IN BRIEF: Halfords shares cruise higher on "positive" trading update

Halfords Group PLC - Redditch, England-based motoring and cycling retailer - Reports 4.8% group like for like sales growth for the year ended April 3, with Retail LfL sales increasing by 4.1% and Autocentres LfL sales increasing 5.8%, excluding Halfords' Avayler software platform. With the Retail division, Motoring LfL sales rise 2.9% and Cycling sales rise 6.4%. Halfords says it continues to be cash-generative, and that its balance sheet was in a net cash position at the end of the year. Predicts that underlying pretax profit for the year will be "around the upper end" of the GBP36.0 million to GBP41.2 million consensus range.

Looking ahead, Halfords says that trading in March and April has been in line with expectations, despite conflict in the Middle East "contributing to an uncertain macroeconomic backdrop". Notes that most of the current year's energy costs and FX requirements are hedged, and that freight rates are mainly contracted in advance. Says that consequently it is comfortable with the GBP42.0 million to GBP48.6 million financial 2027 underlying pretax profit consensus range.

Chief Executive Henry Birch comments: "I am pleased to see the positive results that are starting to materialise from the 'optimise' phase of our 'Fit for the Future' strategy as we focus on driving operational excellence and strengthening our foundations for future growth. This momentum further underlines the significant potential that exists within the Halfords business, and I look forward to sharing more detail on our progress at our full-year results announcement in June."

Current stock price: 146.60 pence, up 9.6% on Wednesday in London

12-month change: down 4.1%

By Emma Curzon, Alliance News reporter

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