Wednesday preview: Halfords reports full year results

Halfords is expected to report a drop in full year pre-tax profit on Wednesday amid an overhaul of the business.

The City has pencilled in an annual pre-tax profit of £80.5m, down from £81.1m the previous year.

Chief executive Jill McDonald’s turnaround plan ‘Moving Up A Gear’ will be closely scrutinised at the results following the company’s dismal performance in its peak summer trading period last year.

“The full year results will give Jill McDonald a chance to update on progress with Moving Up A Gear, the strategy laid out in November last year,” Numis said.

“While Halfords share price has fluctuated significantly over the last year, reaching as high as 548p before troughing at 322p, nothing fundamental has changed over that period it remains a mature retailer with a somewhat defensible position but limited growth opportunities.”

However, the retailer of bikes and car parts in April reported a solid fourth quarter trading update with retail like-for-like sales up 3.1%.

At the time the group reiterated its guidance that full year profit before tax would be within its previous guidance range of £78m-£82m.

“We are on track to meet profit expectations for the year and I look forward to providing an update on our Moving Up A Gear plans at our preliminary results on 1 June,” McDonald said in the trading update.

Wednesday 01 June

INTERIMS
Fusionex International

QUARTERLY PAYMENT DATE
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