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Halfords FY21 Profit Climbs, Proposes Dividend; Sees Higher Profit In FY22

Halfords Group plc (HFD.L), a provider of motoring and cycling products and services, reported Thursday that its fiscal 2021 profit before tax climbed to 64.5 million pounds from last year's 19.4 million pounds.

On a 52-week basis, pre-tax profit climbed 184.1 percent.

Underlying profit before tax was 96.3 million pounds, compared to 52.6 million pounds a year ago. Underlying basic earnings per share were 40.7 pence, compared to 22.9 pence a year ago.

Underlying EBITDA was 139.8 million pounds, compared to 92.6 million pounds last year.

Revenue was 1.29 billion pounds, down from 1.16 billion pounds a year ago. On a 52-week basis, revenue grew 13.1 percent. The 52-week LFL revenue was up 13.9 percent.

Further, the Directors are proposing a final dividend of 5.0 p per share in respect of the financial period ended 2 April 2021.

Regarding the current trading and outlook, the company said it has seen positive momentum carry forward into the first 9 weeks of FY22, with demand for motoring services strong, cycling demand remaining elevated, and staycation products popular in Retail motoring.

The two-year LFL growth rates for the first nine weeks of FY22 were Retail Motoring 6.6 percent, Retail Cycling 42.0 percent, and Autocentres 6.6 percent.

The company said it is confident in its prospects but conscious of continued COVID-19 volatility.

For the full year 2022, the company targets profit before tax, post-IFRS 16 adjustments, of above 75 million pounds and a proposed full year dividend per share of 9 pence.

The company is confident in the long-term growth prospects of the motoring and cycling markets.

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