E-Bikes Strengthen Latest Halford’s Figures
REDDITCH, UK – Halfords’ latest financial summary for the first 20 weeks of 2018 has shown an increase in cycling revenue of 0.8 percent like-for-like. The company reported a good peak summer period following the poor weather at the start of the year.
Chief executive Graham Stapleton was only appointed in January 2018 and commented on the results “I am pleased with the trading performance for the first 20 weeks of the year in what continues to be a challenging retail environment. In retail, sales growth was supported by fitting services, new ranges of workshop and car cleaning products, and electric bikes.”
Better than expected results
In May of this year Stapleton had warned profit was unlikely to grow this year, held back by a lack of price rises in cycling, currency moves and increased investment and shares slumped following the statement. However, despite the less than spectacular growth figures it appears to have been taken very positively by the markets, as Halfords rallied to the top of the FTSE 250 in the wake of the better than expected results.
E-bikes underpin growth
Halfords have a strong recent track record of investment in e-bikes which appears now to be a strong underpinner of growth as and when it occurs. After a slow start the company now stocks a much wider range of e-bikes on their shop floors, following an initial strong online presence. Their range now includes their own-brand Bosch-powered Crossfuse models. Indeed the term ‘Bosch bikes’ can now be heard in the UK as a synonym for e-bikes in general.
The company is one of the UK’s best-known retailers and employs 10,000 people across 457 own-brand retail stores, 20 Cycle Republic shops and 316 Autocentres.