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2 Feb 2023

Taking place from 21st-23rd April 2023 at the iconic Alexandra Palace venue in North London, The Cycle Show brings together a variety of exhibitors from the cycle and e-mobility sectors, aimed...

2 Feb 2023

Glasgow-based cycling charity Bike for Good, which is responsible for delivering the internationally renowned Cytech training and accreditation scheme for bicycle technicians and enthusiasts in...

30 Jan 2023

VOLT e-bikes today announces it is partnering with TFL for the ULEZ scrappage scheme to help eligible riders join the e-bike revolution. VOLT is offering exclusive purchase discounts this month...

30 Jan 2023

The number of shops lying vacant on British high streets fell during the final three months of 2022, despite pressure on both companies and consumers from the rising cost of living.

26 Jan 2023

The rapid growth in the use of Buy Now Pay Later (BNPL) services risks becoming the UK's next 'credit trap' scandal, a loan provider has warned.

25 Jan 2023

Under the banner of CONEBI, the Confederation of the European Bicycle Industry,15 national bicycle industry associations and 68 companies have become signatories to a self-commitment to prevent...

23 Jan 2023

As Glasgow gears up to host the 2023 UCI Cycling World Championships, community groups have been given a share of more than £160,000 to boost bike use in the city.

23 Jan 2023

British Cycling has published new research, which shows the rising popularity of off-road e-bikes and electric mountain bikes (e-MTB’s) and highlights the need for improvements to cycling...

18 Jan 2023

The article reports that, in 2021, Halfords saw its annual cycling sales double and stocks dry up. However, by the middle of 2022, it says, warning signs were appearing as inflation and supply...

16 Jan 2023

Weston-super-Mare seems to be one town in the UK bucking the national trend, with new shops opening and businesses reporting an increase in trade, according to a report by Bristol Live.

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Bike Europe has reported Halfords’ financial statement demonstrating that cycling sales have dropped to pre-covid levels.

Posted on in Business News , Cycles News

The article reports that, in 2021, Halfords saw its annual cycling sales double and stocks dry up. However, by the middle of 2022, it says, warning signs were appearing as inflation and supply chain constraints but pressure on sales.

Halfords store

One category which did report a good performance in the third quarter was kids’ bikes, with stronger year-on-year availability and Christmas gifting demand driving revenue up 4.6% compared to the financial year just ended. Adult bikes, on the other hand, performed weaker than expected, down 12.0%. The Cycle2Work scheme, a government initiative to encourage cycling, saw sales grow 20.1% compared with the financial year ending in June 2022.

“We have seen strong revenue growth in what are exceptionally challenging circumstances, and we have continued to grow our market share whilst also tightly managing our costs, inventories and cashflows,” commented Graham Stapleton, Chief Executive Officer.

“Consumer demand for our services and needs-based categories, which now account for the majority of our revenue, continues to grow.”

The company acknowledges that consumers continue to face inflation, and therefore it does not expect a significant short-term recovery in high ticket, discretionary spending. Considering this, the company has revised down its underlying pre-tax profit for FY23 of between £50m and £60m, down from previous guidance of £65m to £75m.

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