Business

Halfords profits fall after 'tough' trading

Shares in Halfords have fallen 10% after it reported a fall in profits and warned of poor recent trading.

In the 12 months to 31 March, its pre-tax profit was £92m, down 27% from £126m a year earlier, with the firm citing a "tough economic environment". Its revenues were 1% lower at £863m.

The bikes to car parts retailer added that sales over the past two months had been "very disappointing".

The company will now take on an extra 1,000 staff over the next three years.

Halfords employs 12,000 people and has 467 stores across the UK and Republic of Ireland.

David Wild, chief executive, said the company wished to become "the friend of the motorist, the best cycle shop in town, and a starting point for great getaways".

He added: "Halfords continues to be profitable and strongly cash generative and we are seeking to maximise our performance in this demanding retail environment."

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