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Our Motoring and Cycling products segments remain core but we have a greater market opportunity in growing our existing services business.
We will evolve into a consumer and B2B services-focused business, with a greater emphasis on motoring.
Driven by an increase in inflation, raising of the energy price cap and a general increase in prices, consumers are feeling a financial squeeze with negative real wage growth for most and significantly lower disposable income.
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The war in Ukraine, the impact of Brexit and delays within the shipping industry are some examples of how tensions within the international community continue to impact the UK and all consumers.
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Although we are now living with COVID-19, its impact is still being felt across the country from businesses struggling to get back to a 'normal' way of working with customers not returning to some industries, consumers and businesses with financial pressure, and even the new norms around 'hybrid' ways of working. The UK is having to adapt to find a balance between lockdown and life after lockdown.
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Halfords has a unique ability to offer automotive services from a variety of locations – our Retail stores, garages and mobile vans. We have achieved our 2019 medium-term target to increase our services footprint to over 1,000 locations and have now set a new target - 800 garages and 500 vans. Via our Autocentres, Halfords Group offers great value and convenience for UK consumers of car servicing, repairs and MOT compliance. The strength of our brand and the scale of our store, garage and mobile van estate enables us to invest in the most up-to-date equipment and technology with the majority of centres now equipped to deal with electric and hybrid vehicle servicing.
Our Halfords Mobile Expert vans deliver elements of car fitting and servicing, such as battery replacement, tyres and diagnostic checks, direct to the customer at their home or workplace. In addition, we pride ourselves on our B2B proposition in this market, having developed a strong Fleet business over a number of years and recent acquisitions mean we have an ever-growing presence in the commercial tyre market.
In the UK, Halfords is usually the first brand associated with cycling and our highly trained team of colleagues drives awareness of our services capabilities. Our network of stores are conveniently located giving customers great access to our services proposition. We have invested significantly in the training of our colleagues in the servicing of E-bikes and E-scooters and are now the largest provider of electric services in the UK. Our bike build proposition is leading the market with free six-week checks and bike care plans to make sure our customers continue to stay safe whilst enjoying the great outdoors. Our recent acquisition of Havebike takes us one step further, positioning us as one of the leading providers of mobile cycle servicing in the UK which is rapidly growing in popularity. As part of Bike Xchange, we service bikes in order to give them a second life in the UK or abroad in African communities, something which few others in the industry are able to offer.