Halfords motors on despite tough terrain
Redditch-headquartered motor and leisure giant Halfords has grown revenue despite a "challenging environment" for retailers.
In its interim results for the 13 weeks to 1 July 2011, the company revealed a 0.3 per cent revenue growth.
Its leisure and Autocentres businesses performed strongly with a 7.1 per cent and 7.4 per cent rise respectively, although its car maintenance division suffered a 10 per cent drop in sales.
David Wild, chief executive officer, said: "Halfords is continuing to trade effectively in a difficult environment for UK consumers. The results can be seen most clearly in our strong cycling sales, where customers have responded favourably to our promotions and new products.
"We are also pleased with the progress in our Autocentres business. The positive trend in sales has been achieved at a difficult time for motorists when they are reducing mileage.
"We remain confident in the cash generation capabilities of the business and with the combination of recommended dividend payments for FY11 together with the share buyback, we will return a total of £120m to shareholders."
