Prelims for FY16 are slightly ahead of expectations, helped by a small beat in the Retail gross margin (-30bps). Key to today was forward P&L and capex guidance and this remains consistent with prior guidance from 6 months ago including the supply chain update (no incremental cost solution). Whether FX creates a margin drag remains to be seen (5¢ worth c£3m unmitigated by price rises, which we believe likely) but some may prudently edge PBT down c2% today. The guidance on future gearing (1.0x ta ....
01 Jun 2016
Strategy on track and provides scope for £185m 3-year returns
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Strategy on track and provides scope for £185m 3-year returns
Halfords Group Plc (HFD:LON) | 148 -5 (-2.3%) | Mkt Cap: 322.9m
- Published:
01 Jun 2016 -
Author:
Matthew McEachran -
Pages:
3
Prelims for FY16 are slightly ahead of expectations, helped by a small beat in the Retail gross margin (-30bps). Key to today was forward P&L and capex guidance and this remains consistent with prior guidance from 6 months ago including the supply chain update (no incremental cost solution). Whether FX creates a margin drag remains to be seen (5¢ worth c£3m unmitigated by price rises, which we believe likely) but some may prudently edge PBT down c2% today. The guidance on future gearing (1.0x ta ....