Halfords expects higher earnings as UK cycling boom continues

Halfords Group forecast higher earnings for this year on Thursday after annual profit nearly trebled, as more Britons took to cycling during the pandemic, encouraging the country's biggest bicycle retailer to resume its dividend.

"In the longer-term, we remain confident in the future prospects for the UK's motoring and cycling markets and our ability to compete strongly in both," chief executive Graham Stapleton said.

Halfords said it expected pretax profit after IFRS 16 adjustments to exceed £75 million in the current year, after pretax profit jumped 184 per cent in the 12 months ended April 2nd. Underlying earnings surged 72 per cent to £96.3 million.

Revenue rose by around 13 per cent to £1.29 billion.

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The company, which proposed full-year dividend per share of 9 pence, said pent-up demand and the restrictions on foreign travel will give lead to higher demand for its touring and cycling products. – Reuters