Halfords, the bicycle, car parts and leisure products chain, are confident about the future despite a fall in profits due to the weakening pound.

Pre-tax profits, after non-recurring items, were down 10.5 per cent to £71.4million for the year ending March 31.

But this was due to the fall in the value of the pound and higher import costs. Revenue was up 7.2 per cent to £1.095billion with retail increased by eight per cent and autocentres up by 2.4 per cent.

Jill McDonald, Halfords chief executive, said: "I am pleased with the performance this year, with sales growth across all areas of our business and market share gains in both motoring and cycling.

Profit performance for the year was impacted by the weaker pound but our plans are well developed and I am confident this will be offset over time. We have made great progress with our 'Moving Up A Gear' strategy, with increased customer insight and sustained growth in service-related sales being particular highlights."

Commenting on Jill's departure later in the year, Dennis Millard, chairman, said: "We are grateful for the positive contribution Jill has made across the business and she will leave Halfords with a strong team in place and a clear direction to drive future growth.

"Our priorities remain unchanged, including consolidating our service and services credentials, continuing to invest in our colleagues, and further investment in our shops and online platforms."

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