Halfords reports soaring profits and predicts green transport boom here to stay

Halfords reported soaring profits on Wednesday as its chief executive predicted the pandemic green transport boom is here to stay. 

The cycle and car parts retailer, which is staying open through the latest lockdown, reported a pre-tax profit of £56 million for the half year to October 2 - an 116% rise on the £25.8 million seen in the same period last year.

It saw revenues up 9.6% to £638.9 million.

The company revealed sales of e-bikes and e-scooters were up 184% in the half, with that growth seen "everywhere" around the country.

Halfords also saw a  78% increase year-on-year in hybrid cars coming into its garages, and its cycle to work business up 70% year-on-year.

Chief executive Graham Stapleton told the Standard: "We've delivered a very strong set of financial results in half one.

"Our profit performance was more than double last year, so we delivered pretty much the same amount of profit in the first half to what was delivered in the whole year last year, so that gives you a sense of the scale."

The company stated that the "outlook for H2 remains uncertain given the seasonality of our business and the ongoing impact of Covid-19".

But looking longer-term, Stapleton is confident the transport revolution seen in recent months is here to stay, boosted by the Government's announcement of its "green industrial revolution" ambitions.

The company has now committed to having an electric technician in every garage and store - where they will be offering to fix bikes and e-scooters - by the end of the financial year.

The plans will take total numbers of its electric technicians from 400 to 1,800.  

He said: "The bottom line is everyone has got to start thinking about this.

"We think that by 2030 there will be 11 million electric cars needing servicing, and if that's the case the industry needs to double the number of people it has with electric skills every year between now and 2030.