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Halfords (HFD)

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idpickering
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Halfords (HFD)

#223315

Postby idpickering » May 21st, 2019, 7:12 am

Halfords FY19 Preliminary Results

Sales growth despite a tough retail back drop and unseasonal weather

· Total Group revenue +1.1% on a LFL basis

· Retail performance in the year was impacted by extremely mild winter temperatures, boosting Cycling performance, up +2.6% LFL, but adversely affecting Motoring which, as a result, was down -0.4% on a LFL basis

· Strong overall Q4 performance, despite tough comparators; Cycling at +12.4% LFL growth more than offset -5.4% LFL decline in Motoring

· Autocentres performed strongly across the year, with LFL sales +2.6% reflecting good growth in servicing, tyres and MOTs

· Group online sales, which represent 20% of total Group sales, grew +9.5%, with 83% of Halfords.com orders being collected in store

· Group service-related sales account for 24% of total Group sales, with both fitting income and number of jobs completed in growth year-on-year

Profit in line with guidance; Free Cash Flow supports full-year dividend

· Gross margin improved year-on-year and Group operating costs were tightly controlled in H2

· Autocentres EBIT increased significantly, by 34.1% to £5.5m. A clear focus on the operating model, along with good revenue growth and tight cost control, led Autocentres to a second year of profit growth

· Underlying Profit Before Tax of £58.8m was a reduction of £12.8m on last year. The decline was driven by a lower motoring sales mix year-on-year, due to mild winter temperatures, weakened consumer confidence in the run up to Christmas, retail inflation and investment in strategic projects

· The Group continues to be strongly cash generative, with Free Cash Flow of £42.7m, up £1.2m year-on-year

· Continued focus on working capital improvement; group inventory was down £11.9m year-on-year

· Net debt at £81.8m was £6.0m down year-on-year. Net Debt to Underlying EBITDA 0.8 times (FY18: 0.8 times)

· Proposed final dividend payment of 12.39 pence, which takes the full-year ordinary dividend to 18.57 pence, up 3.0% year-on-year





https://www.investegate.co.uk/halfords- ... 00136229Z/

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Re: Halfords (HFD)

#262797

Postby Breelander » November 7th, 2019, 2:39 pm

Interim Results and Strategic Update: Financial Year 2020

Group LFL sales declined by 2.4% in a tough market; sales returned to growth in the last six weeks of the period

· In Retail, cycling sales grew and in motoring our core categories gained market share, however, sales of big-ticket discretionary products were softer

· Autocentres, Group services, Online and B2B all delivered strong sales growth in the period

· Autocentres EBIT pre-IFRS 16 increased 39.1% to £3.2m. The business continues to make strong progress on its transformation and remains on track to deliver a third year of profit growth

· Group remains cash generative; Free Cash Flow* of £44.2m, up 29% on H1 last year. Net Debt to Underlying EBITDA pre-IFRS 16 on a comparable basis* 0.7 times (FY19: 0.7 times)

· Strategic buying alliance agreed with Mobivia, a leading player in the European motoring products and services market

· Post balance sheet acquisition of 100% of the share capital of McConechy's Tyre Service Limited and the trade and assets of Tyres on the Drive, for a combined consideration of £9.3m

· FY20 Underlying Profit Before Tax guidance, pre-IFRS 16, reconfirmed at £50-55m

· Interim dividend flat at 6.18p (FY19 6.18p); final dividend reduced to 8.0p. Full year dividend rebased to 12p for FY21 onwards

https://www.investegate.co.uk/halfords- ... 34296761S/

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Re: Halfords (HFD)

#263047

Postby Bouleversee » November 8th, 2019, 4:54 pm

What do think, Bree? Have they turned the corner or will things just get worse? I'm down 26.5% and was debating whether to sell.

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Re: Halfords (HFD)

#269541

Postby Noggy » December 6th, 2019, 11:22 am

Is Halfords under threat from Online shopping. How well are they promoting Online sales?

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Re: Halfords (HFD)

#269657

Postby daveh » December 6th, 2019, 4:22 pm

Noggy wrote:Is Halfords under threat from Online shopping. How well are they promoting Online sales?


Well I needed new windscreen wipers and some antifreeze for the Yeti, so I cycled to my local Halfords to pick them up. Seemed easier than online and I could get some advice to make sure I got the correct version for Mr Abominable.

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Re: Halfords (HFD)

#344210

Postby Bouleversee » October 1st, 2020, 2:30 pm

https://uk.finance.yahoo.com/news/halfo ... 05599.html

Nice to have some good news for a change. May not last, however.

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Re: Halfords (HFD)

#344672

Postby scottnsilky » October 2nd, 2020, 7:10 pm

Yes, a handy increase yesterday, and only a tiny drop today, I thought it might have been bigger. When I saw the 30% rise yesterday, I thought, damn I wish I hadn't sold them, then I realised I hadn't! Is that what they call a senior moment? Eek, I'm only 24!

Thirty per cent is very welcome, but I'm still well down, and if they're not paying a dividend they will have to go sometime.

dp

PS I don't care for your last four words Bouly! Let's hope.....

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Re: Halfords (HFD)

#344695

Postby monabri » October 2nd, 2020, 8:23 pm

I would imagine that "cycling" did well because of the government's £50 per bike repair scheme ( we took advantage of this and spent some extra money as well on bike stands). I don’t know how many vouchers were issued but the take up was 100%.

Overall, the service from Halfords was pretty good and the staff were helpful.

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Re: Halfords (HFD)

#420247

Postby Breelander » June 17th, 2021, 6:34 pm

Preliminary Results: Financial Year 2021

FY21

- Grew market share in Motoring Services and Cycling; strong growth in areas of strategic focus - Group Services, B2B and Online; delivered significant cost efficiencies.
- Underlying Profit Before Tax of £96.3m, +£40.4m above last year.
- Strong cash generation; year-end Net Cash of £58.1m, including certain non-recurring benefits.
- Proposed final dividend per share of 5p.

FY22

- Building on strong foundations, we will accelerate investment in our transformation and position the business for long term success.
- Preliminary Results: Financial Year 2021Confident in our prospects but conscious of continued COVID-19 volatility; targeting profit before tax, post-IFRS 16 adjustments, of above £75m and a proposed full year dividend per share of 9p.
https://www.investegate.co.uk/halfords- ... 0004ESUEK/

Strong results and a return to paying dividends. Shares up 5% at today's close.

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Re: Halfords (HFD)

#426259

Postby scottnsilky » July 9th, 2021, 8:01 pm

They're down an awful lot in the past week or so. Anybody seen an RNS or anything?

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Re: Halfords (HFD)

#426309

Postby AJC5001 » July 9th, 2021, 11:52 pm

scottnsilky wrote:They're down an awful lot in the past week or so. Anybody seen an RNS or anything?


You can look for any RNS announcements on investegate.co.uk e.g. https://www.investegate.co.uk/Index.aspx?searchtype=3&words=hfd

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Re: Halfords (HFD)

#426473

Postby Breelander » July 10th, 2021, 3:29 pm

scottnsilky wrote:They're down an awful lot in the past week or so. Anybody seen an RNS or anything?


No news I can see.

Just profit taking? Bear in mind that at the beginning of July HFD was up some 60% since Jan. 1st, while the ftse100 was up just some 10%. Even with the recent falls HFD is still seriously outperforming the ftse100.

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Re: Halfords (HFD)

#457200

Postby Breelander » November 11th, 2021, 2:25 am

Halfords Group PLC: Interim Results: Financial Year 2022

H1 FY22


  • Strong revenue growth of +19.2% vs. FY20, growing market share in Retail Motoring and Autocentres, with revenues +7.7% and +88.8% respectively. Cycling growth of +8.8%, despite the known supply chain disruption.
  • Material contribution from areas of strategic focus: Group Services growing +75%, online +81% and B2B +78%.
  • Underlying Profit Before Tax of £57.9m, +£27.7m (+91.7%) vs. FY20 (note: FY22 includes business rates relief of £9.2m).
  • Compared to FY21, Group Revenue grew +8.7% and underlying PBT +£2.1m (+3.8%).
  • Period ended with Net debt of £232.7m or net cash of £91.6m when excluding IFRS lease debt; working capital abnormally low.
  • Declared interim dividend per share of 3p.
https://www.investegate.co.uk/halfords- ... 0007EBSRB/

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Re: Halfords (HFD)

#462474

Postby Breelander » December 2nd, 2021, 12:07 am

Halfords buys National Tyres.

Halfords, the UK's largest provider of Motoring and Cycling products and services, today announces that it has signed a sale and purchase agreement (the "SPA") to purchase the entire issued share capital of Axle Group Holdings Ltd ("National") (the "Acquisition") on a cash free, debt free basis, for total consideration of £62 million (the "Consideration"), subject to adjustment for normalised working capital. The Consideration will be paid in cash on the date of completion, which is expected to be 9 December 2021. A further investment of c.£17 million will be made post acquisition on associated capital expenditure and c.£2 million on integration costs.

National is a well-established business in the tyre and automotive servicing, maintenance and repair ("SMR") market, operating under the following brands: National Tyres and Autocare ("NTA"), Viking Wholesale Tyres ("Viking") and Tyre Shopper. On completion of the Acquisition, National will be integrated into Halfords' Autocentres business.
https://www.investegate.co.uk/halfords- ... 3507EBISJ/

The acquisition is being funded by a Placing and a Retail Offer.

Halfords, the UK's largest provider of Motoring and Cycling products and services, today announces its intention to conduct a placing of new ordinary shares of one penny each in the capital of the Company ("Ordinary Shares") (the "Placing Shares") (the "Placing").

In conjunction with the Placing, certain directors of the Company also intend to subscribe for new Ordinary Shares in the Company (the "Management Subscription Shares") at the Offer Price (as defined below) (the "Management Subscription"). The total contributed by directors of the Company (the "Directors") in the Management Subscription is expected to be £125k.

In addition to the Placing and the Management Subscription, there will be an offer made by the Company on the PrimaryBid platform of new Ordinary Shares (the "Retail Shares") at the Offer Price (the "Retail Offer"), to provide retail investors with an opportunity to participate in the equity fundraise. A separate announcement will be made regarding the Retail Offer and its terms.
https://www.investegate.co.uk/halfords- ... 3607EXDQN/

Halfords is pleased to announce a conditional retail offer via PrimaryBid of new ordinary shares of one penny each in the capital of the Company (the "Retail Offer Shares") and the "Retail Offer")....

Details of the Retail Offer

Members of the public in the UK may participate in the Retail Offer by applying exclusively through the PrimaryBid mobile app available on the Apple App Store and Google Play.
https://www.investegate.co.uk/halfords- ... 3706ETQWS/

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Re: Halfords (HFD)

#549239

Postby Breelander » November 23rd, 2022, 2:21 pm

Halfords Group PLC: Interim Results: Financial Year 2023

https://www.investegate.co.uk/halfords- ... 0008ERBDQ/

H1 FY23
  • Strong total revenue growth vs FY20, up +31.4%, or up +13.3% LFL. All segments delivering LFL growth over three years, with Autocentres +30.0%, Retail Motoring +10.2% and Cycling +8.6%.
  • Total revenue growth of +10.2% and -1.5% LFL vs FY22 against strong prior year comparatives (see figure 3), when sales benefitted from the UK emerging from the final COVID-19 lockdown. Performance driven by the strength of needs-based spend categories.
  • Service-related sales represent 42.6% of Group revenues in the period and are expected to reach c.48% of sales on an annualised basis following the acquisition of Lodge Tyre. Over half of Group sales expected to come from services in FY24.
  • Our needs-based business has grown over +50% vs FY20 and now accounts for the majority of our revenues.
  • Strong strategic progress evidenced through Motoring Loyalty Club membership numbers being above expectations, the acquisition of Lodge Tyre, the expansion of Avayler (our unique, proprietary software business) into Europe with ATU signed post period end, the rollout of a capital efficient Fusion programme, and the continued integration of National Tyres.
  • Robust profit performance in the period, in-line with our expectations, with Underlying Profit Before Tax (PBT) of £29.0m, -£1.2m vs. FY20 and -£28.9m vs FY22 despite significant inflationary headwinds and low customer confidence. FY22 includes business rates relief of £9.2m.
  • Strong net cash, pre-lease debt of £32.3m and good stock availability.
  • Net Debt : EBITDA (post IFRS 16) of 1.8x, within our target range. Our £180m debt facility has been extended until December 2025.
  • Interim dividend of 3p per share declared, to be paid in January 2023.

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Re: Halfords (HFD)

#549376

Postby scottnsilky » November 23rd, 2022, 7:18 pm

'Strong strategic progress'
'Robust profit performance '
'Strong net cash'

And the shares are down 7% on that basis? Does this make any sense? This is the sort of reaction which makes me wish I didn't need stock market help to pay my bills!


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