British retail giant Halfords has seen its cycling revenue grow slightly, after “positive signs of recovery” in the bike market this year.
In its 2025 annual report, published this week, which deals with the period up to 28 March 2025, cycling revenue was revealed to have grown by 1.7% over the previous financial year, as profit before tax grew by 6.4%.
This is a marked contrast to last year, when it recorded a 25% year-on-year fall in profits, citing a “decline in cycling” as a contributing factor. In an accounts filing made this week, the company posted a pre-tax profit pf £38.4 million across all operations, up from £36.1 million the year before.
Keith Williams, the company’s chair, said: “With challenges in our end markets and several years of inflationary headwinds, our focus in FY25 was on controlling the controllables: focusing on our customers, driving efficiency in our operations, and improving the underlying profitability of the business. The numbers reported for FY25 represent an excellent result in difficult conditions, delivering growth on our bottom line despite £33m of inflationary headwinds.”
“In Retail, our services-led, specialist proposition resonated well with customers and resulted in LfL [like-for-like] sales growth of 2.1% compared to the previous period, with total Revenue reaching £1,004.9m,” she wrote.
