The motoring and cycling retailer issued a roadmap for its mid- to long-term growth as it plans to focus on “leveraging the unique platform” that differentiates it from competitors. 

Halfords said in the mid term it is looking at a sales growth of around £1.9bn and almost doubling its profit before tax to £90m-£110m. The retailer expects an average annual capex of £50-£60m and more than 15% return on capital employed. 

The motoring and cycling specialist said it will achieve this goal “through a combination of our core markets recovering from the current very challenging conditions, growing market share by leveraging the unique platform we have built, our acquisition synergies maturing, and using scaled and rich customer and vehicle data to drive customer lifetime value”. 

The retailer said it aims to expand into more areas of the motoring market and be the one-stop shop for motoring ownership in the mid to long term, with group sales to grow to around £2.2bn and profit before tax to grow between £130m-£150m. 

Halfords chief executive Graham Stapleton said: “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.”