HALFORDS yesterday reported a 14.1 per cent jump in revenue for the first five months of the year as the retailer was bolstered by demand for "basic needs" services such as motoring.

The motoring and cycling retailer said that revenue in its autocentres division grew 34.6 per cent, with motoring now accounting for over 75 per cent of the group's sales.

However, earnings in its cycling arm were down slightly by 1.7 per cent as the London-listed firm said it was impacted by unfavourable weather and low consumer confidence.

The company said its trading remained in line with expectations, with the group poised to post between £48m and £58m of profit before tax for the year.

It is a more positive update than the group's annual results published earlier this summer, when Halfords reported a £38.3m drop in annual profits after its lockdown boom.

Shares finished in the green, closing up almost three per cent.

(c) 2023 City A.M., source Newspaper