Halfords H1 results showed strong LfL sales performance, higher gross margin and cost-cutting measures that offset material labour cost and national insurance headwinds, leading to a slight 1.0% increase in underlying PBT to £21.2m. Management confirmed it expects to meet consensus expectations for FY26 underlying PBT (£36.0m-£40.7m), so we leave our forecast unchanged at £38.5m. We believe there is some cushion in this estimate that allows Halfords room for investment during H2 2026. We retain ....
