Halfords seeks more acquisitions after profits rise

10th Jun 2010 07:20

Car parts and bicycle retailer Halfords said has a list of 12 possible acquisitions as it posted a sharp rise in profits and revenues in the year to April 2.Pre-tax profits climbed to £117.1m from £92.4m on revenues that were up to £831.6m from £794.7m. The full-year dividend climbed to 20p from 15.9p.'As a result of our disciplined growth strategy and a clear focus on the needs of our customers, our business continues to develop strongly,' said chief executive David Wild. 'Sales growth in core areas, margin expansion and disciplined cost control has led to the delivery of 25% earnings growth.'He said that Nationwide Autocentres, the car repair garage chain that Halfords acquired in February, is already making a contribution. The company plans to double earnings from the acquisition over the next three years.'While we remain cautious about the current state of the wider UK economy and immediate outlook for consumer spending, we have a proven strategy, a resilient business, and significant opportunities,' said Wild. 'The board is therefore confident that the Group will deliver further earnings growth in the year ahead.'