StockMarketWire.com - Bike and auto parts retailer Halfords reported that profit in the current financial year will be flat as it posted in line full year numbers.

Total Group revenue was up 3.7% and 2 on a like-for-like basis. The company said this reflected 'further improvements to service proposition and product ranges'

Profit was in line with market consensus with underlying pre-tax profit of £71.6m, down £3.8m year-on-year after absorbing c.£25m additional cost of sales as a result of the weaker pound against the US dollar.

Free Cash Flow of £41.5m was up £3.8m on last year and net debt at £87.8m represented 0.8 times Underlying EBITDA.

The company proposed full-year ordinary dividend of 18.03 pence, up 3.0% year-on-year.

Commenting on the outlook the company said: 'We anticipate the motoring market will remain robust and continue to see good growth prospects for the cycling market although we do not expect prices to rise in cycling this year as in the previous year.

'Given this, the phasing of our remaining FX mitigation actions and decisions to accelerate investment in services and customer capabilities, we currently anticipate FY19 Underlying Profit Before Tax to be broadly in line with FY18.'


At 8:54am: [LON:HFD] Halfords Group PLC share price was -43.5p at 344.5p



Story provided by StockMarketWire.com