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Halfords Group (HFD) investor relations material
Halfords Group H1 2026 & Strategy Update earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Outlined a five-year strategy focused on optimizing, evolving, and scaling the business, with a shift to a service-led, B2B-diversified model and refreshed leadership to drive operational excellence.
Delivered strong HY26 results with 4.1% LfL sales growth, led by 9.0% LfL in Cycling and robust performance in both Retail and Autocentres.
Underlying profit before tax grew to £21.2m, supported by strong trading, cost control, and margin expansion to 51.4%.
Free cash flow improved to £27.6m, with a net cash position of £18.6m at period end.
Interim dividend maintained at 3.0p per share.
Financial highlights
Group revenue rose to £893.3m, up 3.3% year-over-year and 4.1% LfL, with both Retail and Autocentres contributing.
Gross margin expanded by 200bps to 51.4%, the highest since FY22.
Achieved £90m in cost savings over three years, offsetting £98m in cost inflation.
Operating costs increased to £433.0m, reflecting inflation and investments.
Motoring Club premium membership generated £20m in annual recurring revenue.
Outlook and guidance
Confident in delivering FY26 underlying PBT in line with consensus (£36.0m–£40.7m), with continued like-for-like sales growth and margin expansion.
CapEx guidance maintained at £55m–£70m per annum, with incremental investment only after demonstrating progress.
Dividend policy unchanged, prioritizing balance sheet strength and progressive dividends as profits grow.
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