Preliminary Results: Financial Year 2021
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Halfords Group PLC (HFD)
17 June 2021 Halfords Group plc Preliminary Results: Financial Year 2021
Strong performance driven by share gains in Motoring services, profitability improvements across the Group, and share gains and strong demand in Cycling.
Halfords Group plc ("Halfords" or the "Group"), the UK's leading provider of Motoring and Cycling products and services, today announces its preliminary results for the 52 weeks to 2 April 2021 ("the period"). To aid comparability, all numbers shown are before the impact of IFRS 16, before non-underlying items, and on a 52-week basis, unless otherwise stated.
Overview
FY21
FY22
Long term
Graham Stapleton, Chief Executive Officer, commented:
"We are delighted to have delivered a year of very strong financial and operational progress, especially in light of the extraordinary challenges presented by the pandemic. As ever, I would like to thank our outstanding colleagues across the business for their hard work, professionalism, and dedication.
It was a year in which Halfords' transformation into a service-led business was rapidly accelerated, and we were particularly pleased to achieve a record revenue performance in the strategically important area of Motoring services. We have continued to increase our scale and capacity in this area and customers can now receive our services at almost 800 fixed locations, or at home from one of our 143 mobile expert vans.
We have also continued to lead the transition to an electric vehicle future by investing in training and technology. By the end of the current financial year, we will have trained more than 2,000 of our store and garage colleagues to service electric cars, bikes and scooters.
Demand for our services remains strong in the new financial year, and our touring categories are currently performing particularly well given the trend towards staycations this summer. In the longer-term, we remain confident in the future prospects for the UK's motoring and cycling markets and our ability to compete strongly in both."
Group financial summary
*Before IFRS 16, before non-underlying items. *Alternative performance measures are defined and reconciled to IFRS amounts in the glossary on page 21. The LFL change measure adjusts for the in-year store openings and closures, and acquisitions.
Key highlights
Current trading and Outlook We have seen positive momentum carry forward into the first 9 weeks of FY22, with demand for our motoring services strong, cycling demand remaining elevated, and staycation products popular in Retail motoring. The two-year LFL growth rates (vs. FY20) for the first nine weeks of FY22 were as follows: Retail Motoring 6.6%, Retail Cycling 42.0%, Autocentres 6.6%.
Although we expect a continuation of the volatile and unpredictable trading seen throughout FY21, we are positive on our prospects for FY22. In the short term, we expect the market share gains we have made across our Autocentres business to continue, alongside an increase in more regular and routine motoring journeys. Within our Retail business, pent-up demand and the restrictions on foreign travel will give rise to increased demand for our touring and cycling products, whilst motoring products should benefit from more normalised traffic patterns.
There are, however, external factors that add uncertainty to our outlook. Supply challenges for Cycling products remain acute, and a return to normal trading patterns remains highly uncertain, particularly in H2, as the hospitality industry and international travel potentially reopen to a greater extent. The general economic outlook remains challenging, with consumers likely to be more cautious and expecting greater value from their purchases. We will address this by making a significant investment in pricing in our Retail Motoring business. Although this may impact FY22 gross margins, we are confident it will strengthen the business in the medium and long term. After the strong start to the year, and in consideration of these factors, we are targeting FY22 profit before tax, including IFRS 16 adjustments, of above £75m.
In the longer term, we are confident in the outlook for the motoring and cycling markets and our ability to compete strongly in both. We have demonstrated the resilience and growth opportunity in our Services and B2B businesses by gaining market share through increasing scale and convenience alongside enhancing the overall customer experience. We also believe that the increased adoption of Cycling will continue, supported by Government investment and a societal need to tackle climate change. As a business, we will continue to drive our markets by launching more new and exclusive products, becoming the market leader in electric mobility as the UK switches to a sustainable future, and continuing to engage our customers by creating a seamless digital and physical experience. Building on the strong foundations we have created in FY21, Halfords is well-positioned to accelerate its transformation journey.
Capital structure and dividend
We have finished the financial year with a strong balance sheet, ending with net cash of £58.1m, although some of this is non-recurring, and will unwind as inventory levels return to optimal levels and the timing of creditor payments normalises. This financial strength gives us the ability to invest in our transformation plan, positioning the business for long-term success. Considering this opportunity, we have updated our capital allocation priorities as follows:
Our maximum Net Debt: EBITDA ratio, on a pre-IFRS 16 basis, remains at 1.0x, or up to 1.5x on a short-term basis to fund M&A activity. However, given the current strength of our balance sheet and the uncertain economic environment, we will operate with more prudent debt levels in the near-term.
With a robust and proven strategy, it is imperative we invest in our transformation plan, which we believe will require between £50m and £60m per year of capital expenditure in the medium-term. Our growth plan will be complemented by acquisitions if we are able to find attractive businesses, with the right strategic fit and for a fair price. Our acquisition strategy will be focussed on scaling our motoring services business, propelling us to market leadership in aftermarket service, maintenance and repair.
We understand the importance of the ordinary dividend to many of our investors. Recognising this, and the strength of the current balance sheet, we are proposing an FY21 final dividend of 5p per share and a reinstatement of the ordinary dividend from FY22 at 9p per share, intending this to be progressive. Should surplus cash remain in the business that we feel we cannot deploy with good rates of return, we will return this to shareholders in the most appropriate way.
Enquiries Investors & Analysts (Halfords) Loraine Woodhouse, Chief Financial Officer Neil Ferris, Corporate Finance Director +44 (0) 7483 360 675 Andy Lynch, Head of Investor Relations +44 (0) 1527 513 189
Media (Powerscourt) +44 (0) 20 7250 1446 Rob Greening halfords@powerscourt-group.com Lisa Kavanagh Jack Shelley
Results presentation A conference call for analysts and investors will be held today, starting at 09:00am UK time. Attendance is by invitation only. A copy of the presentation and a transcript of the call will be available at www.halfordscompany.com in due course. For further details please contact Powerscourt on the details above.
Next trading statement On 8 September 2021 we will report our trading update for the 20 weeks ending 20 August 2021.
Notes to Editors
www.halfords.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 404 Halfords stores, 3 Performance Cycling stores (trading as Tredz and Giant), 374 garages (trading as Halfords Autocentres, McConechy's and Universal) and have access to 143 mobile service vans (trading as Halfords Mobile Expert and Tyres on the Drive) and 192 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.
Cautionary statement This report contains certain forward-looking statements with respect to the financial condition, results of operations, and businesses of Halfords Group plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, Halfords Group plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.
Chief Executive's Statement
Operational review
I am very pleased with our performance in FY21, shown not only in the financial results but also in the operational agility demonstrated throughout the business to overcome the many challenges presented last year. COVID-19 was clearly the most significant challenge faced by any retailer, but we have also faced Brexit, container shortages, port congestion and more recently, the blockage of the Suez Canal. Our performance not only showcases the resilience of our core business and the relevance of our strategy, but also the importance of our progress in creating a more efficient and profitable business to provide strong foundations for future growth.
Retail
Retail revenue of £1,039.8m was +9.4% above last year and +14.6% on a LFL basis. We saw a volatile and unpredictable year of trading, with large swings in LFL performances from week to week, and across our categories. Overall, we saw strong demand for our Cycling products, +54.1% above last year, with our performance cycling business Tredz performing even better at +66.3%. Motoring was -12.1% LFL, better than traffic levels but inevitably impacted by the lockdowns.
Retail Motoring Retail motoring sales were down -12.1% LFL against the backdrop of -25% fewer car journeys and low consumer confidence. As an essential retailer we played our part in the COVID-19 response by carrying out over 60k Services for NHS and key workers during the height of the pandemic and over 1m essential services during full lockdowns. We also kept innovating our products and services, including the launch of our WeCheck app, which enables colleagues to digitally record vehicle checks undertaken and the recommended actions for a customer to keep their car safe. We performed well in product categories related to staycation or car maintenance - Touring was up +1.7%, whilst Car Cleaning (+7.4%), Body Repair (+5.4%) and Workshop (+6.4%) all grew strongly. We launched new products in Blades, Bulbs and Car Seats, enabling these categories to perform stronger than the lower traffic levels would suggest, and helping to mitigate the challenging conditions we faced in discretionary categories, such as Dash Cams and Audio.
Retail Cycling Cycling performed very well, +54.1% above last year, but presented its own challenges in securing supply and predicting demand. All mainstream product categories saw strong growth, with Adult Mechanical bikes +113% and E-bikes +76%, while our Performance Cycling business Tredz also saw strong revenue and profit growth, capitalising on customer transfer from our closed Cycle Republic business. We identified very early in the pandemic the unprecedented levels of demand for cycling, enabling us to use our scale and relationships to secure stock from new and existing suppliers. We also launched a series of customer journey enhancements, beginning online, to optimise the customer experience at a time of high demand.
In this competitive market we continued to innovate and refresh our exclusive ranges of own brand Carrera, Boardman and Apollo bikes. Our bikes secured multiple awards from specialist press and magazines throughout the year for their design, specification, and value. Over 50% of our adult bikes were updated last year, adding new features such as comfort saddles and puncture resistant tyres, all following customer feedback. Supply was, and remains, a challenge, but where necessary, we quickly adapted specifications and componentry to mitigate bottlenecks in production and worked with new suppliers to achieve a steady intake of bikes throughout the year. Keeping customers updated and engaged was a key priority and we launched a series of digital developments designed to enhance and assist customers finding their new bike. One example was 'Email me when in stock' or the ability to register interest in new launches. We also introduced bookable collection slots, next day delivery and tripled our central bike build capacity, all of which have led to improved NPS scores and customer feedback.
With high demand and limited global supply, many customers opted to fix their existing bike and we ensured our colleagues and systems were ready to help. Cycling Services grew more than +50% on last year as we offered free 32-point bike checks and took a market-leading share of the government's 'Fix Your Bike' scheme. We repaired and serviced over 1m bikes and were the only national retailer offering online booking slots, an initiative launched this year.
Retail gross margin Despite the extreme, adverse change in motoring mix, Retail gross margin increased by +10bps, highlighting the importance and timeliness of our work over the last 18 months to improve the profitability of our Cycling business. We targeted a +300bps improvement in Cycling gross margins and through our work to rationalise componentry, improve buying terms, and optimise promotional effectiveness, we actually delivered a significant +680bps increase. This improvement enabled us to offset the -12 percentage-point change in motoring revenues as a percentage of total sales, and the corresponding impact on gross margins.
Retail operating costs Our focus on efficiency and procurement saw Retail operating costs increase +1.6% year-on-year. Excluding £24.8m of COVID-19 related costs and £33.1m of business rate relief, operating costs were 3.6% higher year-on-year but decreased as a proportion of sales by -2.2ppts.
Our achievements helped mitigate the adverse mix impact described above, whilst also allowing investments in key strategic initiatives such as centralising customer contact. Our Retail business experienced the greatest disruption from COVID-19, implementing seven different operating models in six months to safeguard our customers and colleagues. We also employed front-of-house roles to monitor store capacity and social distancing, alongside significant investment in PPE. Acknowledging the unwavering commitment of our colleagues in such difficult circumstances, we launched almost £4m of initiatives during the year, including the Frontline Colleague Support Scheme and Halfords Here to Help Fund, alongside free flu vaccinations and wellbeing support lines.
Over the year, we continued to work on lowering the underlying costs within our business. As communicated at the end of FY20, we consolidated our performance cycling business, closing all 22 Cycle Republic stores and saving over £9m of annualised costs, whilst transferring a significant share of the customer base to our remaining Tredz business. In addition, we concluded our review of low-returning stores and consequently closed an additional 42 retail stores, where we are confident that trade-transfer will improve overall returns, generating an annualised cost saving of £15m. We also saved over £7m of annualised goods not for resale ("GNFR") costs, continued to improve our sustainability credentials through the continued roll-out of LED lighting and Building Management Systems, and renewed 19 leases for an average -30% reduction in rent premiums.
Autocentres
Autocentres revenue was £252.5m, growing 31.6% year-on-year and +9.7% on a LFL basis. The overall growth in Autocentres benefited from the annualisation of our FY20 acquisitions and the continued expansion of our Halfords Mobile Expert business, launching new vans and hubs to serve this growing and in-demand service.
However, our Autocentres business was not immune to the impacts of COVID-19. The reduction in traffic and MOT deferments required us to work hard to overcome these challenges, but our LFL and overall growth clearly demonstrate the significant increase in market share we have secured. This has been achieved by attracting new customers through our first Group Motoring Services marketing campaign, the ease for customers in booking appointments on our single Group website, and having their chosen service fulfilled through one of our fixed locations or by mobile experts at the customer's home or office. We further enhanced convenience for our customers by opening on Sundays in 131 garages, increasing our fleet of Halfords Mobile Expert vans to 143 and adding 20 garages to our business through our acquisition of Universal Tyres. We are confident that many of our customers will continue to use our services as their preferred choice, having grown the NPS score to 68.8 across the year and exiting FY21 at 72.6.
Autocentres EBIT was £12.7m on a reported basis, pre-IFRS 16, and £12.0m excluding COVID-19 related costs of £5.3m and business rates relief of £6.0m. EBIT growth was £5.3m versus FY20. This exceptional performance reflects ongoing improvements to the customer experience and increased operational efficiency, driven by continued enhancements to our digital operating model ('PACE'), and resulting in strong market share gains.
Areas of strategic focus
It has been a particularly strong year for our areas of strategic focus, demonstrating the resilience and relevance of our strategy in the face of a tough operating environment. We have seen market share increases and sales growth as our investments gain traction.
Group Services1 It was a very good year for Group Services, with revenues exceeding £370m, a growth of +23% on last year and now accounting for 29% of Group revenue. This was an excellent result under any circumstance but given the backdrop of -25% fewer journeys on UK roads, it is testament to our focus on this market. We launched several initiatives to boost customer awareness, including our 'Road Ready' campaign, our Group Services marketing campaign and our free 32-point bike check. We made booking our services easier than ever by enabling customers to book on our single Group website and we are the first national service provider to allow customers to book timed cycle service appointments or collections online. With heightened demand, we continued to increase our scale and capacity, making it easier and more convenient for customers to receive their services at one of almost 800 fixed locations, or at home or work from one of our 143 mobile expert vans.
Online It was also a strong year for Group Online sales, which were £580m, growing +110% and accounting for 44% of Group revenue. Lockdowns and social distancing meant that customer demand for online and delivery channels grew dramatically. The successful launch of our new web platform in Q4 FY20 meant we were able to cope with a rapid +61% increase in traffic and provide a flexible platform from which we could continually develop the site and adapt to fast-changing customer needs. Not only did we change the focus and main content several times across the year, but we were able to add over 160 new customer-enhancing developments, such as guided selling, local stock availability, new services, new locations, bundles, recommendations, and personalisation across the Group. The result was a 10x increase in customers viewing Autocentre content and a conversion increase in Retail of +37%.
B2B2 Finally, B2B also delivered an excellent sales performance, growing +40% and accounting for 17.9% of Group revenue. We saw strong revenue growth in several areas of B2B. Our market-leading Cycle to Work ("C2W") scheme delivered +85% revenue growth, driven by a large increase in new clients to our scheme and increased uptake within our existing client base, with many increasing their employee spend limit above £1,000 for the first time. Our partnerships and gift card business also grew by over 20%, through increased reach, systems improvements allowing multi-channel redemption, and an expansion of our bulk product offering into fully-serviced bike fleets. The insurance replacement business recorded an 8% improvement year on year, supported by a growth in demand for bikes and our diversification into replacement children's car seats. Our fleet & commercial motoring servicing business grew by 72%, boosted by the acquisition of McConechy's, and although Tradecard declined -6%, this performance exceeded the consumer-facing growth rate of the most relevant product categories. Finally, we launched a new salary sacrifice offer, allowing employees to spread the cost of car maintenance, and improved our C2W offer within the Republic of Ireland.
Sustainability - Environmental, Social and Governance ("ESG")
In our FY20 Annual Report, we set out our ESG strategy and demonstrated its alignment to the Group's purpose: 'To Inspire and Support a Lifetime of motoring and cycling'. We have since updated our strategy, including a clear prioritisation on the topics most important to us and our broad stakeholder base, and created a roadmap for building the capabilities and governance processes to drive further progress against the strategy. Our four priority areas are shown below, further details of which will be available in our FY21 annual report to be published in July 2021.
Progress on strategy in FY21
'To Inspire and Support a Lifetime of motoring and cycling.'
At our preliminary results in July 2020, reflecting the unprecedented impact and extreme uncertainty of the COVID-19 pandemic, we highlighted that we would moderate our near-term plan. We adjusted our short-term focus to cost efficiency and cash preservation, ensuring our colleagues are safeguarded and engaged in the success of the business and, of particular importance, adapting quickly to new customer trends. Our aim was to strengthen the core of our business during FY21 in the hope that we could return to more transformative investment in FY22 as the pandemic situation stabilised. Our progress on the key building blocks was as follows:
Continue to transform and build a unique and market-leading Motoring Services offer
Enhancing our Group web platform and digital customer experience, to create an even more differentiated and specialist proposition
A focus on cost and efficiency, creating a leaner and more profitable business
Invest in our Colleagues' welfare, engagement and development
FY22 strategy focus
The last 12 months have proven the resilience of our business and the ongoing relevance of our strategy to focus on the growth of motoring services and B2B. Although we expect the volatile and uncertain trading patterns to continue, the period of optimisation we have undertaken has strengthened the core business and it is now well-placed to withstand future challenges. Although we will continue to optimise the business, we will now accelerate the process of transformation that was paused during the pandemic.
By the end of FY22 we expect to see a different business beginning to emerge, with our areas of focus next year as follows:
Inspire
Support
Lifetime
Underpinned by:
In addition to these strategic priorities, we will continue to optimise the business to further strengthen our foundations. As mentioned in our Outlook statement above, one key initiative in FY22 will be an investment in core pricing in our motoring products business. The dramatic acceleration in online shopping and a more challenging economic picture have brought value into sharp focus and so we believe this is the right time to make this investment, providing customers with greater value and providing a strong foundation for our services business.
Graham Stapleton Halfords Group Plc
Chief Financial Officer's Report
Halfords Group plc ("the Group" or "Group")
Reportable Segments
Halfords Group operates through two reportable business segments:
All references to Retail represent the consolidation of the Halfords ("Halfords Retail") and Cycle Republic businesses, Boardman Bikes Limited and Boardman International Limited (together, "Boardman Bikes"), and Performance Cycling Limited (together, "Tredz and Wheelies") trading entities. All references to Group represent the consolidation of the Retail and Autocentres segments.
The "FY21" accounting period represents trading for the 52 weeks to 2 April 2021 ("the financial year"). The prior period "FY20" represents trading for the 53 weeks to 3 April 2020 ("the prior year"). To ensure a meaningful comparison with the prior year, all commentary, unless otherwise stated, is against the 52-week period ended 27 March 2020 and is before non-underlying items. Most of our commentary on profit and cost measures is before the impact of IFRS 16, which is stated where relevant. The impact of IFRS 16 is shown in the table below and further details of this impact are provided later within this report.
Group Financial Results
* This report includes Alternative Performance Measures (APMs) which we believe provide readers with important additional information on the Group. A glossary of terms and reconciliation to IFRS amounts is shown on page 21.
The speed with which COVID-19 hit, and the subsequent implications, has challenged every business. Almost overnight, demand and customer shopping behaviour changed, cashflows and supply chains were interrupted, and the resulting operational challenges tested everyone and everything. Although I believe the financial strength of Halfords, and our diverse portfolio of essential products and services, positioned us well going into the pandemic, I am pleased that the work in the preceding 12 months was designed for exactly this purpose; to strengthen the resilience and performance of the business in an ever-changing retail environment. The FY21 financial results, therefore, reflect our operational agility in year but also the positive impact of longer-term initiatives to improve the efficiency and profitability of our business. We saw revenues and profits grow, gross margins improve in our core categories and businesses, operational costs fall as a proportion of sales, and a closing net cash position of £58.1m.
The customary financial metrics undoubtably demonstrate our strong performance but, over and above this, we also undertook further activity in year to safeguard the Group. This included securing £25m of CLBILS funding and covenant waivers on our existing RCF at the peak of the pandemic and, more notably, the subsequent refinancing of the Group's debt facility for the next 3 years, securing a competitive rate of borrowing on a reduced facility size overall.
Group revenue in FY21, at £1,292.3m, was up 13.1%, comprised of Retail revenues of £1,039.8m and Autocentres revenue of £252.5m. This compared to FY20 Group revenue of £1,142.4m, which saw Retail revenue of £950.6m and Autocentres revenue of £191.8m. Group gross profit at £656.3m (FY20: £584.0m) represented 50.8% of Group revenue (FY20: 51.1%), comprising of a Retail gross margin up +10bps year on year at 48.3% and a decrease in the Autocentres gross margin of 440 bps to 61.1%, reflecting the recent acquisition of lower gross margin businesses. Although the headline Group gross margin rate declined -34bps, this was a strong result given the dynamics and volatility of the last twelve months and the outcome reflects our focus on creating a more profitable business. To context this result, it is worth highlighting three key components within the final overall Group gross margin %. Within Retail, we saw a significant and adverse change in mix, out of higher margin motoring products and into lower margin cycling. Motoring revenues were impacted by the almost continuous rhythm of lockdowns and resultant fewer journeys. On the contrary, our cycling performance was very strong as we worked hard to capitalise on any opportunity within this market and offset the lost motoring revenue. Offsetting the significant mix impact, we saw a particularly strong margin rate improvement, reflecting almost 18 months of work to improve the profitability of our cycling business. The overall improvement in cycling gross margin was particularly pleasing, up almost 680bps on FY20 and, alongside a smaller, but favourable, improvement in motoring this completely mitigated the adverse mix effect within Retail.
The final margin impact was seen within our Autocentre Business. The overall performance was -440bps vs FY20 but was expected as we reported the first full year of Tyres on the Drive and McConechy's Tyre Service Limited ("McConechy's"). As we highlighted last year, these businesses generate a lower gross margin due to a higher participation of tyre sales. The operating model is different, but we see an opportunity in the medium term as we increase the participation of higher-margin services, maintenance, and repair within the product mix. Encouragingly, all three Autocentre businesses saw their gross margins improve vs FY20 as we continue to optimise and take the first steps on this journey.
Total underlying costs, pre-IFRS 16, increased to £554.5m (FY20: £525.3m) of which Retail comprised £410.6m (FY20: £404.3m), Autocentres £141.6m (FY20: £118.9m) and unallocated costs £2.3m (FY20: £2.1m). Unallocated costs represent amortisation charges in respect of intangible assets acquired through business combinations, namely the acquisition of Autocentres in February 2010, Boardman Bikes in June 2014, Tredz and Wheelies in May 2016, McConechy's in November 2020 and The Universal Tyre Company (Deptford) Limited ("Universal") in March 2021, which arise on consolidation of the Group. Group Underlying EBITDA pre-IFRS 16 increased 46.7% to £139.8m (FY20: £95.3m), whilst net finance costs pre-IFRS 16 were £5.5m (FY20: £2.8m).
Group operating costs before non-underlying items and pre-IFRS 16 saw an increase of 5.6% but decreased as a proportion of sales by -3.1ppts to 42.9%, demonstrating our increased efficiency. As with revenue and gross margin, there are several movements within this result that give context to the performance. The Group saw over £33m of costs as a result of operating under COVID-19 restrictions, driven by additional payroll to manage colleague and customer safety, personal protective equipment ('PPE') and safety equipment, and higher fulfilment cost as customers temporarily changed shopping behaviour. During Q1, whilst the Groups stores and centres were partially closed, over 50% of colleagues were furloughed. At this point we utilised government furlough schemes, receiving £10.5m of support, which was later paid back in full during Q4. We also recognised the difficult environment through which our colleagues have worked and, as a result, invested in supporting them financially through a series of initiatives, including the Front-Line Bonus Scheme and a Hardship Fund, totalling £4m, whilst also adjusting holiday rules to allow colleagues to take more time off during FY22. These costs were offset by the business rates relief of £39m across the Group, of which the majority arose within the Retail business.
We continued to drive our ongoing efficiency programmes, delivering £7m of GNFR (goods not for resale) cost savings, alongside those associated with the closure of Cycle Republic, worth a further £9m. We also achieved rental savings within our Retail estate on 19 lease renewals of circa -30% worth £0.6m in FY21 and continued to convert more of our stores and garages to LED lighting, saving a further £0.4m. These underlying savings were offset by the inevitable cost increases associated with the growth of our business. The annualisation of our acquisitions, Tyres on the Drive and McConechy's, added £18m, strategic investments totalled £8m and the significantly skewed mix into bikes, and their increased volumes sold during FY21 added a further £22m of additional cost.
Underlying Profit Before Tax pre-IFRS 16 for the year increased 72.3% at £96.3m (FY20: £55.9m). Non-underlying items of £37.3m in the year (FY20: £32.1m) related predominantly to the closure of a number of stores and garages following a strategic review, as well as costs relating to organisational restructuring. After non-underlying items, Group Profit Before Tax was £59.0m (FY20: £23.8m).
After non-underlying items and including IFRS 16, Group Profit Before Tax was £64.5m (FY20: £22.7m). The impact on the Group of IFRS 16 in the period was a £5.5m net increase to Group Profit Before Tax. Further details on the impact of IFRS 16 is shown later in this report.
Retail
* This report includes Alternative Performance Measures (APMs) which we believe provide readers with important additional information on the Group. A glossary of terms and reconciliation to IFRS amounts is shown on page 21.
Revenue for the Retail business of £1,039.8m reflected, on a constant-currency basis, a like-for-like ("LFL") sales increase of +14.6%. Total revenue in the year increased 9.4% after adjusting for the impact of closed stores. The volatility of the trading environment discussed earlier was most evident in our Retail business, which made forecasting particularly difficult. Demand for our motoring products suffered from a supressed market throughout FY21 as lockdowns markedly reduced the number of journeys, with customers opting to work from the safety of their homes. Motoring like-for-like declined 12.1%, better than transport data would suggest, but still saw weekly LFLs ranging from -75% to +20%. There were a number of positive performances within motoring, such as our touring products and car cleaning, but many product areas saw LFL declines through much of the year.
Our cycling performance was much stronger, with like-for-like growth of 54.1%, as we worked hard to source stock from new and existing suppliers and serve the increased demand within the market. Cycling was equally hard to predict, and although performed very well across H1, with LFL peaks of over +100%, H2 saw more volatility from week to week with LFL declines late in Q3 and early Q4.
The differing category fortunes resulted in the mix of motoring within Retail decline by almost -12ppts vs. Cycling against last year. The Retail Operational Review in the Chief Executive's Statement contains further commentary on the trading performance in the year. Like-for-like revenues and total sales revenue mix for the Retail business are split by category:
Gross profit for the Retail business, at £502.0m (FY20: £458.4m) represented 48.3% of sales, an increase of +10bps on the prior year (FY20: 48.2%). Underlying gross margins of cycling and motoring improved more significantly than the headline number, which was diluted by product mix into lower margin cycling and a currency impact within the broader gross margin due to fluctuations in the year end spot rate. The gross margin improvement within the categories reflected the significant work carried out over the last 18 months on our sourcing strategy for both bikes and motoring products, as well as our work to optimise promotional activity throughout the year. Over the year, Cycling gross margins improved by +680bps and Motoring by +40bps vs FY20.
Retail operating costs before non-underlying items and IFRS 16 were £410.6m (FY20: £404.3m) an increase of 1.6% on FY20. The focus on operational efficiency and procurement continued in FY21, offsetting the impact of volume and mix, whilst simultaneously allowing the business to invest, albeit at a reduced level, in our strategic initiatives. Some of the highlights included centralising all customer contact and further development of our digital platform to enhance our customer experience including bookable bike slots and our WeCheck App. We saw almost £7m of GNFR costs removed from the Retail business through continued review of services and tendering processes. We saw 19 lease renewals, saving on average -30% on annual rents, and we continued to convert more stores to LED lighting and building management systems, saving over 40% on annual converted stores utilities consumption.
Naturally, due to the size of the Retail business, a greater proportion of the costs associated with COVID-19 were within its costs. Of the £33m mentioned above, £25m arose in Retail, offset by £33m of business rates relief.
Autocentres
* This report includes Alternative Performance Measures (APMs) which we believe provide readers with important additional information on the Group. A glossary of terms and reconciliation to IFRS amounts is shown on page 21.
Autocentres generated total revenues of £252.5m (FY20: £191.8m), an increase of 31.6% on the prior year with a LFL increase of 9.8%. Non-LFL revenue in the year included benefits from the acquisitions of both Tyres on the Drive and McConechy's in November 2020, alongside existing Autocentres that had been open less than 12 months.
Gross profit, at £154.3m (FY20: £125.6m), represented a gross margin of 61.1%; a decrease of 440 bps on the prior year. As stated earlier, the decrease in gross margin % was solely a result of annualisation of the FY20 acquisitions, which have a dilutive effect as the operating model is quite different. These businesses tend to be lower gross margin but also lower cost. There is an opportunity for us to grow margin, over time, through a greater mix into service and repair, but the gross margin will remain lower than that of a core garage.
All businesses saw their respective gross margins improve during FY21, with the continued development of our PACE Digital Operating Platform supporting buying efficiency across garages, boosted further by a slightly lower mix into tyres, which tend to be lower margin.
Operating costs were £141.6m, +£22.7m above last year, of which £18m was a result of the annualisation and growth of our acquisitions from FY20. COVID-19 costs within Autocentres totalled £5.3m, offset by £6.0m of relief through the Retail, Hospitality and Leisure Grant Fund. The remaining cost increase was the result of growth in the underlying business.
Autocentres' Underlying EBIT was £12.7m before IFRS 16 (FY20: £6.7m) a strong performance, reflecting the continued growth and optimisation of our LFL business, alongside the annualisation and expansion of FY20 acquisitions. Underlying EBITDA before IFRS 16 of £19.3m (FY20: £12.6m) was 53.2% higher than FY20.
Portfolio Management
The last 12-18 months have seen some of the most significant changes in the Group's portfolio since the acquisition of Autocentres over a decade ago. Within Q3 FY20 we saw the acquisition of McConechy's Garages and Tyres on the Drive, followed shortly by the closure of our Cycle Republic business, including 22 stores, at the close FY20. Within FY21 we have continued to grow our services business, increasing the number of HME vans and acquiring Universal at the end if the financial year. We also, however, took steps to further improve the profitability and efficiency of our business through the closure of 59 lower return stores and garages.
The total number of fixed stores or centres within the Group stood at 781, with a further 143 HME vans and a further 192 commercial vans supporting mobile tyre fitting within McConechy's and Universal as at 2 April 2021. The portfolio comprised 404 stores (end of FY20: 472) and 374 Autocentres (end of FY20: 371). Mobile locations grew by 156 vans, increasing coverage of the most in-demand regions within the UK.
The following table outlines the changes in the portfolio over the year:
Within Retail, 42 low return stores closed during the year, largely in the final quarter. It was considered more profitable to the Group, on analysing the anticipated sales transfer to other channels and neighbouring stores, to close these stores and reduce the overall cost base. Where there was term remaining on any leases at the point of closure, provision has been made in the balance sheet to cover occupancy costs to the point of lease expiry. A further 22 Cycle Republic stores, along with the Boardman Performance Centre, are also no longer part of the trading portfolio.
The number of lease expiries, or breaks under option, increases significantly within the next five years. Retail will see almost half of stores experience optionality within five years, allowing for a high degree of flexibility within the estate.
Within Autocentres, no centres were opened, but 20 locations acquired in the year. 17 were closed, taking the total number of Autocentre locations to 374 as at 2 April 2021 (end of FY20: 371). No Autocentres were refreshed in the year (FY20: 14).
With the exception of eight long leasehold, and two freehold properties within Autocentres, the Group's operating sites are occupied under operating leases, the majority of which are on standard lease terms, typically with a five to 15-year term at inception and with an average lease length of under six years. The acquisition of Universal resulted in the purchase of 6 freehold properties but all have been sold and leased back within the first two periods of FY22.
Net Non-Underlying items
The following table outlines the components of the non-underlying items recognised in the 52 weeks ended 2 April 2021:
Current period costs comprised:
Prior period costs comprised:
In the prior period they related to costs associated with the closure of the operations of Cycle Republic and the Boardman Performance Centre ("Cycle Republic") following a strategic review of the Group's cycling businesses. The costs mostly relate to the impairment of right-of-use assets, as well as the impairment of intangible and tangible assets and inventories as well as ongoing onerous commitments under the lease agreements and other costs associated with the property exits. £2.5m of these costs have been reversed during the year as the Group continues to negotiate lease disposals and was able to release stock provisions previously in place (£1.8m).
Finance Expense
The net finance expense (before non-underlying items and IFRS 16) for the 52 weeks ended 2 April 2021 was £5.5m (FY20: £2.8m) reflecting the drawdown of the Rolling Credit Facility (RCF) early in the pandemic, alongside increased amortisation and commitment fees relating to the new RCF, which was re-negotiated in the period.
Taxation
The taxation charge on profit for the 52 weeks ended 2 April 2021 (before IFRS 16) was £10.3m (FY20: £2.8m), including a £5.8m credit (FY20: £4.7m credit) in respect of non-underlying items. The effective tax rate of 17.5% (FY20: 13.9%) differs from the UK corporation tax rate (19%) principally due to the impact of deferred tax on accounting for share options and adjustments in respect of provisions held in respect of prior periods.
Earnings Per Share ("EPS")
Underlying Basic EPS before IFRS 16 was 40.7 pence and after non-underlying items 24.7 pence (FY20: 22.9 pence and 8.9 pence after non-underlying items), a 77.7% and 177.5% increase on the prior year. Basic weighted-average shares in issue during the year were 197.1m (FY20: 197.0m).
Dividend ("DPS")
In light of the COVID-19 pandemic and the impact on short-term profitability, the Board has taken a series of measures to preserve cash, one of which was a suspension of the dividend. After the strong close in the final quarter of FY21, the Board has recommended to shareholders that final dividend of 5.0p per share should be paid (FY20: Nil per share).
IFRS 16
IFRS 16 has had the effect of increasing profit by £5.5m. The two main drivers for this being the increase in held over leases which have decreased the depreciation charge in comparison to the rental payments, and the increased aging of the lease portfolio which has led to a lower interest charge in comparison to the rental payments.
Capital Expenditure
Capital investment in the 52 weeks ended 2 April 2021 totalled £32.5m (FY20: £35.8m) comprising £23.2m in Retail and £9.3m in Autocentres. Within Retail, £6.0m (FY20: £15.9m) was invested in stores. Additional investments in Retail infrastructure included a £13.1m investment in IT systems, including the continued development of the new Group website.
The £9.3m (FY20: £4.8m) capital expenditure in Autocentres principally related to the replacement of garage equipment and replacement of fixtures and fittings, rebranding of McConechy's garages and further development of PACE, our Garage Workflow System.
Inventories
Group inventory held as at the year-end was £143.9m (FY20: £173.0m). Retail inventory decreased to £134.3m (FY20: £168.0m), reflecting reduced stock levels and working capital efficiencies. The stock levels within our cycling business were, however, sub-optimal for much of the year and as such the inventory reduction is flattered. Inventory levels are likely to revert to more normal levels in FY22.
Autocentres' inventory was £9.6m (FY20: £5.0m). The existing Autocentres business model is such that only modest levels of inventory are held, with most parts acquired on an as-needed basis. The increase in inventory related to the acquisition of tyre stock within Universal.
Cashflow and Borrowings
Adjusted Operating Cash Flow was £186.6m (FY20: £109.9m). After acquisitions, taxation, capital expenditure and net finance costs, Free Cash Flow of £145.3m (FY20: £54.6m) was generated in the year. Group Net Cash/(Debt) was £58.1m (FY20: (£73.2m)). All of these numbers are pre-IFRS 16.
Within the cash flow is a working capital inflow of approximately £42m. Within this was approximately £20m of planned and sustainable inventory reductions in Retail and £36m which we anticipate will reverse in FY22. The £36m is a result of Retail inventories at year end which were £14m lower than optimal due to the high cycling demand, and year end creditors worth £22m which saw our normal timing differences alongside a VAT creditor that was deferred from earlier in the year and paid early in FY22.
Group net debt after IFRS 16 was £277.3m (FY20: £479.8m)
Principal Risks and Uncertainties
The Board considers the assessment of risk assessment and the identification of mitigating actions and internal control to be fundamental to achieving Halfords' strategic corporate objectives. In the Annual Report and Accounts, the Board sets out what it considers to be the principal commercial and financial risks to achieving the Group's objectives. The main areas of potential risk and uncertainty in the balance of the financial year are described in the Strategic Report of the 2021 Annual Report and Accounts. These include:
-Capability and capacity to effect change -Stakeholder support - Value proposition -Brand appeal and market share
-Short, sharp interruptions in cashflows - Sustainable business model
-Regulatory and compliance -Service quality -Cyber security
- Colleague engagement / culture - Skills shortage - IT infrastructure failure - Critical physical infrastructure failure (including supply chain disruption)
Specific risks associated with performance include the success, or otherwise of peak trading periods (e.g., Christmas) as well as weather-sensitive sales, particularly within the Car Maintenance and Cycling categories in the Retail business.
Loraine Woodhouse
Glossary of Alternative Performance Measures
The key APMs that the Group focuses on are as follows. All numbers are shown pre-IFRS 16 (on an IAS 17 basis) to enable comparability with the prior period performance: 1.Like-for-like ("LFL") sales represent revenues from stores, centres and websites that have been trading for at least a year (but excluding prior year sales of stores and centres closed during the year) at constant foreign exchange rates. 2.Underlying EBIT is results from operating activities before non-underlying items. Underlying EBITDA further removes Depreciation and Amortisation. 3.Underlying Profit Before Tax is Profit before income tax and non-underlying items as shown in the Group Income Statement. 4.Underlying Earnings Per Share is Profit after income tax before non-underlying items as shown in the Group Income Statement, divided by the number of shares in issue. 5.Net Debt is current and non-current borrowings less cash and cash equivalents, both in-hand and at bank, as shown in the Consolidated Statement of Financial Position.
*The statutory 53-week period to 3 April 2020 comprises reported results that are non-comparable to the 52-week period reported in the current period. **Included within cash and cash equivalents is an amount of £6.3m which is restricted and is not available to circulate within the Group on demand. 6.Net Debt to Underlying EBITDA ratio is represented by the ratio of Net Debt to Underlying EBITDA (both of which are defined above). 7.Adjusted Operating Cash Flow is defined as EBITDA plus share-based payment transactions and loss on disposal of property, plant and equipment, less working capital movements and movement in provisions; as reconciled below.
*The statutory 53-week period to 3 April 2020 comprises reported results that are non-comparable to the 52-week period reported in the current period. **As restated see note 11 8.Free Cash Flow is defined as Adjusted Operating Cash Flow (as defined above) less capital expenditure, net finance costs, taxation, exchange movement and arrangement fees on loans; as reconciled below.
*The statutory 53-week period to 3 April 2020 comprises reported results that are non-comparable to the 52-week period reported in the current period. ** As restated see note 11
Halfords Group plc Consolidated Income Statement
For the 52 weeks to 2 April 2021
The notes on pages 28 to 35 are an integral part of these condensed consolidated financial statements.
Halfords Group plc
Consolidated Statement of Comprehensive Income
For the 52 weeks to 2 April 2021
All items within the Consolidated Statement of Comprehensive Income are classified as items that are or may be recycled to the Income Statement.
The notes on pages 28 to 35 are an integral part of these condensed consolidated financial statements.
Halfords Group plc Consolidated Statement of Financial Position For the 52 weeks to 2 April 2021
The notes on pages 28 to 35 are an integral part of these condensed consolidated financial statements.
Halfords Group plc Consolidated Statement of Changes in Shareholders' Equity For the 52 weeks to 2 April 2021
*The Group initially applied IFRS 16 at 30 March 2019, using the modified retrospective approach. Under this approach, comparative information is not restated and the cumulative effect of applying IFRS 16 is recognised in Retained earnings at the date of initial application.
The notes on pages 28 to 35 are an integral part of these condensed consolidated financial statements.
Halfords Group plc Consolidated Statement of Changes in Shareholders' Equity (continued)
The notes on pages 28 to 35 are an integral part of these condensed consolidated financial statements.
Halfords Group plc Consolidated statement of cash flows For the 52 weeks to 2 April 2021
The notes on pages 28 to 35 are an integral part of these condensed consolidated financial statements. *Adjustment to reported 3 April 2020 results. See note 11.
Halfords Group plc Notes to the condensed consolidated financial statements For the 52 weeks to 2 April 2021
1. General information and basis of preparation The financial information set out below does not constitute the Group's statutory accounts for the periods ended 2 April 2021 or 3 April 2020 but is derived from those accounts. Statutory accounts for 2020 have been delivered to the Registrar of Companies, and those for 2021 will be delivered in due course. The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The financial statements are presented in millions of UK pounds, rounded to the nearest £0.1m.
The accounts of the Group are prepared for the period up to the Friday closest to 31 March each year. Consequently, the financial statements for the current period cover the 52 weeks to 2 April 2021, whilst the comparative period covered the 53 weeks to 3 April 2020.
The consolidated financial statements of Halfords Group plc and its subsidiary undertakings, together "the Group", have been prepared in accordance with International Financial Reporting Standards ("IFRSs") and IFRS Interpretations Committee ("IFRS IC") Interpretations as adopted by the European Union and on a basis consistent with those policies set out in our audited financial statements for the period ended 3 April 2020 other than for the adoption of the COVID-19 Related Rent Concessions (Amendments to IFRS 16) which did not have a material effect. The financial statements are prepared on a going concern basis and under the historical cost convention, except where adopted IFRSs require an alternative treatment. The principal variations relate to financial instruments (IFRS 9 "Financial instruments"), share-based payments (IFRS 2 "Share-based payment" and leases (IFRS 16 "Leases").
Adoption of new and revised standards
There have been no new or amended standards effective in the period which has had a material impact on the consolidated financial information.
New standards and interpretations not yet adopted
All other standards and related adoptions which have been published but not yet adopted are not expected to have a material impact on the consolidated results or financial position of the Group. A full listing will be provided in the statutory accounts.
2. Operating expenses
3. Operating profit
4. Non-underlying items
Current period costs comprised:
Prior period costs comprised:
(b) In the prior periods costs were incurred in preparing and implementing the new Group strategy.
(c) Of the closure costs £28.5m represents costs associated with the closure of a number of stores and garages following a strategic review of the profitability of the physical estate. The costs mostly relate to the impairment of right-of-use assets (£12.2m), tangible assets and property costs as well as ongoing onerous commitments under the lease agreements and other costs associated with the property exits.
Closure costs in the prior period represented costs associated with the closure of the operations of Cycle Republic and the Boardman Performance Centre ("Cycle Republic") following a strategic review of the Group's cycling businesses. The costs mostly relate to the impairment of right-of-use assets, intangible assets, tangible assets and inventories. £2.5m of these costs have been reversed during the year as the Group continues to negotiate lease disposals and was able to release stock provisions previously in place (£1.8m).
(d) In the current and prior period costs were incurred in relation to the investments in Universal Tyre Services, McConechy's Tyre Services and Tyres on the Drive.
(e) During the prior year, the Group incurred £0.2m in settling a court case. In addition, a provision of £0.6m was created in relation to the HMRC audit relating to the national minimum wage. The audit has progressed during FY21 and as a result the provision has been increased by £2.9m. This represents management's best estimate of the repayment and fine payable as a result of national minimum wage breaches.
(f) In light of the ongoing COVID-19 pandemic, the Group has revised future cash flow projections for stores and garages. As a result, £0.9m incremental impairment has been recognised in relation to garages where the current and anticipated future performance did not support the carrying value of the right-of-use asset and associated tangible assets. This charge is directly attributable to impairment due to COVID-19 and relates primarily to the right-of-use asset value. During the year, £0.4m of this impairment has been reversed as the stores and garages have returned to a profitable position.
(g) The tax credit of £6.1m represents a tax rate of 17.4% applied to non-underlying items. The prior period represents a tax credit at 14.6% applied to non-underlying items.
The tax charge is reconciled with the standard rate of UK corporation tax as follows:
The March 2021 Budget announced a further increase to the main rate of corporation tax to 25% from 1 April 2023. This rate has not been substantively enacted at the balance sheet date, as result deferred tax balances as at 2 April 2021 continue to be measured at 19%. If all of the deferred tax was to reverse at the amended rate the impact to the closing deferred tax position would be to increase the deferred tax asset by £3.9m. The effective tax rate of 17.5% (2020: 9.7%) is lower than the UK corporation tax rate principally due to the impact of deferred tax on accounting for share options and adjustments in respect of provisions held in respect of prior periods. The tax charge for the period was £11.3m (2020: £1.9m), including a £6.1m credit (2020: £5.0m credit) in respect of tax on non-underlying items.
The Group engages openly and proactively with tax authorities both in the UK and internationally, where it trades and sources products, and is considered low risk by HM Revenue & Customs ("HMRC"). The Company is fully committed to complying with all of its tax payment and reporting obligations.
In this period, the Group's contribution from both taxes paid and collected exceeded £170m (2020: £208.0m) with the main taxes including corporation tax of £10.8m (2020: £16.3m), net VAT of £97.4m (2020: £101.4m), employment taxes of £61.2m (2020: £54.3m) and business rates of £0.9m (2020: £36.3m).
In addition, the Directors are proposing a final dividend of 5.0p per share (2020: £nil) in respect of the financial period ended 2 April 2021.
Basic earnings per share are calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period. The weighted average number of shares excludes shares held by an Employee Benefit Trust and has been adjusted for the issue/purchase of shares during the period.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. These represent share options granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the 52 weeks to 2 April 2021.
The Group has also chosen to present an alternative earnings per share measure, underlying earnings per share, with profit adjusted for non-underlying items because it better reflects the Group's underlying performance.
Non-cash changes include finance costs in relation to the amortisation of capitalised debt issue costs of £1.1m (2020: £0.4m), additions of new leases, modifications to leases and foreign exchange movements and changes in classification between amounts due within and after one year.
Cash and cash equivalents at the period end consist of £67.2m (2020: £115.5m) of liquid assets and £0.2m (2020: £0.2m) of bank overdrafts.
All leases where the Group is a lessee are accounted for by recognising a right-of-use asset and a lease liability except for:
Right-of-Use Assets
Lease Liabilities
The total cash outflow for leases for the period ended 2 April 2021 was £95.9m (2020: £87.7m).
Following refinements to Halfords IFRS 16 reporting process, the consolidated statement of cash flows for the 53 weeks to 3 April 2020 was adjusted to reduce the cash outflow for capital payments on leases (in financing activities) by £11.3m and to reduce the working capital movements across other payables, receivables and provisions (in operating activities) by the same amount to exclude from these line items amounts that had been eliminated from the balance sheet for IFRS 16 reporting purposes and should have similarly been eliminated in the operating cash flow reconciliation. These adjustments have had no impact on the reported profit or net assets of the Group.
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| ISIN: | GB00B012TP20 |
| Category Code: | FR |
| TIDM: | HFD |
| LEI Code: | 54930086FKBWWJIOBI79 |
| Sequence No.: | 111760 |
| EQS News ID: | 1208888 |
| End of Announcement | EQS News Service |
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