Halfords Group PLC (HFD) Halfords Group PLC: Capital Markets Day
- Leveraging Our Platform 18-Apr-2023 / 07:00 GMT/BST
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18 April 2023
Halfords Group plc
Capital Markets Day - Leveraging Our Platform
Halfords Group plc ("Halfords" or the "Group"), the UK's leading
provider of Motoring and Cycling services and products, is today
holding a Capital Markets Day for institutional investors and
sell-side analysts. Graham Stapleton, Chief Executive Officer, and
other members of the senior management team, will give an update on
the Group's plans to leverage the platform that has been built
since 2018 and deliver improved revenue, profit and return on
capital employed over the mid-term and mid-to-long-term.
Headlines:
-- Since 2018, our strategy has seen us evolve into a consumer
and B2B services-focused business, with agreater emphasis on
motoring. Across that time period, revenue has grown by c.40%1.
-- We have developed a unique and scaled platform, building a
market leading interconnected infrastructureof stores, garages and
vans, at the same time as creating a data and digitally-enabled
business.
-- This platform differentiates us from our competitors, and we
believe provides significant opportunitiesfor earnings growth over
the mid-term and mid-to-long-term.
-- Mid-term:? Our focus for the mid-term is on leveraging the
platform we have built. ? We expect sales to grow to c.GBP1.9bn
(FY23: c.GBP1.6bn), PBT to grow to GBP90-GBP110m (FY23:
GBP50-60m),average annual capex of GBP50-60m, and return on capital
employed2 of over 15% in the mid-term. ? We expect to deliver this
growth through a combination of our core markets recovering from
thecurrent very challenging conditions, growing market share by
leveraging the unique platform we have built, ouracquisition
synergies maturing, and using scaled and rich customer and vehicle
data to drive customer lifetimevalue.
-- Mid-to-long-term? In the mid-to-long term, we plan to pursue
a range of exciting strategic growth opportunities. ? The huge
potential of the Halfords brand enables us to expand into more
areas of the motoring market,creating a one-stop-shop for motoring
ownership, delivering convenience and value to millions of
customers. ? Our scaled infrastructure and investment in colleague
training enables us to establish a marketleading position in the
servicing of all forms of electric cars, vans, scooters and bikes.
? By building a unique local motoring and cycling multi-channel
offer, we can seamlessly connect andfully optimise our assets
within a town. ? Avayler, our "software as a service" (SaaS)
provider for automotive companies, is expected to deliverrevenue of
GBP25-35m and EBIT of GBP5-8m, as it is rolled-out to more clients.
? We expect Group sales to grow to c.GBP2.2bn, PBT to grow to
GBP130-GBP150m, average annual capex ofGBP90-100m, and return on
capital employed2 of over 20%, as we invest in driving profitable
revenue growth, andcontinue scaling our Autocentres business over
the mid-to-long-term.
-- Our business is underpinned by a strong balance sheet, and we
expect positive free cash flow throughoutthe mid and
mid-to-long-term to keep us within our prudent leverage targets
going forward.
-- The Board intend to propose a final dividend of 7.0p per
share when FY23 full year results are announced,which would give a
total 10.0p dividend per share for FY23.
-- Ongoing dividend policy to target underlying dividend cover
in the range of 1.5x-2.5x (underlying profitafter tax).
-- The Group continues to expect to deliver FY23 underlying
profit before tax within current guidance.
Graham Stapleton, Chief Executive Officer of Halfords,
commented:
"Since 2018, we have doubled the size of our B2B and services
business and have become the UK's biggest motoring services
provider, increasing our Group sales by c.40%. From here, we see
significant potential for future growth, both in our existing
business and in adjacent markets. We are today providing a clear
roadmap for the mid-term, as we focus on leveraging the unique
platform that we have built. We will also be outlining the exciting
longer-term strategic transformation opportunities that we see
ahead as we unlock the enormous potential within the Halfords brand
and infrastructure."
The Capital Markets Day will be held in person for
pre-registered sell side analysts and investors at Peel Hunt's
offices, 100 Liverpool Street, London.
A webcast / dial-in facility is also available on request.
(1) Based on estimated revenue for FY23, pre-audit.
(2) Return on capital employed defined as underlying EBIT /
capital employed (including goodwill, pre-IFRS16)
Enquiries
Investors & Analysts (Halfords)
Jo Hartley, Chief Financial Officer
Richard Guest, Corporate Finance Director
Andy Lynch, Head of Investor Relations +44 (0) 7483 457 415
Media (Powerscourt) +44 (0) 20 7250 1446
Rob Greening halfords@powerscourt-group.com
Nick Hayns
Elizabeth Kittle
Notes to Editors
www.halfords.com www.avayler.com www.tredz.co.uk
www.halfordscompany.com
Halfords is the UK's leading provider of motoring and cycling
services and products. Customers shop at 394 Halfords stores, 2
Performance Cycling stores (trading as Tredz and Giant), 650
garages (trading as Halfords Autocentres, McConechy's, Universal,
National Tyres and Lodge Tyres) and have access to 264 mobile
service vans (trading as Halfords Mobile Expert, Tyres on the Drive
and National) and 473 Commercial vans. Customers can also shop at
halfords.com and tredz.co.uk for pick up at their local store or
direct home delivery, as well as booking garage services online at
halfords.com.
Forward looking statements
This announcement is not intended to and does not constitute and
should not be construed as, considered a part of, or relied on in
connection with any information or offering memorandum, security
purchase agreement, or offer, invitation or recommendation to
underwrite, buy, subscribe for, otherwise acquire, or sell any
securities or other financial instruments or interests or any other
transaction.
This announcement contains certain forward-looking statements
with respect to the financial condition, results of operations and
business of the Group and certain plans and objectives with respect
thereto. These forward-looking statements can be identified by the
fact that they do not relate only to historical or current facts.
Forward-looking statements often use words such as "anticipate",
"target", "expect", "estimate", "intend", "plan", "goal",
"believe", "hope", "aims", "continue", "will", "may", "should",
"would", "could", or other words of similar meaning. These
statements are based on assumptions and assessments made by the
Group in light of its experience and its perception of historical
trends, current conditions, future developments and other factors
the Group believes appropriate. By their nature, forward-looking
statements involve risk and uncertainty, because they relate to
events and depend on circumstances that will occur in the future
and the factors described in the context of such forward-looking
statements in this document could cause actual results and
developments to differ materially from those expressed in or
implied by such forward-looking statements. Although it is believed
that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations
will prove to have been correct and you are therefore cautioned not
to place undue reliance on these forward-looking statements which
speak only as at the date of this annoncement. The Group does not
assume any obligation to update or correct the information
contained in this announcement (whether as a result of new
information, future events or otherwise), except as required by
applicable law.
There are several factors which could cause actual results to
differ materially from those expressed or implied in
forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward-looking statements are changes in the global, political,
economic, business, competitive, market and regulatory forces,
future exchange and interest rates, changes in tax rates and future
business combinations or dispositions.
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Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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ISIN: GB00B012TP20
Category Code: UPD
TIDM: HFD
LEI Code: 54930086FKBWWJIOBI79
OAM Categories: 2.2. Inside information
Sequence No.: 237437
EQS News ID: 1609589
End of Announcement EQS News Service
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April 18, 2023 02:00 ET (06:00 GMT)
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