Halfords has issued its second profit warning in little more than a year due to an increasingly "challenging and competitive" cycling market.

That, along with further weakening in retail motoring and consumer tyres, has resulted in a "significant" drop in like-for-like revenue growth.

The retailer cut its profit guidance for the year to March 29 by more than a quarter to between £35m and £40m.

The company - which has a number of stores in Aberdeen and Aberdeenshire - has seen sales decline by 8% in its cycling business in January compared to the year prior.

Halfords added that "continued weak consumer confidence and unusually mild and very wet weather" had a material impact on the number of customer visits to its stores.

The retail motoring market fell 5.1% in January compared with the year prior, while consumer tyres market dropped 4.3%.

The company said it expected the Halfords said it expected the "same challenging market conditions to continue for the rest of [the fourth quarter], including through our peak Easter cycling period in March.

Continuing, the statement read: "We have continued to take decisive action on cost, but in the short period between now and the end of the financial year this will not be sufficient to offset the significant market deterioration we have seen."

FTSE 100

The UK's flagship share index, the FTSE 100, was up 13-points, at 7,638 shortly after opening this morning.

Brent crude oil futures was down 0.33% today, trading at $81.89 a barrel.

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  • Schroders - Full Year Results
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