Halfords predicts leap in profits
By Sarah Wood | 19th April 2023
Car and bike products retailer, Halfords, has forecast a big rise in sales and profit.
It said its 'unique and scaled platform' is helping it build a market-leading infrastructure of stores, garages and vans, as reported by Charged Retail.
Halfords, which has stores in Cheltenham, Tewkesbury, Gloucester, Cirencester and Stroud, will focus on leveraging the platform in the mid-term, which it predicts will provide sales growth of £1.9bn and almost double its pre-tax profit to between £90m and £110m.
It said it will achieve the growth by "leveraging the unique platform we have built, our acquisition synergies maturing, and using scaled and rich customer and vehicle data to drive customer lifetime value."
The company plans to expand into more areas of the motoring market and build a motoring and cycling multi-channel offer, which it predicts will grow overall group sales to £2.2bn, with profit before tax estimated at £130-£150m.
Since 2018, Halfords has doubled the size of its B2B and services business and have become the UK's biggest motoring services provider, increasing sales by 40%.
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