Jan 19, 2017

Halfords lifted by strong sales and special dividend

Shares in Halfords jumped more than 8 per cent in the first hour of trading on Thursday after the bicycle and car-parts retailer reported better than expected quarterly sales and announced plans for a special dividend. Analysts had expected sales to rise 3.6 per cent year on year, after Halfords reported 2.4 per cent like-for-like retail sales growth in the first half. Total group revenues were 11.4 per cent higher year on year than the same quarter last year, Halfords said - an acceleration on the 6.3 per cent growth reported in the first half. Halfords, which acquired a "Sub 20 per cent" stake in the group for up to £8m as part of the deal, said the tie-up would include "Projects to deliver certain sales and cost synergies". Halfords has benefited from a rise in the number of customers using its services for smaller jobs, such as puncture repair, with service-related sales rising 13.7 per cent year on year in the third quarter.

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