Halfords’ interim results, which were well flagged in a 22 October trading update, showed broadly flat revenue and a 1.6% decline in underlying PBT to £21.0m. Management remains confident in meeting full year expectations (£28.5m) for FY25, with a strong H1 weighting due to expected H2 cost headwinds and planned trading disruption in garages. Our FY25 underlying PBT forecast is unchanged, but we cut FY26 and FY27 by 35% and 31%, respectively, due to further cost headwinds, primarily relating to ....
