 situation becomes clearer.
There will be a conference call for investors and sell-side analysts beginning at 9:00am today (UK time). A copy of the transcript of the call will be available at www.halfordscompany.com in due course. For further details please contact Powerscourt on the details above.
Notes to Editors
Halfords is the UK's leading provider of motoring and cycling products and services. Customers shop at 440 Halfords stores, 3 Performance Cycling stores (trading as Tredz and Giant), 367 garages (trading as Halfords Autocentres and McConechy's) and have access to 121 mobile service vans (trading as Halfords Mobile Expert and Tyres on the Drive). Customers can also shop at halfords.com and tredz.co.uk for pick up at their local store or direct home delivery, as well as booking garage services online at halfords.com.
This report contains certain forward-looking statements with respect to the financial condition, results of operations, and businesses of Halfords Group plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, Halfords Group plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein
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