Halfords FY25 results to March were 7% ahead of Zeus expectations at the underlying PBT level, showing improved second half trading despite tough market conditions and cost headwinds. Net cash, underlying EPS and DPS were also all comfortably ahead of our estimates. The Group continues to make good progress in its shift to more needs-based motoring services and B2B sales to improve margins and revenue stability, whilst still making investments to optimise its platform. Management’s outlook is ca ....
