Halfords meets profit target

A LATER Easter and demand for camping equipment during recent warm weather lifted sales at car parts and cycle retailer Halfords, helping it to yesterday meet full-year profit forecasts.

Pre-tax profits climbed by 7.7 per cent to 118.1 million for the year to 1 April, in line with guidance the company gave two months ago.

The total dividend was raised by 10 per cent to 22p a share.

Halfords - which runs 466 shops and 242 car servicing centres - grew sales by 4.6 per cent to 869.7m, cutting costs and increasing margins to swell profits. In current trading, like-for-like sales rose by 0.8 per cent in the nine weeks to 3 June, improving on a 6.8 per cent decline in the fourth quarter.