Brexit puts spoke in Hal­fords’ wheel

Daily Mirror (Northern Ireland) - - FINANCE -

Hal­fords has blamed Brexit for hik­ing its bike prices.

The cy­cle chain, which buys much of its stock in dol­lars, said the weak pound since last year’s EU ref­er­en­dum added £15mil­lion to costs in the six months to Oc­to­ber. The firm clawed it back by in­creas­ing some bike prices – a blow to those buy­ing them for Christ­mas.

Price rises al­lowed Hal­fords to rake in 7% ex­tra from cy­cle sales al­though the num­ber of bikes sold fell.

Sales of mo­tor­ing-re­lated prod­ucts rose 1.9% in the six months. Hal­fords said it ben­e­fited from the av­er­age age of cars on the road ris­ing to eight years since 2006.

But shares in Hal­fords tanked 6.6% yes­ter­day after it re­vealed half-year prof­its fell 6.4% to £36.6m.

Prof­its at the air­line Flybe nearly halved af­ter it was hit by higher than ex­pected air­craft main­te­nance and IT costs. The firm, which is­sued a profit warn­ing last month, made £8.4mil­lion for the six months to Septem­ber 30.

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