REG-Halfords Group PLC Halfords Group PLC: Interim Results for the 26 weeks to 26 September 2025
Today 07:02
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Halfords Group PLC (HFD)
Halfords Group PLC: Interim Results for the 26 weeks to 26 September 2025
27-Nov-2025 / 07:00 GMT/BST
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27 November 2025
Halfords Group plc
Interim Results for the 26 weeks to 26 September 2025 (“HY26”)
On track to deliver FY26 expectations following a strong first half
Halfords Group plc (“Halfords” or “the Group”), the UK’s leading provider of motoring and cycling services and products, today announces its
interim results for the 26 week period ended 26 September 2025.
£m HY26 HY25 Change LfL % Change*
Group Revenue 893.3 864.8 3.3% 4.1%
Retail Revenue 533.2 516.1 3.3% 4.0%
Motoring Revenue** 324.3 324.2 - 1.1%
Cycling Revenue** 208.0 191.1 8.8% 9.0%
Autocentres Revenue 360.1 348.7 3.3% 4.3%
Gross Margin 51.4% 49.4% 2.0ppts
Underlying Profit Before Tax* 21.2 21.0 1.0%
Reported Profit Before Tax 17.2 17.8 (3.4)%
Underlying Basic Earnings per Share* 7.9p 7.6p 3.9%
Dividend per Share 3.0p 3.0p 0.0%
Net Cash* 18.6 1.3 17.3
*Alternative Performance Measures (“APMs”) are defined on page 10. ** Sales breakdown excludes miscellaneous sales of £0.9m (HY25: £0.8m).
Strong financial performance
▪ Group sales up 4.1% on a like-for-like (“LfL”) basis with a strong performance in Cycling (+9.0% LfL) and growth in both segments 1 1
(Retail +4.0% and Autocentres 2 2 +4.3% LfL).
▪ 200bps of gross margin expansion to 51.4% and HY26 underlying profit before tax (“PBT”) of £21.2m (HY25: £21.0m) (HY26 reported PBT: £17.2m
(HY25: £17.8m)).
▪ Cost savings on track, predominantly benefitting cost of goods sold through the Better Buying programme, with operating costs increasing as a
% of revenue due to inflationary pressures, as anticipated.
▪ £27.6m of free cash generation further strengthening the balance sheet with £18.6m of net cash 3 3 at period end.
▪ Interim dividend of 3.0p declared, in line with HY25.
Good strategic and operational progress
▪ Fusion making good progress towards 150 garage target with 79 sites now trading, on track to double garage-level profitability and pay back in
two years while improving the customer experience and linking the motoring assets within a town.
▪ Further growth in Halfords Motoring Club to reach a total membership of c.6m, of which more than 400k are Premium tier (i.e. paid-for) members
generating c.£20m of annual subscription revenue.
▪ Coventry distribution centre operating at normal efficiency following resolution of warehouse management system issues. Additional
non-underlying cost incurred to maintain product availability in HY26 was £3.1m, at the low end of earlier guidance.
Team update
▪ Appointment of Sarah Haywood, former global CIO of Carlsberg, as Chief Information Officer effective November 2025.
▪ After nine years as Chair, Keith Williams plans to step down from this role and the Halfords plc Board of Directors by our next Annual General
Meeting in September 2026.
Outlook 4 4
▪ We are confident in delivering FY26 underlying PBT in-line with consensus 5 5 and continue to expect capital expenditure for the full-year
to be within the guided £60m to £70m range.
Henry Birch, Chief Executive of Halfords, commented:
“I am very pleased to be announcing a strong set of HY26 results that show good financial, strategic and operational progress. Cycling was the
stand-out performer, with LFL sales up 9%. Our consumer garages also performed particularly well, up around 8%, driven in part by the ongoing
roll-out of our new format Fusion garages.
Looking ahead, there are significant opportunities for us to create further value through improvements in our technology and data capability,
which are key areas of focus for us as we plan for the future. While the operating environment remains unpredictable, our combination of
needs-based products and services, as well as market leading positions in both motoring and cycling, give us the confidence that we will continue
to grow our business in line with our plans.”
Investor and analyst meeting:
Our interim results presentation has been published on our website, www.halfordscompany.com, alongside this announcement.
A strategy presentation for analysts will take place at 10.30 this morning at Peel Hunt, 100 Liverpool Street, London, EC2M 2AT.
To join the live webcast of this presentation please follow this link: 6 Halfords Group plc Strategy Update, 27th November, 10:30
A recording will subsequently be uploaded to 7 www.halfordscompany.com.
At 13.00 this afternoon, we will also be hosting a live interactive webcast for retail investors, via the Engage Investor platform. To join the
retail investor webcast please follow this link: 8 Halfords Group plc Retail Investor webcast, 27th November , 13:00
For further information:
Investors:
Holly Cassell, Director of Corporate Affairs & Investor Relations 9 investor.relations@halfords.co.uk
Media:
Rob Greening, Sodali & Co. 10 halfords@sodali.com
Notes to Editors
11 www.halfords.com 12 www.avayler.com 13 www.tredz.co.uk 14 www.halfordscompany.com
Notes to Editors
Halfords is the UK’s leading provider of motoring and cycling services and products. We operate via 370 Halfords stores, two Performance Cycling
stores (trading as Tredz), 498 consumer garages and a network of 92 commercial fleet locations nationwide. Customers also have access to c.250
mobile service vans (trading as Halfords Mobile Expert and National) and c.550 commercial vans. Customers can shop at halfords.com and tredz.co.uk
for pick up at their local store or direct home delivery, as well as booking garage services online at halfords.com. Through its subsidiary
Avayler, Halfords also sells the Group’s bespoke, internally developed software as a SaaS solution to major clients worldwide.
Cautionary statement
This report contains certain forward-looking statements with respect to the financial condition, results of operations, and businesses of Halfords
Group plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances
that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those
expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement.
Nothing in this announcement should be construed as a profit forecast. Except as required by law, Halfords Group plc has no obligation to update
the forward-looking statements or to correct any inaccuracies therein.
CEO Review
I am very pleased with our performance in the period, delivering growth in underlying Profit Before Tax (“PBT”) despite the very significant
labour cost and other inflation we have faced.
At the same time, we have made good progress with key strategic initiatives including the rollout of Fusion, with 79 Fusion garages now trading.
This is continuing to improve the garage experience for customers and colleagues alike and links the motoring assets within a town more closely.
Like-for-like (“LfL”) sales growth of 4.1% is a strong performance in what has been a challenging environment for many consumer-facing businesses,
and demonstrates the strength of our unique, service-led customer proposition across both Retail and Autocentres. Excellent cost control and
working capital management have resulted in another period of strong cash generation, providing the balance sheet flexibility to accelerate our
planned investments in brand and digital customer experience in H2 while declaring a flat interim dividend year-on-year (“YoY”).
We couldn’t have achieved any of this without the commitment, skill and professionalism of our more than 12,000 colleagues. I want to sincerely
thank them for going above and beyond in providing expert advice and brilliant service to millions of customers across every touchpoint of our
business.
There is plenty more to do to optimise our operations in the short-term, but without doubt we have taken significant steps forward in HY26 – and I
am confident that we have the right team in place to move the business forward with the appointments of Jess Frame as Retail Managing Director,
Adam Pay as Garages Managing Director, and Sarah Haywood as Chief Information Officer in recent months.
Self-help and cycling recovery in Retail
In retail, we have continued to focus on the attributes which differentiate us: helpful, specialist advice, add-on services and exclusive brands.
The majority of transactions taking place in our Retail stores involve some form of assistance from a colleague and around 80% of the c.3m service
events which took place in HY26 at Halfords happened in our retail store car parks. No other business offers colleague advice and services such as
wiper blade and bulb fittings on demand, and this represents a major competitive advantage and barrier to disruption from online retailers.
Meanwhile, our investment into dedicated Automotive Service Managers in around 80 stores also enables us to capture demand for more complex
services into our garages. Overall, more than half of Group revenue is service-related, up from 24% in FY19.
Our digital channel remains of central importance and a large proportion of customer journeys begin online either through a product search or
booking on our website. However, when it comes to digital product sales we have a lower market share than in physical retail. This represents a
clear opportunity for future growth, not least because 4 in every 5 purchases online are fulfilled via click and collect in our stores, which
creates opportunities for additional sales on collection. While online competition limits our pricing power in some of the more commoditised
product categories, we benefit from a large proportion of our range being either own-brand or exclusive to Halfords, typically representing
excellent value relative to competitor brands. This is particularly visible in cycling where the vast majority of our range is own-brand, a key
differentiator for our Retail proposition which allows us to better control gross margin and reinforces our credibility as a cycling specialist.
Key brands are Carrera, which includes what we believe to be Britain’s best-selling bike in its Vengeance model, and Boardman, which is a more
premium brand – a Boardman bike having won either an Olympic or a Paralympic gold medal at every Games since 2008.
The first half of this year saw significant growth in our cycling business with 9.0% LFL sales growth, ahead of a market in recovery which also
benefited from a warm, dry summer. We sell two-thirds of children’s bikes in the UK and delivered a fantastic performance at Tredz, our
performance cycling business, which grew double digit in the first half. Motoring products showed lower rates of sales growth as we removed a
number of low margin products from our shelves, negatively impacting sales but benefitting margin rate. Product categories with a high service
attachment such as air conditioning, dashcams and oils showed good growth, demonstrating the value of our unique, service-led retail proposition
to our customers across both motoring and cycling.
Driving operational excellence in Autocentres
The optimisation of our consumer garages business has continued apace, and under new leadership, we have delivered further profitable growth in
HY26. Our consumer garages have continued to grow in the more profitable Service, Maintenance and Repair (“SMR”) segment, and we have also
delivered improved margins in our tyres business through a focus on high-value add-ons, including wheel alignments, which also deliver
considerable customer benefits ranging from improved handling and safety to better fuel economy. Overall, HY26 saw improved garage utilisation
across the estate.
Despite continued declines in the consumer tyres market, our consumer garages, which include our 79 Fusion locations, saw LfL sales growth of
around 8% in HY26 while continuing to provide excellent service to our customers as demonstrated by an increase in NPS to 65.3%. We remain on
track to deliver c.150 Fusion garages by FY27. Levels of cross-shop, i.e. retail customers becoming garage customers, continued to increase
underpinned by our growing Halfords Motoring Club proposition where we also saw growth in both free and Premium membership.
In addition to our consumer garages, our B2B division includes our commercial fleet services business, which maintains and repairs truck fleets
across the UK. We have continued to expand our network of depots with a new site in Avonmouth while also commencing a programme of fleet upgrades
to improve environmental and operational performance. Also in our B2B division is Avayler, our garage operations software business, which is in
pilot stage in the first of Bridgestone’s c.2,400 garages in North America and is currently in the advanced stages of building and testing at
MyCar, the largest garage network in Australia.
Leveraging the Group opportunity
Halfords is truly unique in the market: our Group spans products and services, motoring and cycling, consumers and businesses, physical and
digital. We keep millions of people in the UK and Ireland on the road, actively improving their lives by taking the hassle out of car and bike
ownership. Our relationship with our customers isn’t just transactional – we provide expert advice and friendly service, including on-demand
fitting of the products we sell, under a recognisable brand that has been trusted for generations. We do all this in a way that offers them the
ultimate in convenience, with a nationwide network of stores, garages and mobile vans to provide essential services at a time and location to suit
them. At the same time, these many millions of interactions provide us with data covering almost half of the UK car parc with potential for a
broader eco-system of products and services.
The roll-out of Fusion and creation of the Halfords Motoring Club have been important first steps in demonstrating the value of the Halfords Group
as a single provider for all our customers’ motoring needs. We are well on our way to 150 Fusion garages, doubling profitability at maturity and
with a payback on initial capital expenditure of just two years. Meanwhile we now have close to 6 million Halfords Motoring Club members, with
over 400,000 of those paying c.£20m of annual recurring revenue for benefits including an annual MOT, free car checks and other discounts while
providing us with valuable vehicle data that enables us to serve our customers even more effectively. These Premium members spend on average
around 3 times as much as a non-member each year, with substantially higher rates of cross-shop. But there is much more value we can create with
improvements in our technology and data capability, and the appointment of Sarah Haywood, most recently CIO at the Carlsberg Group, as Chief
Information Officer demonstrates our commitment to making these changes a reality.
In the meantime, we have begun to make smaller, but nonetheless meaningful, improvements to our digital customer experience. Our services-led
model means that our physical locations, including our mobile vans, will always be at the heart of what we do and are fundamental to our model.
However, an increasing number of customers begin their journeys online and it is critical to our future success that we put our best foot forward
digitally as well as in-person. Our single, groupwide website has already played an integral role in creating our market leading positions across
our core markets – for example, in HY26 we were the most-visited online tyre retailer in the UK – but there is more we can do to create a seamless
experience for our customers across all touchpoints.
Fit for the Future
Later this morning, we will be sharing details of our updated strategy which builds on our strong fundamentals, focusing on disciplined execution
rather than radical change. Driven by a new and experienced management team, this plan will leverage the key strengths of our business: a trusted
brand leading in attractive markets, unrivalled scale and expertise, a hard-to-replicate services offering, financial resilience, and significant
opportunity from technology and data.
Our approach will be in three phases, successful execution of which will drive LfL sales growth, operating margin expansion, progression in
underlying PBT and ultimately, a return on capital employed 15 6 (“ROCE”) which exceeds our cost of capital.
1. Optimise, in which we will maximise value from our existing assets and operations, driving improved returns by focusing on operational
excellence and execution of the basics.
2. Evolve, where, once we have earned the right through delivering on our optimisation agenda, we will look to invest in opportunities to drive
structural efficiencies and future growth.
3. Scale, where with an optimised and strengthened business, we will look to scale our digital channels in Retail and an expanded network of
garages in Autocentres on a 3-year plus timeframe.
This phasing is reflected in an updated capital allocation framework, which continues to prioritise maintenance of a strong and resilient balance
sheet (net debt to adjusted EBITDA ex-leases no greater than 0.8x). We will continue to pay a dividend in-line with our cover-based policy of 1.5x
to 2.5x underlying profit after tax. Meanwhile, M&A is not a priority in the near-term.
Outlook 16 7
Our strong HY26 performance means that we are confident in delivering FY26 underlying PBT in-line with consensus 17 8 while investing in our
digital experience and brand and building cycling stock ahead of next year’s summer peak. We continue to expect capital expenditure for the
full-year to be within the guided £60m to £70m range.
Next update
Our next scheduled update will be a full-year trading update in April 2026 prior to our full results for that period in June.
Henry Birch
Chief Executive Officer, Halfords Group plc
26 November 2025
CFO Report
Group financial results
All numbers are stated on a post-IFRS 16 basis unless otherwise indicated.
HY26 HY25 Change*
£m £m 26 vs 25
Revenue 893.3 864.8 4.1%
Gross Profit 459.2 427.5 7.4%
Gross Margin 51.4% 49.4% 200bps
Underlying EBIT 26.4 26.4 0.0%
Underlying EBITDA 89.5 89.4 0.1%
Net Finance Expense (5.2) (5.4) (3.7)%
Underlying Profit Before Tax 21.2 21.0 1.0%
Non-Underlying Items Before Tax (4.0) (3.2)
Reported Profit Before Tax 17.2 17.8 (3.4)%
Underlying Basic Earnings per Share 7.9p 7.6p 3.9%
*Change in revenue is on a LfL basis
HY26 Group underlying profit before tax (“PBT”) of £21.2m (HY25: £21.0m) was up £0.2m or 1.0% year-on-year (”YoY”) despite significant inflation
in the period, including that resulting from increases in the National Living Wage and changes to National Insurance rates and thresholds in last
year’s Budget. 4.1% LfL sales growth and 200bps of YoY gross margin expansion combined to offset an 8.0% increase in operating costs to deliver
Group underlying earnings before interest and tax (“EBIT”) and Group underlying earnings before interest, tax, depreciation and amortisation
(“EBITDA”) which was broadly flat YoY (£26.4m and £89.5m respectively, HY25: £26.4m and £89.4m).
Group gross margin grew 200 bps, reaching 51.4%, which is the highest level since FY22. This strong performance reflected the continued success of
our Better Buying programme and some pass-through of increased labour costs in our services proposition, as well as a small FX tailwind as the
benefit of movements in the USD rate in recent years begins to impact the hedged rate coming through in cost of goods sold. Our contractual
arrangements with suppliers also resulted in a 30bps YoY increase in Group gross margin with a corresponding increase in operating expenses.
Group operating costs of £433.0m grew 7.9% YoY (HY25: £401.1m). Inflation was largely driven by labour costs due to the 6.7% increase in the
National Living Wage effective from the start of FY26, the knock-on impact on higher paid colleagues as we sought to maintain a differential for
skills, and the National Insurance changes noted above. As anticipated, we also saw increasing costs from suppliers of managed services impact
contract pricing, partly offset by our goods not for resale cost reduction program. Additionally, we made selective investments into the Fusion
programme, colleague training and development and improvements to our digital customer experience.
The Group’s underlying profitability, management of inventory and disciplined approach to working capital management supported £27.6m of free cash
flow generation (HY25: £28.1m) notwithstanding the payment of colleague incentives in the period that were not paid in the prior year. This
resulted in £18.6m of closing net cash 18 9 on the balance sheet (HY25: £1.3m).
Non-underlying items resulted in a charge of £4.0m during the period (HY25: £3.2m charge), predominantly relating to the implementation challenges
associated with the introduction of a new Warehouse Management System (“WMS”) in our Coventry distribution centre. These issues have now been
resolved at a total cost of £3.1m in-line with the estimates communicated in our FY25 results announcement.
Detailed analysis of our sales performance, gross margin and operating costs are covered under ‘Reporting Segments’ below. Unallocated costs of
£2.3m (HY25: £2.6m) represent amortisation charges in respect of intangible assets acquired through business combinations which arise on
consolidation of the Group.
Reporting segments
Retail
HY26 HY25 Change* Sales mix
£m £m 26 vs 25 %
Revenue 533.2 516.1 4.0%
- Motoring** 324.3 324.2 1.1% 60.8%
- Cycling** 208.0 191.1 9.0% 39.0%
Gross Profit 263.1 246.5 6.7%
Gross Margin 49.3% 47.8% 150bps
Operating Costs (242.5) (225.3) 7.6%
Underlying EBIT 20.6 21.2 (2.8)%
Non-underlying items (3.4) (1.8)
EBIT 17.2 19.4 (11.3)%
Underlying EBITDA 58.7 59.5 (1.3)%
*Change in revenue is on a LfL basis ** Sales breakdown excludes miscellaneous sales of £0.9m (HY25: £0.8m).
The Retail segment saw a robust trading performance with LfL sales growing by 4.0% despite weakness in the consumer backdrop (HY25: reduction of
0.7%). Having turned positive for the first time since FY22 in the second half of FY25, cycling sales were particularly strong and grew by 9.0%
LfL, ahead of the wider market. Sales of children’s bikes, where we represent two-thirds of the UK market, were particularly strong while Tredz,
our performance cycling business, continued to outperform the wider group.
Retail gross margin expansion of 150bps predominantly reflected further progress with our Better Buying programme and tailwinds from improved
hedged FX rates coming through in cost of goods sold.
A 7.6% increase in Retail operating costs, predominantly due to labour cost inflation as described above, resulted in a small YoY decline in
underlying Retail EBIT to £20.6m (HY25: £21.2m). Non-underlying items of £3.4m include costs associated with the WMS implementation challenges
noted above.
Autocentres
HY26 HY25 Change*
£m £m 26 vs 25
Revenue 360.1 348.7 4.3%
Gross Profit 196.1 181.0 8.3%
Gross Margin 54.5% 51.9% 260bps
Operating Costs (188.0) (173.2) 8.5%
Underlying EBIT 8.1 7.8 3.8%
Non-underlying items (0.6) (1.4)
EBIT 7.5 6.4
Underlying EBITDA 30.8 29.9 3.0%
*Change in revenue figures is on a LfL basis
LfL sales growth for Autocentres ex-Avayler was 4.3% to reach £354.7m (£360.1m on a reported basis, i.e. including Avayler), another pleasing
performance in the context of continued weakness in the consumer tyres market. In fact, our consumer garages portfolio delivered extremely strong
sales growth of closer to 8%, led by Service, Maintenance and Repair (“SMR”) work including as a result of performance in the 79 Fusion sites now
trading. Changing mix, alongside Better Buying and price optimisation, drove a 260bps increase in segmental gross margin to 54.5%. In our
commercial fleet business, sales growth was lower as we reprioritised resource to focus on higher margin services and mix into more profitable
tyres.
These revenue and margin dynamics helped offset 8.7% operating cost growth driven by minimum wage, national insurance and general cost inflation
as already discussed.
Overall, Autocentres ex-Avayler EBIT grew 8.8% YoY to £9.9m. The Avayler business is reported within the Autocentres segment but operates as a
standalone business within the Group. It generated revenue of £1.1m (HY25: £1.6m), with the YoY decline a result of ATD, a North American client,
entering Chapter 11 in the latter months of FY25 as previously reported. This also resulted in an expected increase in loss before interest and
tax to £1.8m (HY25: £1.3m).
Including Avayler, underlying Autocentres EBIT increased by 3.9% to £8.1m (HY25: £7.8m).
Net non-underlying items
The following table outlines the components of the non-underlying items recognised in the period:
HY26 HY25
£m £m
Organisational Restructure Costs 3.1 0.8
Closure Costs 0.9 1.5
Cloud Migration Costs - 0.9
Net Non-Underlying Items Charge 4.0 3.2
HY26 organisational restructure costs of £3.1m (HY25: £0.6m) relate to additional costs incurred to maintain availability of stock in stores
during implementation challenges for the new Warehouse Management System (“WMS”) in the Coventry distribution centre (“DC”). The new WMS is yet to
be introduced in our third and final DC, which is expected to conclude by FY27. The prior period balance also includes £0.2m of redundancy costs
arising from changes to the Group’s operating model.
HY26 closure costs of £0.9m (HY25: £1.2m) largely comprise costs associated with the closure of a small number of garages as noted in the FY25
results announcement. Equivalent costs in the prior year are associated with the closure of the Group's wholesale tyre operations.
Property-related expenditure associated with these closures, including landlord insurance and business rates on remaining leases, is expected to
continue through the remainder of FY26 and into future periods, reflecting the unwind of lease obligations. The HY25 balance also included £0.3m
relating to the garage transformation programme, now incorporated within closure costs for consistency of presentation.
Portfolio management
The Group’s property portfolio remains extremely flexible. With the exception of nine long-leasehold and three freehold properties in Autocentres,
the Group’s locations are occupied under short-term leases, the majority of which are on standard lease terms.
The Retail store portfolio as at 26 September 2025 comprised 370 stores (HY25: 377 stores), having closed 7 stores during the period as we took
our usual, rigorous approach to evaluating leases as they come up for renewal. The average remaining lease length on our Retail store estate is
2.6 years, with 342 leases, equivalent to more than 90% of our portfolio, expiring within five years.
The Autocentres portfolio as at 26 September 2025 comprised 590 locations (498 consumer garages and 92 commercial locations) (HY25: 636 locations
including 547 consumer garages and 89 commercial locations). The reduction of locations in the Autocentres portfolio predominantly reflects the
previously announced decision to close a small number of garages as detailed under ‘Net non-underlying items’ above. The average remaining lease
length on our Autocentres is around 4.9 years, and as in Retail, we carefully evaluate all lease renewals when due.
Net finance expense
The reduced net finance expense YoY of £5.2m (HY25: £5.4m) is primarily due to a reduction in bank borrowing throughout the period.
Taxation
The taxation charge for the financial period was £3.4m (HY25: £3.7m), including a £1.0m credit (HY25: £0.7m credit) in respect of tax on
non-underlying items. The effective tax rate of 19.7% (HY25: 20.6%) differs from the UK corporation tax rate (25%) principally due to the to the
recognition of tax losses in the year through deferred taxes and a prior period adjustment in relation to historic tax balances.
The full year FY26 effective tax rate is expected to be around 21.5% which is below the statutory rate due to the impact of the tax losses
available.
Earnings per share (“EPS”)
Underlying Basic EPS was 7.9 pence (HY25: 7.6 pence) and after non-underlying items was 6.5 pence (HY25: 6.5 pence). Basic weighted-average shares
in issue during the period were 216.3m (HY25: 218.1m). The decrease in the basic weighted-average shares in issue during the period is due to the
increase in the weighted-average number of shares held by the Employee Benefit Trust.
Dividend
The Board have declared an interim dividend of 3.0 pence per share in respect of the period to 26 September 2025 (HY25: 3 pence). The interim
dividend will be paid on 16th January 2026 to shareholders who are on the register of members, with an ex-dividend date of 11th December 2025 and
a record date of 12th December 2025.
Capital expenditure
Capital expenditure in the period totalled £31.1m (HY25: £23.6m).
Retail capital expenditure was £10.3m (HY25: £12.2m), of which £4.9m (HY25: £6.8m) related to digital infrastructure and e-commerce, mainly
focused on the development of the Group’s websites. £5.4m (HY25: £4.8m) was invested in stores.
Autocentres capital expenditure was £20.8m (HY25: £11.4m) of which the majority (£16.7m) (HY25: £7.9m) was expenditure on property and garage
equipment, including £7.8m supporting the rollout of the Fusion motoring services model. The remaining £4.1m (HY25: £3.5m) related to IT software
expenditure on the development of Avayler and PACE, the garage workflow system.
Inventories
Group inventory held at the period end was £235.3m (HY25: £244.1m). The £8.8m reduction in inventory holding YoY reflects continued discipline
around inventory management.
Retail inventory was £190.3m (HY25: £193.3m), a decrease of £3.0m YoY. Autocentres inventory was £45.0m (HY25: £50.8m), a decrease of £5.8m YoY.
Cashflow and borrowings
Net cash from operating activities during the period was £103.0m (HY25: £97.0m). After capital expenditure, net finance costs, supplier financing
and lease payments, a free cash inflow of £27.6m (HY25: £28.1m) was generated in the period. The decrease in free cashflow of £0.5m from HY25 is
due to an increase in capital expenditure and the payment of a colleague bonus in relation to FY25 which had not occurred in the previous year,
offset by a decrease in lease payments, a gain on disposal of leases in the period and strong working capital management.
Group net debt, including IFRS 16 lease debt, was £232.7m at the balance sheet date (HY25: £276.5m) consisting of £18.8m of cash (HY25: £78.6m),
£nil bank overdrafts (HY25: (£43.5m)), £nil in relation to the Group’s revolving credit facility (HY25: (£33.7m)), (£0.2m) of other borrowings
(HY25: (£0.1m)) and (£251.3m) of lease liabilities (HY25: (£277.8m)). Excluding lease debt, and notwithstanding the reinstatement of a colleague
bonus relating to FY25 and an increase in the final dividend YoY, Group net cash improved by £17.3m to £18.6m (HY25: net cash of £1.3m).
The Group's borrowing facility is a committed £180m revolving credit facility, of which £20.0m is designated as an overdraft facility. On 11
August 2025 a one-year extension option was exercised taking the expiry date to 16 April 2029.
Principal Risks and Uncertainties
The Board considers risk assessment, identification of mitigating actions and internal control to be fundamental to achieving Halfords’ strategic
corporate objectives. In the Annual Report & Accounts the Board sets out what it considers to be the principal commercial and financial risks to
achieving the Group’s objectives. The main areas of potential risk and uncertainty in the financial year are described in the Strategic Report on
pages 61 to 68 of the Halfords Group plc Annual Report and Accounts for the period ending 28 March 2025 and all are considered relevant to the
HY26 reporting. These include:
• Business Strategy
◦ Technology transformation capability and capacity
◦ Customer proposition and relevance
• Financial
◦ Macroeconomic volatility
• Compliance
◦ Regulatory and compliance
◦ Cybersecurity
• Operational
◦ Culture/colleague engagement and skills
◦ Disruption to end to end supply chain
◦ Health and safety
Jo Hartley
Chief Financial Officer
26 November 2025
Glossary of Alternative Performance Measures
In the reporting of financial information, the Directors have adopted various Alternative Performance Measures (“APMs”). APMs should be considered
in addition to IFRS measurements, of which some are shown on Page 1. The Directors believe that these APMs assist in providing useful information
on the underlying performance of the Group, enhance the comparability of information between reporting periods, and are used internally by
management to measure the Group’s performance.
The key APMs that the Group uses are as follows:
1. Like-for-like (“LfL”) sales represent revenues from stores, centres and websites that have been trading for at least one financial reporting
period (but excluding prior period sales of stores and centres closed during the period) at constant foreign exchange rates.
2. Underlying EBIT are results from operating activities before non-underlying items. Underlying EBITDA further removes depreciation and
amortisation.
HY26 HY25
£m £m
Underlying 26.4 26.4
EBIT
Depreciation
& 63.1 63.0
Amortisation
Underlying 89.5 89.4
EBITDA
3. Underlying Profit Before Tax is profit before income tax and non-underlying items as shown in the Condensed Consolidated Income Statement.
4. Underlying Earnings Per Share is profit after income tax before non-underlying items as shown in the Condensed Consolidated Income Statement,
divided by the weighted average number of ordinary shares in issue during the period. The weighted average number of shares excludes shares
held by an Employee Benefit Trust and has been adjusted for the issue/purchase of shares during the period.
5. Net Cash is current and non-current borrowings less cash and cash equivalents, both in-hand and at bank, as shown in the Condensed
Consolidated statement of financial position, as reconciled below:
HY26 HY25
£m £m
Cash and cash equivalents 18.8 78.6
Borrowings – current (0.2) (43.6)
Borrowings – non-current - (33.7)
Net Cash 18.6 1.3
6. Net Debt to Underlying EBITDA ratio is represented by the ratio of Net Debt to Underlying EBITDA (both of which are defined above).
7. Free Cash Flow is defined as net cash from operating activities less capital expenditure, net finance costs, supplier financing payments and
lease payments; as reconciled below:
HY26 HY25
£m £m
Net cash from operating activities 103.0 97.0
Less:
Capital expenditure (30.8) (22.0)
Net finance costs (3.9) (4.7)
Lease payments (40.7) (42.2)
Free Cash Flow 27.6 28.1
Halfords Group plc
Condensed consolidated income statement
For the 26 weeks to 26 September 2025
26 weeks to 26 weeks to 52 weeks to
26 September 27 September 28 March
2025 2024 2025
Unaudited Unaudited Audited
Notes £m £m £m
Revenue 6, 7 893.3 864.8 1,715.2
Cost of sales (434.1) (437.3) (846.1)
Gross profit 459.2 427.5 869.1
Operating expenses (433.0) (401.1) (820.3)
Other income 0.2 - 0.7
Operating profit before non-underlying items 26.4 26.4 49.5
Net non-underlying items 8 (4.0) (3.2) (68.4)
Profit/(loss) from operating activities 22.4 23.2 (18.9)
Net Finance Expense 9 (5.2) (5.4) (11.1)
Profit before tax and non-underlying items 21.2 21.0 38.4
Non-underlying items 8 (4.0) (3.2) (68.4)
Profit/(loss) before tax 17.2 17.8 (30.0)
Tax on underlying items 10 (4.4) (4.4) (8.4)
Tax on non-underlying items 8 1.0 0.7 4.6
Total profit/(loss) for the period 13.8 14.1 (33.8)
Attributable to:
Equity shareholders 14.0 14.2 (33.6)
Non-controlling interest (0.2) (0.1) (0.2)
Total profit/(loss) for the period 13.8 14.1 (33.8)
Earnings per share
Basic earnings per share 12 6.5p 6.5p (15.4)p
Diluted earnings per share 12 6.3p 6.3p (15.4)p
Basic underlying earnings per share 12 7.9p 7.6p 13.8p
Diluted underlying earnings per share 12 7.6p 7.4p 13.2p
Halfords Group plc
Condensed Consolidated Statement of Comprehensive Income
For the 26 weeks to 26 September 2025 (Unaudited)
26weeks to 26weeks to 52weeks to
26 September 2025 27 September 2024 28 March 2025
£m £m £m
Unaudited Unaudited Audited
Profit/(loss) for the period 13.8 14.1 (33.8)
Other comprehensive loss
Cash flow hedges:
Fair value changes in the period (4.3) (4.8) 0.1
Income tax credit/(charge) on other comprehensive loss 0.8 0.8 (0.2)
Other comprehensive expense for the period, net of income tax (3.5) (4.0) (0.1)
Total comprehensive income/(expense) for the period 10.3 10.1 (33.9)
Attributable to:
Equity shareholders 10.5 10.2 (33.7)
Non-controlling interest (0.2) (0.1) (0.2)
Total comprehensive income/(expense) for the period 10.3 10.1 (33.9)
All items within the Condensed Consolidated Statement of Comprehensive Income are classified as items that are or may be recycled to the Income
Statement.
The notes on pages 17 to 28 form part of these condensed consolidated financial statements.
Halfords Group plc
Condensed Consolidated Statement of Financial Position
As at 26 September 2025 (Unaudited)
26 September 27 September 28 March
2025 2024 2025
Unaudited Unaudited Audited
Notes £m £m £m
Assets
Non-current assets
Intangible assets 13 431.0 482.8 432.7
Property, plant and equipment 13 98.1 89.2 91.7
Right-of-use assets 13 226.6 253.3 242.3
Derivative financial instruments 15 0.3 - 0.3
Trade and other receivables 1.8 2.2 2.5
Deferred tax asset 7.2 5.0 7.3
Total non-current assets 765.0 832.5 776.8
Current assets
Inventories 235.3 244.1 225.2
Trade and other receivables 151.9 158.5 153.7
Current tax asset - 8.3 0.6
Derivative financial instruments 15 0.6 0.1 -
Cash and cash equivalents 14 18.8 78.6 19.1
Total current assets 406.6 489.6 398.6
Total assets 1,171.6 1,322.1 1,175.4
Liabilities
Current liabilities
Borrowings 14 (0.2) (43.6) (0.2)
Lease liabilities (74.5) (68.7) (78.6)
Derivative financial instruments and options 15 (2.6) (4.9) (0.8)
Trade and other payables (386.2) (382.4) (357.1)
Current tax liabilities (2.5) - (3.2)
Provisions (15.7) (11.7) (15.4)
Total current liabilities (481.7) (511.3) (455.3)
Net current liabilities (75.1) (21.7) (56.7)
Non-current liabilities
Borrowings 14 - (33.7) (8.8)
Lease liabilities (176.8) (209.1) (192.8)
Derivative financial instruments and options 15 (4.3) (1.3) (3.9)
Trade and other payables (2.5) (3.7) (3.4)
Provisions (10.4) (9.5) (10.9)
Total non-current liabilities (194.0) (257.3) (219.8)
Total liabilities (675.7) (768.6) (675.1)
Net assets 495.9 553.5 500.3
Shareholders’ equity
Share capital 16 2.2 2.2 2.2
Share premium 16 212.4 212.4 212.4
Investment in own shares (6.5) (2.2) (1.6)
Other reserves 0.3 (2.9) 0.7
Retained earnings 287.5 344.1 286.4
Total equity attributable to equity holders of the Company 495.9 553.6 500.1
Non-controlling interest - (0.1) 0.2
Total equity 495.9 553.5 500.3
The notes on pages 17 to 28 form part of these condensed consolidated financial statements.
Halfords Group plc
Condensed Consolidated Statement of Changes in Shareholders’ Equity
For the 26 weeks to 26 September 2025 (Unaudited)
Attributable to the equity holders of the Company
Other reserves
Share Capital Hedging Retained Total
Share premium Investment in redemption shareholders Non-controlling Total
capital account own shares reserve reserve earnings interest equity
equity
£m £m £m £m £m £m £m £m £m
Closing balance at 28 March 2025 2.2 212.4 (1.6) 0.3 0.4 286.4 500.1 0.2 500.3
Total comprehensive income/(expense) for the
period
Profit for the period - - - - - 14.0 14.0 (0.2) 13.8
Other comprehensive loss
Cash flow hedges:
Fair value changes in the period - - - - (4.3) - (4.3) - (4.3)
Income tax on other comprehensive loss - - - - 0.8 - 0.8 - 0.8
Total other comprehensive loss for the period - - - - (3.5) - (3.5) - (3.5)
net of tax
Total comprehensive (expense)/income for the - - - - (3.5) 14.0 10.5 (0.2) 10.3
period
Hedging gains and losses transferred to the - - - - 3.1 - 3.1 - 3.1
cost of inventory
Transactions with owners
Purchase of own shares - - (6.0) - - - (6.0) - (6.0)
Share options exercised - - 1.1 - - (1.1) - - -
Share-based payment transactions - - - - - 0.8 0.8 - 0.8
Dividends to equity holders - - - - - (12.6) (12.6) - (12.6)
Total transactions with owners - - (4.9) - - (12.9) (17.8) - (17.8)
Balance at 26 September 2025 2.2 212.4 (6.5) 0.3 - 287.5 495.9 - 495.9
Halfords Group plc
Condensed Consolidated Statement of Changes in Shareholders’ Equity (continued)
For the 26 weeks to 26 September 2025 (Unaudited)
Attributable to the equity holders of the Company
Other reserves
Share Capital Hedging Retained Total
Share premium Investment in redemption shareholders Non-controlling Total
capital account own shares reserve reserve earnings interest equity
equity
£m £m £m £m £m £m £m £m £m
Closing balance at 29 March 2024 2.2 212.4 (1.0) 0.3 (0.3) 340.2 553.8 - 553.8
Total comprehensive income for the period
Profit for the period - - - - - 14.2 14.2 (0.1) 14.1
Other comprehensive loss
Cash flow hedges:
Fair value changes in the period - - - - (4.8) - (4.8) - (4.8)
Income tax on other comprehensive loss - - - - 0.8 - 0.8 - 0.8
Total other comprehensive loss for the period - - - - (4.0) - (4.0) - (4.0)
net of tax
Total comprehensive (expense)/income for the - - - - (4.0) 14.2 10.2 (0.1) 10.1
period
Hedging gains and losses transferred to the - - - - 1.1 - 1.1 - 1.1
cost of inventory
Transactions with owners
Purchase of own shares - - (3.6) - - - (3.6) - (3.6)
Share options exercised - - 2.4 - - (1.7) 0.7 - 0.7
Share-based payment transactions - - - - - 2.3 2.3 - 2.3
Dividends to equity holders - - - - - (10.9) (10.9) - (10.9)
Total transactions with owners - - (1.2) - - (10.3) (11.5) - (11.5)
Balance at 27 September 2024 2.2 212.4 (2.2) 0.3 (3.2) 344.1 553.6 (0.1) 553.5
Halfords Group plc
Condensed Consolidated Statement of Cash Flows
For the 26 weeks to 26 September 2025 (Unaudited)
26weeks to 26weeks to 52weeks to
28 March
27 September
26 September 2025 2025
2024
Audited
Notes £m £m £m
Cash flows from operating activities
Profit after tax for the period, before non-underlyingitems 16.8 16.6 30.0
Non-underlyingitems after tax 8 (3.0) (2.5) (63.8)
Profit after tax for the period 13.8 14.1 (33.8)
Depreciation and impairment of property, plant and equipment 13 14.0 12.6 30.8
Amortisationand impairment of right-of-use assets 13 38.5 38.6 87.4
Amortisationand impairment of intangible assets 13 10.7 11.8 70.7
Net finance expense 9 5.2 5.6 11.1
Loss on disposal of property, plant and equipment 0.2 0.2 0.3
(Gain)/loss on disposal of leases (1.2) (0.2) 0.2
Equity-settledshare-basedpayment transactions 0.8 2.3 3.9
Foreign exchange movement 1.2 4.3 3.5
Income tax expense 10 3.4 3.7 3.8
(Increase)/decrease in inventories (8.9) (8.0) 8.8
Decrease in trade and other receivables 1.6 2.6 8.8
Increase/(decrease) in trade and other payables 27.6 14.3 (9.1)
(Decrease)/increase in provisions (0.2) (2.3) 2.8
Income tax paid (3.7) (2.6) 5.5
Net cash from operating activities 103.0 97.0 194.7
Cash flows from investing activities
Deferred consideration received/(paid) 0.6 (4.0) (4.0)
Purchase of intangible assets (8.9) (11.7) (21.3)
Purchase of property, plant and equipment (21.9) (10.3) (31.9)
Net cash used in investing activities (30.2) (26.0) (57.2)
Cash flows from financing activities
Purchase of own shares (6.0) (3.6) (3.6)
Proceeds from share options exercised - 0.7 0.6
Finance income/(costs) received/(paid) 0.5 (0.1) 0.4
Drawdown of borrowings 14 13.4 255.8 568.0
Repayment of borrowings 14 (22.0) (242.2) (579.4)
RCF transaction costs (0.9) (2.1) (1.3)
Capitalised transaction costs (0.4) - (1.4)
Interest paid on lease liabilities 9 (4.6) (4.6) (9.4)
Payment of capital element of leases 14 (40.7) (42.2) (87.1)
Payments related to supplier financing (51.9) (39.5) (91.0)
Receipts related to supplier financing 52.1 39.5 89.9
Dividends paid (12.6) (10.9) (17.4)
Net cash used in financing activities (73.1) (49.2) (131.7)
Net (decrease)/increase in cash and bank overdrafts (0.3) 21.8 5.8
Cash and cash equivalents at the beginning of the period 19.1 13.3 13.3
Cash and cash equivalents at the end of the period 18.8 35.1 19.1
The notes on pages 17 to 28 are an integral part of these condensed consolidated financial statements.
Halfords Group plc
Notes to the condensed consolidated interim financial statements
For the 26 weeks to 26 September 2025
1. General information and basis of preparation
The condensed consolidated interim financial statements of Halfords Group plc (the “Company”) comprise the Company together with its subsidiary
undertakings (the “Group”).
The Company is a public limited company incorporated, domiciled and registered in England and Wales. Its registered office is Icknield Street
Drive, Washford West, Redditch, Worcestershire, B98 0DE.
The Company is listed on the London Stock Exchange.
These condensed consolidated interim financial statements were approved by the Board of Directors on 26 November 2025.
2. Statement of compliance
The condensed consolidated interim financial statements for the 26 weeks to 26 September 2025 have been prepared in accordance with IAS 34
‘Interim financial reporting’ as adopted for use in the UK. They do not include all the information required for full annual financial statements
and should be read in conjunction with the Annual Report and Accounts for the period ended 28 March 2025, which have been prepared in accordance
with UK adopted international accounting standards.
The comparative figures for the financial period ended 28 March 2025 are not the Group’s statutory accounts for that financial period. Those
accounts have been reported on by the Group’s auditors and delivered to the registrar of companies. The report of the auditor was (i) unqualified,
(ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii)
did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
3. Principal risks and uncertainties
The Directors consider that the principal risks and uncertainties which could have a material impact on the Group’s performance in the remaining
26 weeks of the financial year remain the same as those stated on pages 61 to 68 of our Annual Report and Accounts for the period ended 28 March
2025, which are available on our website 19 www.halfordscompany.com.
4. Material accounting policies
Going Concern
The directors have reviewed the current financial performance, liquidity and forecasts of the business. Further details of the assessment are
provided on page 68 of our Annual Report and Accounts for the period ended 28 March 2025. The directors have updated the financial forecasts to
reflect the actual performance of the business during the period covered by these condensed consolidated interim financial statements. Stress
tests have been performed on these forecasts and no issues have been raised.
The Group has a committed £180.0m revolving credit facility, of which £20.0m is designated as an overdraft facility, at the date of approval of
these financial statements, expiring on 16 April 2029.
Having reviewed current performance and forecasts, the Directors consider that the Group has adequate resources to remain in operation for the
foreseeable future and have therefore continued to adopt the going concern basis in preparing the condensed consolidated interim financial
statements. The Group’s forecasts and projections, taking into account reasonably possible changes in trading performance, show that the Group has
adequate resources to continue in operational existence and are compliant with all covenants for a period of at least 12 months from the date of
approval of these financial statements.
Accounting Policies
As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the condensed consolidated interim financial
statements have been prepared by applying the accounting policies and presentation that were applied in the preparation of the Annual Reports and
Accounts for the period ended 28 March 2025.
The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are the same as those set out in the
Group’s Annual Report and Accounts for the period ended 28 March 2025.
5. Estimates and judgements
The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the
same as those applied to the consolidated financial statements as at and for the 52-week period ended 28 March 2025 and the 26 weeks ended 26
September 2025.
6. Operating segments
The Group has two reportable segments, Retail and Autocentres, which are the Group’s strategic business units. The strategic business units offer
different products and services, and are managed separately because they require different operational, technological and marketing strategies.
The operations of the Retail reporting segment comprise the retailing of automotive, leisure and cycling products and services through retail
stores and online platforms. The operations of the Autocentres reporting segment comprise car servicing and repair performed from Autocentres,
commercial vehicles, mobile customer vans through Halfords Mobile Expert and software as a service provision.
The Chief Operating Decision Maker has been identified as the Executive Directors. Internal management reports for each of the segments are
reviewed by the Executive Directors on a monthly basis. Key measures used to evaluate performance are Revenue and Operating Profit. Management
believe that these measures are the most relevant in evaluating the performance of the segment and for making resource allocation
decisions.
The following summary describes the operations in each of the Group’s reportable segments. Performance is measured based on segment operating
profit, as included in the management reports reviewed by the Executive Directors. The segmental reporting disclosures are prepared in accordance
with IFRS accounting policies.
All material operations of the reportable segments are carried out in the UK and Republic of Ireland and all material non-current assets are in
the UK. The Group’s revenue is driven by the consolidation of individual small value transactions and as a result Group revenue is not reliant on
a major customer or group of customers.
26 weeks to
26 September 2025
Retail Autocentres
Income statement Total
£m £m
Unaudited
£m
Revenue 533.2 360.1 893.3
Segment result before non-underlying items 20.6 8.1 28.7
Non-underlying items (3.4) (0.6) (4.0)
Segment result 17.2 7.5 24.7
Unallocated expenses1 (2.3)
Operating profit 22.4
Net finance expense (5.2)
Profit before tax 17.2
Taxation (3.4)
Profit after tax 13.8
Products and services transferred at a point in time 499.1 350.8 849.9
Products and services transferred over time 34.1 9.3 43.4
Total Revenue 533.2 360.1 893.3
26 weeks to
27 September 2024
Retail Autocentres
Income statement Total
£m £m
Unaudited
£m
Revenue 516.1 348.7 864.8
Segment result before non-underlying items 21.2 7.8 29.0
Non-underlying items (1.8) (1.4) (3.2)
Segment result 19.4 6.4 25.8
Unallocated expenses1 (2.6)
Operating profit 23.2
Net finance expense (5.4)
Profit before tax 17.8
Taxation (3.7)
Profit after tax 14.1
Products and services transferred at a point in time 483.6 342.2 825.8
Products and services transferred over time 32.5 6.5 39.0
Total Revenue 516.1 348.7 864.8
52 weeks to
28 March 2025
Retail Autocentres
Income statement Total
£m £m
Audited
£m
Revenue 1,004.9 710.3 1,715.2
Segment result before non-underlying items 39.0 15.7 54.7
Non-underlying items (53.9) (14.5) (68.4)
Segment result (14.9) 1.2 (13.7)
Unallocated expenses1 (5.2)
Operating loss (18.9)
Net financing expense (11.1)
Loss before tax (30.0)
Taxation (3.8)
Loss after tax (33.8)
Products and services transferred at a point in time 929.3 695.1 1,624.4
Products and services transferred over time 75.6 15.2 90.8
Total Revenue 1,004.9 710.3 1,715.2
1 Unallocated expenses have been disclosed to reflect the format of the internal management reports reviewed by the Chief Operating Decision Maker
and include an amortisation charge of £2.3m in respect of assets acquired through business combinations (HY25: £2.6m FY25: £5.2m)
26 weeks to
26 September 2025
Retail Autocentres
Other segment items: Total
£m £m
Unaudited
£m
Capital expenditure 10.3 20.8 31.1
Depreciation and impairment expense 7.6 6.1 13.7
Impairment of right-of-use asset - 0.1 0.1
Amortisation of right-of-use asset 25.0 12.9 37.9
Amortisation expense 5.5 3.7 9.2
26 weeks to
27 September 2024
Retail Autocentres
Other segment items: Total
£m £m
Unaudited
£m
Capital expenditure 12.2 11.4 23.6
Depreciation expense 6.3 6.0 12.3
Impairment of right-of-use asset - 0.2 0.2
Amortisation of right-of-use asset 25.1 12.8 37.9
Amortisation expense 6.9 3.1 10.0
52 weeks to
28 March 2025
Retail Autocentres
Other segment items: Total
£m £m
Audited
£m
Capital expenditure 25.5 27.2 52.7
Depreciation and impairment expense 15.5 14.6 30.1
Impairment of right-of-use asset 0.9 7.0 7.9
Amortisation of right-of-use asset 51.9 26.6 78.5
Amortisation expense 12.3 7.0 19.3
Impairment of intangible assets 47.9 - 47.9
There have been no significant transactions between segments in the 26 weeks ended 26 September 2025 (HY25: £nil).
7. Revenue
The Group’s operations and main revenue streams are those described in the Annual Reports and Accounts for the period ended 28 March 2025. The
Group’s revenue is derived from transactions with customers.
Revenue split by the Group’s operating segments is shown in Note 6.
All significant revenue is recognised in the United Kingdom and Republic of Ireland.
8. Non-underlying items
26 weeks to 26 weeks to 52 weeks to
26 September 27 September 28 March
2025 2024 2025
Unaudited Unaudited
£m £m £m
Non-underlying operating expenses:
Organisational restructure costs (a) 3.1 0.8 1.5
Closure costs (b) 0.9 1.5 14.9
Cloud migration costs (c) - 0.9 2.9
Impairment of non-current assets - - 49.1
Non-underlying items before tax 4.0 3.2 68.4
Tax on non-underlying items (d) (1.0) (0.7) (4.6)
Total non-underlying items 3.0 2.5 63.8
Non-underlying items are those items that are unusual because of their size, nature (one-off, non-trading costs) or incidence. Management
considers that these items should be separately identified within their relevant income statement category to enable a full understanding of the
Group’s results.
Items reported within non-underlying items at HY25 have been aggregated by nature as described below to align with current period presentation.
(a) During the current period, organisational restructure costs include £3.1m (HY25: £0.6m) relating to the Warehouse Management System (WMS)
replacement programme, as a result of technological and operational issues associated with the system’s implementation. These issues have now been
resolved. This item was presented separately in the prior period but is now included within organisational restructure costs for alignment of
presentation. Costs in the prior period also includes £0.2m of redundancy costs incurred as part of a change in the Group's operating model.
(b) Closure costs represent costs associated with the closure of a number of stores and garages following a strategic review of the profitability
of the Group's physical estate in previous periods, and the closure of the Group's tyre wholesale operations. In the current period, the amount
primarily reflects property-related adjustments, including lease settlements and provision movements, together with sublet income. In the prior
period, costs of £1.2m related to property expenses that could not be provided for. Property-related adjustments are expected to continue through
the remainder of FY26 and in future periods, reflecting the unwind of associated lease obligations. The prior period balance also reflects £0.3m
relating to the garage transformation programme, which was previously presented as a separate line item.
(c) Cloud migration costs in the prior year relate to the migration of servers from co-located datacentres to the cloud. Costs included expenses
associated with managing this transition and the dual running of the existing co-located servers and new Cloud-based solution.
(d) The tax credit in HY26 represents a tax rate of 25.3% applied to non-underlying items (HY25: Credit, 24.0%, FY25: Credit 12.8%). The effective
tax rate differs from the UK corporation tax rate (25%) principally due to residual costs in relation to the disposal of the tyre supply chain
business during FY26.
9. Net finance expense
26 weeks to 26 weeks to 52 weeks to
26 September 2025 27 September 2024 28 March 2025
Unaudited Unaudited
£m £m £m
Finance Income:
Bank Interest 0.6 0.6 0.9
Finance costs:
Bank borrowings - (0.6) (0.5)
Amortisation of issue costs on loans (0.3) (0.3) (0.6)
Commitment and guarantee fees (0.7) (0.7) (1.3)
Supplier financing expense (0.2) - (0.2)
Interest payable on lease liabilities (4.6) (4.4) (9.4)
Finance costs before non-underlying items (5.8) (6.0) (12.0)
Net finance expense before non-underlying items (5.2) (5.4) (11.1)
Finance costs in non-underlying items - (0.2) -
Net finance expense (5.2) (5.6) (11.1)
10. Income tax expense
Income tax expense is recognised based on management's best estimate of the weighted average annual income tax rate expected for the full
financial year, applied to the pre-tax income of the interim period.
The taxation charge on profit for the financial period was £3.4m (HY25: £3.7m), including a £1.0m credit (HY25: £0.7m credit) in respect of
non-underlying items. The effective tax rate of 19.7% (HY25: 20.6%) differs from the UK corporation tax rate (25%) principally due to the
recognition of tax losses in the year through deferred taxes and a prior period adjustment in relation to historic tax balances.
The corporation tax rate remained at 25%, effective from 1 April 2023. The deferred tax asset in the period has been calculated based on the
headline rate of 25%.
Pillar Two legislation, which introduced a global minimum effective tax rate of 15%, has been enacted or substantively enacted in certain
jurisdictions the Group operates. The legislation is effective for the Group’s financial year beginning 30 March 2024. The Group is in scope of
the enacted or substantively enacted legislation and has performed an assessment of the Group’s potential exposure to Pillar Two income taxes.
The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and
financial statements for the constituent entities in the Group. Based on the assessment, the Pillar Two effective tax rates in most of the
jurisdictions in which the Group operates are above 15%. However, there are a limited number of jurisdictions where the transitional safe harbour
relief may not apply and the Pillar Two effective tax rate is close to 15%. The Group does not expect a material exposure to Pillar Two income
taxes in those jurisdictions and has applied the exception to recognising deferred tax assets and liabilities relating to Pillar 2 income taxes.
11. Dividends
The Directors paid a final dividend of 5.8 pence per share on 12th September 2025 in respect of the financial period ended 28 March 2025 (FY24: 5p
per share).
The Directors have declared an interim dividend for the 26 weeks to 26 September 2025 of 3 pence per share (HY25: 3p per share). The interim
dividend will be paid on 16th January 2026 to shareholders who are on the register of members, with an ex-dividend date of 11th December 2025 and
a record date of 12th December 2025.
12. Earnings per share
Basic earnings per share are calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary
shares in issue during the period. The weighted average number of shares excludes shares held by an Employee Benefit Trust and has been adjusted
for the issue/purchase of shares during the period.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential
ordinary shares. These represent share options granted to employees where the exercise price is less than the average market price of the
Company’s ordinary shares during the 26 weeks to 26 Sept 2025.
The Group has also chosen to present an alternative earnings per share measure, with profit adjusted for non-underlying items because it better
reflects the Group’s underlying performance.
26 weeks to 26 weeks to 52 weeks to
26 September 2025 27 September 2024 28 March 2025
Unaudited Unaudited
Number Number Number
m m m
Weighted average number of shares in issue 218.9 218.9 218.9
Less: shares held by the Employee Benefit Trust (2.6) (0.8) (1.0)
Weighted average number of shares for calculating basic earnings per share 216.3 218.1 217.9
Weighted average number of dilutive share options 7.0 6.0 9.5
Weighted number of shares for calculating diluted earnings per share 223.3 224.1 227.4
In the 52 weeks to 28 March 2025, potentially dilutive shares would be anti-dilutive and have therefore not been taken into account in the
calculation of diluted earnings per share.
26 weeks to 26 weeks to 52 weeks to
26 September 2025 27 September 28 March 2025
2024
Unaudited Unaudited
£m £m £m
Earnings/(loss) from total operations 14.0 14.1 (33.6)
Non-underlying items after tax 3.0 2.5 63.8
Total earnings before non-underlying items 17.0 16.6 30.2
26 weeks to 26 weeks to 52 weeks to
26 September 2025 27 September 2024 28 March 2025
Unaudited Unaudited
Basic earnings per share 6.5p 6.5p (15.4)p
Diluted earnings per share 6.3p 6.3p (15.4)p
Basic earnings per ordinary share before non-underlying items 7.9p 7.6p 13.8p
Diluted earnings per ordinary share before non-underlying items 7.6p 7.4p 13.2p
The alternative measure of underlying earnings per share is provided as it reflects the Group’s underlying performance by excluding
the effect of non-underlying items.
13. Capital Expenditure – Tangible, intangible & right-of-use assets
Right-of-use
Tangible and Intangible Assets
assets
Unaudited
Unaudited
£m £m
Net book value at 28 March 2025 524.4 242.3
Additions 30.0 21.9
Disposals (0.2) 0.1
Reclassification (0.4) -
Effect of modification of lease - 0.8
Depreciation, amortisation and impairment (24.7) (38.5)
Net book value at 26 September 2025 529.1 226.6
Right-of-use
Tangible and Intangible Assets
assets
Unaudited
Unaudited
£m £m
Net book value at 29 March 2024 573.4 278.3
Additions 23.2 13.6
Disposals (0.2) (0.2)
Effect of modification of lease - 0.2
Depreciation, amortisation and impairment (24.4) (38.6)
Net book value at 27 September 2024 572.0 253.3
Right-of-use
Tangible and Intangible Assets
assets
Unaudited
Unaudited
£m £m
Net book value at 29 March 2024 573.4 278.3
Additions 52.7 49.7
Disposals (5.5) -
Reclassification - (0.8)
Effect of modification of lease - 4.5
Depreciation, amortisation and impairment (96.2) (89.4)
Net book value at 28 March 2025 524.4 242.3
14. Analysis of Movements in the Group’s Net Debt in the Period
At
At Cash Flow Other non-cash changes
26 September 2025
28 March
2025 Unaudited Unaudited Unaudited
£m £m £m £m
Cash and cash equivalents 19.1 (0.3) - 18.8
Bank Overdrafts - - - -
Cash and cash equivalents (condensed consolidated statement of cash flows) 19.1 (0.3) - 18.8
Debt due in less than one year (0.2) - - (0.2)
Debt due after one year (8.8) 8.6 0.2 -
Total net cash excluding leases 10.1 8.3 0.2 18.6
Current lease liabilities (78.6) 45.3 (41.2) (74.5)
Non-current lease liabilities (192.8) - 16.0 (176.8)
Total lease liabilities (271.4) 45.3 (25.2) (251.3)
Total net debt (261.3) 53.6 (25.0) (232.7)
Non-cash changes comprise finance costs in relation to the amortisation of capitalised debt issue costs of £0.3m (HY25: £0.3m), and movements in
leases.
Cash and cash equivalents at the period end consist of £18.2m (HY25: £77.9m) of liquid assets, £0.6m (HY25: £0.7m) of cash held in Trust and £Nil
(HY25: £43.5m) of bank overdrafts. The Group recognises BACS payments on the day that the payments are processed with the respective banks. This
resulted in a large bank overdraft balance at 27th September 2024 as the funds used to clear these payments were transferred after the period end
from deposit accounts outside of the Group’s cash pooling arrangements and therefore did not meet the requirements for offsetting under IAS 1.
Cashflow movements in debt relate to the drawdown of funds from the Groups’ revolving credit facility and payments in relation to lease
liabilities.
At
At Cash Flow Other non-cash changes
27 September 2024
29 March
2024 Unaudited Unaudited Unaudited
£m £m £m £m
Cash and cash equivalents 13.3 21.8 43.5 78.6
Bank Overdrafts - (43.5) (43.5)
Cash and cash equivalents (condensed consolidated statement of cash flows) 13.3 21.8 - 35.1
Debt due in less than one year (1.8) 1.7 - (0.1)
Debt due after one year (19.6) (13.6) (0.5) (33.7)
Total net (debt)/cash excluding leases (8.1) 9.9 (0.5) 1.3
Current lease liabilities (79.1) 46.8 (36.4) (68.7)
Non-current lease liabilities (228.1) - 19.0 (209.1)
Total lease liabilities (307.2) 46.8 (17.4) (277.8)
Total net debt (315.3) 56.7 (17.9) (276.5)
Non-cash changes comprise finance costs in relation to the amortisation of capitalised debt issue costs of £0.3m (HY24: £0.6m), and new leases in
the period.
Cash and cash equivalents at the period end consist of £77.9m (HY24: £15.0m) of liquid assets, £0.7m (HY24: £1.2m) of cash held in Trust and
£43.5m (HY24: £10.9m) of bank overdrafts. The Group recognises BACS payments on the day that the payments are processed with the respective banks.
This has resulted in a large bank overdraft balance at 27th September 2024 as the funds used to clear these payments were transferred after the
period end from deposit accounts outside of the Group’s cash pooling arrangements and therefore did not meet the requirements for offsetting under
IAS 1.
Cashflow movements in debt relate to the drawdown of funds from the Groups’ revolving credit facility and payments in relation to lease
liabilities.
15. Financial Instruments and Related Disclosures
Accounting classifications and fair values
The following table shows the carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value
hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying
amount is a reasonable approximation of fair value.
Amortised Total
26 September 2025 Unaudited Fair Value –hedging instruments carrying amount
cost
£m £m
£m
Financial assets measured at fair value
Derivative financial instruments used for hedging 0.9 - 0.9
0.9 - 0.9
Financial assets not measured at fair value
Trade and other receivables* - 102.1 102.1
Cash and cash equivalents - 18.8 18.8
- 120.9 120.9
Financial liabilities measured at fair value
Derivative financial instruments used for hedging (3.0) - (3.0)
(3.0) - (3.0)
Financial liabilities not measured at fair value
Borrowings - (0.2) (0.2)
Lease liabilities - (251.3) (251.3)
Trade and other payables** - (324.9) (324.9)
Option to acquire minority interest in subsidiary*** - (3.9) (3.9)
- (580.3) (580.3)
* Prepayments of £13.4m and accrued income of £38.2m are not included as a financial asset
** Other taxation and social security payables of £45.8m, deferred income £16.4m and other payables of £1.6m are not included as a financial
liability
*** Option held by minority interest to require the Group to repurchase shares in Avayler Trading Limited should certain conditions be met.
Amortised Total
27 September 2024 Unaudited Fair Value –hedging instruments carrying amount
Cost
£m £m
£m
Financial assets measured at fair value
Derivative financial instruments used for hedging 0.1 - 0.1
0.1 - 0.1
Financial assets not measured at fair value
Trade and other receivables* - 104.0 104.0
Cash and cash equivalents - 78.6 78.6
- 182.6 182.6
Financial liabilities measured at fair value
Derivative financial instruments used for hedging (6.2) - (6.2)
(6.2) - (6.2)
Financial liabilities not measured at fair value
Borrowings - (77.3) (77.3)
Lease liabilities - (277.8) (277.8)
Trade and other payables** - (320.6) (320.6)
- (675.7) (675.7)
*Prepayments of £12.5m and accrued income of £44.2m are not included as a financial asset.
** Other taxation and social security payables of £37.8m, deferred income of £12.5m and other payables of £15.2m are not included as a financial
liability.
Amortised Total
28 March 2025 Fair Value –hedging instruments
cost carrying amount
£m
£m £m
Financial assets measured at fair value
Derivative financial instruments used for hedging 0.9 - 0.9
0.9 - 0.9
Financial assets not measured at fair value
Trade and other receivables* - 96.1 96.1
Cash and cash equivalents - 19.1 19.1
- 115.2 115.2
Financial liabilities measured at fair value
Derivative financial instruments used for hedging (0.8) - (0.8)
(0.8) - (0.8)
Financial liabilities not measured at fair value
Borrowings - (9.0) (9.0)
Lease liabilities - (271.4) (271.4)
Trade and other payables** - (293.0) (293.0)
Option to acquire minority interest in subsidiary*** - (3.9) (3.9)
- (577.3) (577.3)
* Prepayments of £13.5m, accrued income of £45.9m and finance sublease receivable of £0.7m are not included as a financial asset
** Other taxation and social security payables of £43.4m, other payables of £0.4m, deferred income due within one year of £20.3m and due after
more than one year of £3.4m are not included as a financial liability
*** Option held by minority interest to require the Group to repurchase shares in Avayler Trading Limited should certain conditions be met.
Measurement of fair values
The fair values of each class of financial assets and liabilities is the carrying amount, based on the following assumptions:
Trade receivables, trade payables and lease The fair value approximates to the carrying amount because of the short
obligations, short-term deposits and borrowings maturity of these instruments.
The fair value of bank loans and other loans approximates to the carrying value reported in the
Long-term borrowings statement of financial position as the majority are floating rate where payments are reset to
market rates at intervals of less than one year.
Forward currency contracts The fair value is determined using the market forward rates at the reporting
date and the outright contract rate.
Financial instruments carried at fair value are required to be measured by reference to the following levels:
• Level 1: quoted prices in active markets for identical assets or liabilities;
• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices); and
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
All financial instruments carried at fair value have been measured by a Level 2 valuation method. There have been no changes to classifications in
the current or prior period.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual
obligations and arises principally from the Group’s receivables from customers.
The Group does not have any individually significant customers and so no significant concentration of credit risk. The majority of the Group’s
sales are paid in cash at point of sale which further limits the Group’s exposure. The Group’s exposure to credit risk is influenced mainly by the
individual characteristics of each customer. The Board of Directors has established a credit policy under which each new customer is analysed
individually for creditworthiness before the Group’s standard payment terms and conditions are offered. The Group limits its exposure to credit
risk from trade receivables by establishing a maximum payment period for customers. There are no material trade receivable balances with customers
based outside of the United Kingdom.
The Group has taken into account the historic credit losses incurred on trade receivables and adjusted it for forward looking estimates. The
movement in the allowance for impairment in respect of trade receivables during the period was £0.5m (HY25: £0.5m).
16. Share capital
Share Share premium
Number of shares
capital account
m
£m £m
As at 28 March 2025 and 26 September 2025 218.9 2.2 212.4
During the 26 weeks to 26 September 2025 and 27 September 2024, there were no movements in company share capital.
17. Related party transactions
The key management personnel of the Group comprise the Executive and Non-Executive Directors and the Halfords Limited and Halfords Autocentres
management boards. The details of the remuneration, long-term incentive plans, shareholdings and share option entitlements of individual Directors
are included in the Directors’ Remuneration Report on pages 106 to 122 of the Group Annual Report and Accounts for the period ended 28 March 2025.
During the period no share options (HY25: none) were granted to directors in relation to the Performance Share Plan (“PSP”) and 183,703 share
options (HY25: none) were granted in relation to the Deferred Bonus Plan (“DBP”).
Responsibility statement of the Directors in respect of the half-yearly financial report
We confirm that to the best of our knowledge:
• the interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted
for use in the UK;
• the interim management report includes a fair review of the information required by:
a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of
the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties
for the remaining six months of the year; and
b. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the
current financial year and that have materially affected the financial position or performance of the entity during that period; and any
changes in the related party transactions described in the last annual report that could do so.
By order of the Board
Jo Hartley, Chief Financial Officer
26 November 2025
INDEPENDENT REVIEW REPORT TO Halfords group PLC
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 26 September 2025 is not prepared, in all material respects, in accordance with UK adopted International
Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months
ended 26 September 2025 which comprises condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the
condensed consolidated statement of financial position, the condensed consolidated statement of changes in shareholders’ equity, the condensed
consolidated statement of cash flows and the related notes.
Basis for conclusion
We conducted our review in accordance with the International Standard on Review Engagements (UK) 2410, “Review of Interim Financial Information
Performed by the Independent Auditor of the Entity” (“ISRE (UK) 2410”). A review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
As disclosed in note 2, the annual financial statements of the group are prepared in accordance with UK adopted international accounting
standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted
International Accounting Standard 34, “Interim Financial Reporting.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this
report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that
the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the
group to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report in accordance with the
Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible for assessing the company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in
the half-yearly financial report. Our conclusion, including our Conclusions relating to going concern, are based on procedures that are less
extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.
Use of our report
Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Disclosure
Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has
been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other
person or for any other purpose and we hereby expressly disclaim any and all such liability.
BDO LLP
Chartered Accountants
London, UK
26 November 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
══════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════
20 1 Retail c.60% of Group sales, Autocentres c.40%. Motoring across both segments c.80% of Group sales with Cycling the remaining 20%.
21 2 Autocentres ex-Avayler.
22 3 Net cash excluding IFRS 16 lease debt.
23 4 Outlook commentary is based on a comparable 52-week year; FY26 will include a 53rd week of trading.
24 5 Company-compiled consensus indicates FY26 underlying PBT between £36.0m and £40.7m.
25 6 ROCE = EBIT (post-IFRS 16 leases and excluding non-underlying items) / average capital employed (calculated as post-IFRS16 net assets
excluding goodwill, plus net debt).
26 7 Outlook commentary is based on a comparable 52-week year; FY26 will include a 53rd week of trading.
27 8 Company-compiled consensus indicates FY26 underlying PBT between £36.0m and £40.7m.
28 9 Net cash stated excluding IFRS 16 leases.
══════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════
Dissemination of a Regulatory Announcement, transmitted by 29 EQS Group.
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════
ISIN: GB00B012TP20
Category Code: IR
TIDM: HFD
LEI Code: 54930086FKBWWJIOBI79
Sequence No.: 409522
EQS News ID: 2236516
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
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