Halfords refinances as earnings drive forward

HALFORDS said yesterday it had refinanced its debt arrangements as it posted a rise in first half profit.

The cycle and car parts retailer saw pre-tax profit rise 12.8 per cent in the six months to 1 October.

Halfords said it had grown its market share in its more expensive cycles range as more people invest in bikes to ride to work.

The company also said it had seen a slight bounce in satnav sales after they had plummeted earlier in the year.

Halfords said its Autocentre development plan was on track with rebranding of all centres to be completed by early 2011.

Meanwhile net debt stood at £109m at the end of the period with a new debt facility agreed with the company’s banks.

Chief executive David Wild said: “We are pleased that we have had an agreement with our banks that is positive for us.

“This has been a big period of change for the company with new distribution arrangements and the re-branding of our servicing Autocentres. We think we have the right stock for Christmas which should give us another boost.”