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.
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.”