Halfords Group plc (HFD.L) announced its preliminary results for the 52 weeks to 30 March 2012 posting pre-tax profit of 94.1 million pounds versus 118.1 million pounds last year. The company attributed the decline in pre-tax profit to tough economic environment, which particularly impacted motorists, leading to a subdued performance in Retail sales and margins in FY12.
Earnings per share dropped to 34.0 pence from 40.2 pence in the prior year.
Profit before tax, before non-recurring items, was 92.2 million pounds, 26.6% lower than last year.
Group revenues were 863.1 million pounds, down 0.8% from a year ago. Within Retail, revenues across the year on a like-for-like basis were down 2.7%.
Halfords said its three strategic pillars, the Friend of the Motorist, the Best Cycle Shop in Town, and the Starting Point for Great Getaways, gives it an attractive route to evolve its business over the longer term.
Going forward, the company plans to take advantage of these opportunities and to accelerate the transition through strategic investments in the year ahead. The company anticipates that this will contribute to growth in its sales and profits in the medium term.
The Board is recommending a final dividend of 14.0 pence per share, same as it paid last year. The final dividend will be paid on 3 August 2012 to shareholders on the register at the close of business on 6 July 2012.
In the year ahead Halfords is investing in its key areas of growth, Cycling, Fitting Services and Autocentres. This will accelerate its transition to a contemporary solutions provider and will create up to 1,000 new jobs.
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by RTT Staff Writer
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