It’s not hard to understand why Tesco boss Dave Lewis was keen to snap up then-Halfords chief exec Matt Davies to turn around the supermarket’s UK business. Davies, who switched roles last month, leaves his successor Jill McDonald with a business in the rudest health it's been for a long time.
Halfords' latest results, published today, show that the bike and car parts retailer narrowly squeezed past the £1bn annual sales mark for the first time ever, with total revenues up 6.9% in the 52 weeks to March 27. Pre-tax profits were up by a solid 11.4% to £81.1m.
‘This was another year of strong revenue growth, this time against tough comparatives, and leading to a pleasing improvement in profitability,’ said the company’s chairman Dennis Millard. ‘We are delighted to have exceeded £1bn of Group Revenue, a year ahead of plan, and are building a sustainable platform for future growth.’