Newspaper article The Journal (Newcastle, England)

Bikes for Car Swaps Boost for Halfords; in Association with RBS

Newspaper article The Journal (Newcastle, England)

Bikes for Car Swaps Boost for Halfords; in Association with RBS

Article excerpt

HALFORDS says it is benefiting from a "resurgent" cycling market as more commuters swapped their cars for bikes to get to work.

In another sign of pressure on household budgets, the retailer said its car maintenance arm was performing strongly as drivers opted to keep older models on the road.

Halfords, which owns Bikehut and sells brands including Apollo and Carrera, posted an 11.5% rise in pre-tax profits for the year to March 28, with sales 7.2% stronger at pounds 797.4m. Sales were 4.3% higher on a like-for-like basis.

Acting joint managing director Paul McClenaghan said: "We have seen a resurgence of bicycle sales in the United KIngdom. People tend to be riding more often, both commuting and for leisure."

The Worcestershire-based chain accounts for one in three of all bicycles sold in the UK.

There was no detail on Halford's current trading, with management saying the business was "broadly" where it expected to be. Halfords also said there was the potential to add another 100 stores to its near 450-strong estate in the UK and Ireland. …

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