Wheels come off for Halfords

HALFORDS half-year pre-tax profits have crashed – down 54.4 per cent to £29.3million – due to inflation and a fall in consumer spending.

While its first-half revenues were up 10.2 per cent to £765.7million, it said the deteriorating economic outlook means its full-year profits will be at the lower end of expectations. The cycling and motoring specialist’s chief executive Graham Stapleton blamed “significant cost inflation”, comparisons with 2021 and weaker consumer confidence.

Autocentres were Halfords’ standout performer during the first half.