Halfords has warned a slow down in sales of big-ticket products has seen slower sales growth in recent months, despite revealing positive half-year results.

The motoring and cycling retailer said "volatile" trading patterns has seen like-for-like sales growth slow down, albeit still hailed the first half of the year as "very strong".

The company says it will continue to reduce operating costs in order to offset slower sales in some areas.

Pre-tax profit improved by £0.6m to £19.3m for the first half of the year of the financial year, while there was a 13.9% increase in revenue.

Graham Stapleton, Chief Executive Officer, said: "Despite the challenging and volatile trading environment and slower than expected recovery in some of our markets, we have made a good start to the year, with substantial sales and profit growth, and increased market share across the business.

"At the same time, we supported our customers through the ongoing cost of living crisis by delivering great value – when they need it most.

In the face of continuing economic uncertainty, we remain fully focused on optimising every element of the business, and I’m particularly pleased with the very strong performance of Autocentres, where we are delivering significantly improved returns.

"In light of this, we are accelerating capital investment in the garage services operating model and customer experience in ten towns in the balance of this financial year."

FTSE 100

The UK's flagship share index, the FTSE100, was down 25-points at 7,430 shortly after opening this morning.

Meanwhile, Brent crude futures were up 0.07% at $81.53 a barrel this morning.

Companies reporting today

Halfords – Half year results

Pennon - Half year results

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