Halfords hoping for Olympics games boost

Halfords will look to Olympians Laura Trott and Sir Bradley Wiggins to help arrest a decline in the cycling market, it said in its first annual results under new boss Jill McDonald.

The retailer said cycling sales fell 0.9% on a like-for-like basis in its year ending in March due to poor weather and discounting.

Sales came back towards the end of the year for Halfords, which last week bought bike businesses Tredz and Wheelies.

It is hoping ranges created with Trott and Wiggins set to launch before the Rio de Janeiro games will contribute to an Olympics boost.

The cycling market should grow 3%-5% per year in the long term, it said.

Its total full-year sales grew 1.7% to just over £1 billion, while pre-tax profit, excluding one-off items, rose 0.5% to £81.5 million. The dividend is 3% up at 17p.