Halfords Group plc (HFD.L) said David Wild, Chief Executive Officer, has agreed to leave the Board of Halfords and will cease to be employed as Chief Executive effective immediately. The Board has commenced a search for his successor.
In the intervening period, the Board has asked Dennis Millard, non-executive Chairman, to become interim Executive Chairman with immediate effect. Dennis will continue to act in this executive role until a successor has been appointed. It is envisaged that this process could take a number of months, following which Dennis will revert to the role of non-executive Chairman.
Dennis will chair Halfords' Executive Committee pending the appointment of a new CEO, assisted by his Board colleagues Andrew Findlay, Finance Director, and Paul McClenaghan, Commercial Director, and the business will continue to be managed by the established leadership team.
Separately, Halfords Group said total group revenue for the 13-week period to 29 June 2012 was down 5.2%. Like-for-like group revenue declined 5.6%.
Revenue from Autocentres for the first quarter grew 14.5%, with like-for-like group revenue growth of 9.2%.
Whilst still early in the year, given the uncertain trading environment the company's planning assumptions now reflect continuing negative Retail LfLs in the remainder of the first half, with second-half Retail LfLs likely to be flat to mid-single-digit negative. Previous guidance on Retail margins and costs and on Autocentres' profit growth is broadly unchanged. Under these scenarios, FY13 Group Profit Before Tax for the year would range between 62 million pounds and 70 million pounds.
Further, the Board intends to declare at the time of the half-year results an unchanged interim dividend of 8 pence per share, payable in January 2013.
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by RTT Staff Writer
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