Halfords Sees FY11 Earnings Growth As FY10 Profit Surges

10th Jun 2010 07:22

LONDON (Dow Jones)--U.K. automotive and leisure products retailer Halfords Group PLC (HFD.LN) Thursday anticipated further earnings growth this fiscal year, in spite of continued tough trading conditions, as it posted a surge in pretax profit for the year ended April 2. The firm said while it remains cautious about the current state of the wider U.K. economy and immediate outlook for consumer spending, it has significant opportunities for growth and on average plans to grow earnings over the medium term by 15% each year. It said it will continue to expand its core retail business and harness cash flow to make more acquisitions and add to its first significant acquisition of the Nationwide Autocentres chain. Its fiscal 2010 pretax profit climbed to GBP109.7 million from GBP77.5 million a year earlier. It paid out GBP7.4 million of costs relating to the exit of its pilot stores in Central Europe, reduced from GBP16.9 million of costs a year earlier. Sales rose to GBP831.6 million from GBP809.5 million. Halfords lifted its final dividend to 14 pence a share from 10.9 pence a year earlier, giving a total dividend for the year of 20 pence a share, up from 15.9 pence a share in fiscal 2009. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; [email protected] (END) Dow Jones Newswires June 10, 2010 02:22 ET (06:22 GMT)