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27 Feb 2024

The inaugural Cycling Electric magazine Demo Day will take place on Sunday, April 28th, at the Lee Valley VeloPark in London.

27 Feb 2024

New research from the European Cyclists' Federation (ECF), a Brussels-based advocacy group, has confirmed that if a city has more bike lanes, more people will cycle. The results will give...

13 Feb 2024

2024 is well underway and we’re just around the corner from the Spring Statement and for the retail sector it’s pretty much business as usual…or is it?

13 Feb 2024

Fabian Hamilton MP, co-chair of the Walking and Cycling All-Party Parliamentary Group, has said that the Cycle to Work scheme "must be reformed".

13 Feb 2024

The British Independent Retailers Association (Bira) has called for a series of cost-saving measures in the next Budget to help boost business.

12 Feb 2024

People across England are missing out on a slew of health, wellbeing and environmental benefits due to half a century of “chronic underfunding” of its streets, according to Cycling...

12 Feb 2024

ACT member and Cytech-accredited Pauls Cycles in Dereham, Norfolk has said its electric bike sales have increased by a quarter since October, despite predictions they would drop off over...

9 Feb 2024

Guy Opperman, the Minister for Roads and Local Transport at the Department for Transport, whose focuses among other things on cycling and active travel, has attended a meeting of...

2 Feb 2024

The Department for Transport (DfT) has published new information on how to safely purchase, charge and use e-bikes and e-scooters in an effort to improve consumer safety.
Following...

30 Jan 2024

Cyclists in Warwickshire rode around the world during December as part of an initiative to encourage safe winter cycling.
 

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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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