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Halfords Autocentres Investor Visit and Autocentres Trading Update
Halfords Group plc, the UK's leading retailer of automotive/leisure products and operator in auto servicing, will today host a meeting for analysts and investors in Birmingham focussed on the Group's Autocentres business. The meeting will be followed by a tour of three Halfords Autocentres in the Solihull area.
The rebranding and refurbishment of the entire centre network as well as the construction of a new Halfords Autocentres website was completed at the end of February. Halfords Autocentres were then launched with a national advertising campaign. Subsequently results for the Autocentres business have been encouraging with an uplift in Like for Like (LfL) sales from -2.3% in January/February to 0.9% for the following 10 weeks to May 9th. Weekly online bookings for our Autocentres business have significantly increased, rising 93% YOY in the post launch period, against a rise of 21% for January/February.
EBIT guidance for the Autocentres business for FY113 remains unchanged at around £7m1 (before any charges for amortisation). In FY12 our expected capital investment requirement of c.£5m includes the targeted opening of 30 new centres and is self funded by the Autocentres business. Openings are anticipated to generate around £1m of start up losses in FY122.
Other than the information above, no material new information will be disclosed in the presentations and there will be no further statement on trading. The presentation materials will be available from Mid-day today on the investor relations section of the Halfords website http://www.halfordscompany.com/hal/ir/
1 Before amortisation charge of £2.2m in respect of the acquisition of Nationwide Autocentres.
2Start up losses include those incurred by centres opened in FY11 and FY12.
3FY11 is the 52 weeks ending 1 April 2011.
Enquiries
Analysts:
Halfords Group plc
Andrew Findlay, Group Finance Director
Louise Richardson, Investor Relations Officer 44 (0)1527 513113
Media:
Neil Bennett 44 (0)207 379 5151
Richard Farnsworth 44 (0)207 379 5151
Notes to Editors:
Halfords Group plc
The Group is the UK's leading retailer of automotive, leisure and cycling products and through Halfords Autocentres also the UK's leading independent car servicing and repair operator employing 11,000 colleagues.
Halfords sells over 12,000 different product lines with significant ranges in car parts, cycles, in-car technology, child seats, roof boxes, outdoor leisure and camping equipment. Halfords own brands include the in-store Bikehut department, for cycles and cycling accessories, Apollo and Carrera cycles and exclusive UK distribution rights of the premium range Voodoo and Boardman cycles and accessories. In outdoor leisure, we sell a premium range of camping equipment, branded URBAN Escape. Halfords offers customers expert advice and a fitting service called "wefit" for car parts, child seats, satellite navigation and in-car entertainment systems, and a "werepair" service for cycles. Halfords retail customers shop at 473 stores in the UK and Republic of Ireland and at halfords.com for pick-up at their local store or direct home delivery.
Halfords Autocentres operates from 240 sites nationally and offers motorists dealership quality MOTs, repairs and car servicing at more affordable prices.