StockMarketWire.com - Motoring and cycling products and services group Halfords upgraded its first-half outlook on profit amid ongoing momentum, though did stress it was cautious on its outlook for the second half of the year as Covid-19 cases mount. First-half pre-tax profit was expected to be in excess of £55m as a result of continued momentum in cycling and motoring products and services, the company said.
Like-for-like growth in the five weeks to 25 September 2020 was 22% and cycling had continued to perform well, up 46% on like-for-like basis in the five-week period amid unprecedented levels of demand.
Motoring in its retail business improved to 7.5% on like-for-like basis in the five-week period.
Looking ahead to the second of the year, the company said it remained cautious on its outlook. 'The potential impact of second waves of COVID-19 now seems more pronounced than just a few weeks ago, and the economic impact of an end to the furlough scheme and the outcome of Brexit negotiations remains very uncertain,' it added.
Story provided by StockMarketWire.com
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