Cycling craze helps Halfords sales top £1bn

BIKE and car parts group Halfords has seen its annual sales top £1 billion for the first time as it cashes in on Britain’s cycling boom.

Halfords has benefited from a spike in interest in cycling in Britain. Picture: Contributed

The firm, which runs 468 Halfords stores and 300 Autocentres garages, hit its revenue target 12 months early as its three-year turnaround programme to upgrade stores and invest in new products began to bear fruit.

Yesterday’s results revealed that pre-tax profit had risen 11.3 per cent to £81.1 million while like-for-like sales lifted 6.8 per cent in the year to 27 March.

In recent years, the group has taken advantage of a surge in interest in cycling spurred by the success of ranges in collaboration with Olympic champions such as Chris Boardman and Victoria Pendleton.

Will Hedden, a dealer at London Capital Group, said: “Halfords shares are back on their bike once again, riding back up towards the £5 level not seen since 2010 after ascending to a £1bn annual revenue target a year earlier than planned.”