- Halfords reiterated its profit outlook as a 'solid' third quarter of sales in its cycling business offset continued weakness in motoring.

The company reconfirmed its expectation that 2020 underlying pre-tax profit would be in the range of £50m to £55m.

For the 14-week period to 3 January, revenue was up 4.6% and 1.3% on a like-for-like basis on the back of a strong cycling performance and continued growth in Autocentres and B2B, the company said.

Retail cycling, autocentres and B2B grew revenues by 5.9%, 4.6% and 32% offsetting weakness in retail motoring, where sales were down 2.7% like-for-like.

Its core motoring categories were hurt by a challenging market, with low levels of consumer confidence continuing to impact big-ticket discretionary categories such as technology and workshop.

'Though pleased with our performance, market conditions remained subdued and we are not anticipating a near-term improvement,' Halfords said.

At 9:17am: [LON:HFD] Halfords Group PLC share price was +7.9p at 153.4p

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