Keep pedalling: Halfords turnaround strategy to take longer than expected

Halfords has reported lower annual profits, as the retailer warned that a transformation plan would take longer than expected amid current levels of consumer uncertainty. Profit before tax dropped 24 per cent to £51 million at the business, with lower motoring sales, high investment and weak sentiment in the run-up to Christmas all contributing to the decline. Overall revenue was up 0.3 per cent to just under £1.14 billion. The company has previously signalled that it would slam the brakes on profit growth in order to invest in its new customer-focused strategy.