Halfords HFD Preliminary results for the year to 1st April show that cycling was impacted by what management claims were weaker market conditions, which of course absolves them from any responsibility. Like for like group revenue rose by 1.5% and the full years dividend is to be increased by 3% after a 1.2% fall in profit before tax. Basic earnings per share were flat and underlying EBITDA rose by 4.3%. It is a pity that the success of British cyclists over the past few years and the increase in popularity of the sport, seems to have passed Halfords by. After all it was where most of us got our first bikes.
Wolseley WOS Third quarter revenue to the 3rd April rose by 10.8% and trading profit by 17.9%, against a background of mixed market conditions and deflationary headwinds. Foreign exchange benefits actually increased trading profits by £11m. Signs for the immediate future are, to say the least mixed. Deflation in the US reduced 3rd quarter growth rate by 2.3% and the Nordics were weak with a fall in revenue of 0.9%. Demand in several markets remains subdued.