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Halfords (HFD)

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idpickering
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Halfords (HFD)

#223315

Postby idpickering » May 21st, 2019, 7:12 am

Halfords FY19 Preliminary Results

Sales growth despite a tough retail back drop and unseasonal weather

· Total Group revenue +1.1% on a LFL basis

· Retail performance in the year was impacted by extremely mild winter temperatures, boosting Cycling performance, up +2.6% LFL, but adversely affecting Motoring which, as a result, was down -0.4% on a LFL basis

· Strong overall Q4 performance, despite tough comparators; Cycling at +12.4% LFL growth more than offset -5.4% LFL decline in Motoring

· Autocentres performed strongly across the year, with LFL sales +2.6% reflecting good growth in servicing, tyres and MOTs

· Group online sales, which represent 20% of total Group sales, grew +9.5%, with 83% of Halfords.com orders being collected in store

· Group service-related sales account for 24% of total Group sales, with both fitting income and number of jobs completed in growth year-on-year

Profit in line with guidance; Free Cash Flow supports full-year dividend

· Gross margin improved year-on-year and Group operating costs were tightly controlled in H2

· Autocentres EBIT increased significantly, by 34.1% to £5.5m. A clear focus on the operating model, along with good revenue growth and tight cost control, led Autocentres to a second year of profit growth

· Underlying Profit Before Tax of £58.8m was a reduction of £12.8m on last year. The decline was driven by a lower motoring sales mix year-on-year, due to mild winter temperatures, weakened consumer confidence in the run up to Christmas, retail inflation and investment in strategic projects

· The Group continues to be strongly cash generative, with Free Cash Flow of £42.7m, up £1.2m year-on-year

· Continued focus on working capital improvement; group inventory was down £11.9m year-on-year

· Net debt at £81.8m was £6.0m down year-on-year. Net Debt to Underlying EBITDA 0.8 times (FY18: 0.8 times)

· Proposed final dividend payment of 12.39 pence, which takes the full-year ordinary dividend to 18.57 pence, up 3.0% year-on-year





https://www.investegate.co.uk/halfords- ... 00136229Z/

Breelander
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Re: Halfords (HFD)

#262797

Postby Breelander » November 7th, 2019, 2:39 pm

Interim Results and Strategic Update: Financial Year 2020

Group LFL sales declined by 2.4% in a tough market; sales returned to growth in the last six weeks of the period

· In Retail, cycling sales grew and in motoring our core categories gained market share, however, sales of big-ticket discretionary products were softer

· Autocentres, Group services, Online and B2B all delivered strong sales growth in the period

· Autocentres EBIT pre-IFRS 16 increased 39.1% to £3.2m. The business continues to make strong progress on its transformation and remains on track to deliver a third year of profit growth

· Group remains cash generative; Free Cash Flow* of £44.2m, up 29% on H1 last year. Net Debt to Underlying EBITDA pre-IFRS 16 on a comparable basis* 0.7 times (FY19: 0.7 times)

· Strategic buying alliance agreed with Mobivia, a leading player in the European motoring products and services market

· Post balance sheet acquisition of 100% of the share capital of McConechy's Tyre Service Limited and the trade and assets of Tyres on the Drive, for a combined consideration of £9.3m

· FY20 Underlying Profit Before Tax guidance, pre-IFRS 16, reconfirmed at £50-55m

· Interim dividend flat at 6.18p (FY19 6.18p); final dividend reduced to 8.0p. Full year dividend rebased to 12p for FY21 onwards

https://www.investegate.co.uk/halfords- ... 34296761S/

Bouleversee
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Re: Halfords (HFD)

#263047

Postby Bouleversee » November 8th, 2019, 4:54 pm

What do think, Bree? Have they turned the corner or will things just get worse? I'm down 26.5% and was debating whether to sell.


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