HALFORDS has revealed stronger-than-expected profits for the past year, driven by cost-cutting measures and pricing strategies.
The motoring and cycling retailer’s underlying pre-tax profits rose by 6.4 per cent to £38.4million for the year to March 28.
This was higher than its earlier forecast of £32million to £37million.
New boss Henry Birch hailed the results as evidence of a strong performance and progress in the company’s growth strategy.
Halfords faced £33million in extra costs last year because of inflation and higher wages. However, the company managed to offset this by saving £35million.
At the same time, it said its profitability improved thanks to better buying operations and higher pricing.
Looking ahead, Halfords plans to deal with rising costs, including higher National Insurance and minimum wages, by adjusting prices, buying smarter and cutting more costs.
Meanwhile, total revenues rose 0.1 per cent to £1.72billion for the year, with like-for-like growth of 2.5 per cent.
Halfords faced £33m in extra costs last year because of inflation and higher wages[/caption]
The firm’s autocentres business saw like-for-like growth of 3.7 per cent, while retail sales were up 2.1 per cent.
Mr Birch said: “The business has delivered a strong financial performance, made good strategic progress and has a clear plan in place to tackle external inflationary forces.”
I-DIAL FOR BEST NETWORK
MILLIONS of phone owners can use a new “map your mobile” coverage checker to find their best network.
The service, launched by regulator Ofcom, shows the options on a local map based on the user’s postcode.
It can also specifically lists which is the best network for workplaces, commutes, or communities.
Ofcom’s Natalie Black said the tool is based on modern smartphone needs.
It sets a higher standard for signal strength and is very precise, focusing on smaller areas within a 50-metre radius.
TAX TOLL RISES
AROUND 4.4 million households are in council tax arrears — owing a record £8.3billion, figures reveal.
The number in the red is up from 3.2 million last year while the total owed has soared 79 per cent in five years, according to research by charity Debt Justice.
It said: “The vast majority aren’t avoiding council tax, they simply can’t afford it. Rather than help, councils sending in bailiffs.”
£1M BOX FINES
The RAC said 32,748 fines were issued, with Manchester City Council giving out the most, generating £446,706 from six junctions[/caption]
THOUSANDS of drivers were fined a total of nearly £1million from 36 box junctions last year — after councils across England gained the power to enforce penalties.
The RAC said 32,748 fines were issued, with Manchester City Council giving out the most, generating £446,706 from six junctions.
Kent’s Medway Council raised £145,162 and Buckinghamshire £139,798. One, in Guildford, Surrey, netted £81,445.
