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    HFD   GB00B012TP20

HALFORDS GROUP PLC

(HFD)
  Report
Delayed Quote. Delayed London Stock Exchange - 09/24 11:35:17 am
303.6 GBX   -0.33%
09/21HALFORDS GROUP PLC : Director/PDMR shareholding -2-
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09/21HALFORDS GROUP PLC : Director/PDMR shareholding
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09/09HALFORDS : AGM voting results 2021
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Halfords Group PLC : Annual Financial Report

07/29/2021 | 02:11am EDT
Halfords Group PLC (HFD) 
Halfords Group PLC: Annual Financial Report 
29-Jul-2021 / 07:10 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Halfords Group plc 
 
Annual Report and Accounts for period ended 2 April 2021 
including the Notice of Annual General Meeting ("AGM") - convened for 8 September 2021 
 
The Company announces that the Annual Report and Accounts for the period ended 2 April 2021 and Notice of Annual 
General meeting of the Company, have been posted or otherwise made available to shareholders and published on its 
website www.halfordscompany.com. 
 
The Company's 2021 AGM will be held at Halfords Group plc, Support Centre, Icknield Street Drive, Washford West, 
Redditch, B98 0DE on Wednesday 8 September commencing at 3:00pm. 
 
As detailed in the Notice of AGM, in light of the ongoing coronavirus pandemic and current government guidance, it is 
expected that the 2021 AGM will be held in a streamlined manner similar to last year. The health and well-being of our 
colleagues, shareholders and the wider community in which the Company operates is, and will continue to be, of 
paramount importance to us. As the social distancing requirements have now been lifted in England, the Board is 
optimistic that shareholders will be able to attend the AGM in person. However due to the uncertainty with regards to 
the coronavirus pandemic there is still a possibility that the UK Government's restrictions and/or guidance on indoor 
public gatherings are reinstated prior to the AGM, because of this the Board recommends to shareholders that they cast 
their votes through the use of a proxy. Details of how to do this can be found in the Notice of AGM. 
 
The Board is committed to ensuring that shareholders can exercise their right to ask questions. Shareholders will be 
able to submit questions to the Directors in advance of the AGM via email to the Company Secretary 
(tim.ogorman@halfords.co.uk). Written answers to all questions received will be sent directly to shareholders by email 
and answers to frequently asked questions will, to the fullest extent practicable, be published on the Company's 
website ahead of the meeting or, to the extent that has not been possible, will be addressed at the meeting itself. 
 
In accordance with Listing Rule 9.6.1, a copy of the Annual Report and Accounts and the Notice of Annual General 
Meeting of the Company have been uploaded to the National Storage Mechanism and will be available for viewing shortly 
at  https://data.fca.org.uk/#/nsm/nationalstoragemechanism 
 
 
Tim O'Gorman 
Company Secretary 
Halfords Group plc 
 
The Appendix to this announcement is a supplement to our preliminary statement of Financial Results made on 17 June 
2021 (the "Final Results Announcement"). It contains the information required pursuant to Disclosure Guidance and 
Transparency Rule 6.3.5 that is in addition to the information communicated in the Final Results Announcement and 
should be read together with the Final Results Announcement. This information is not a substitute for reading the full 
Annual Report and Accounts for the year ended 2 April 2021. 
 
Appendix 
 
The Chief Financial Officer's Report in the preliminary statement of the Final Results Announcement issued on 17 June 
2021 includes a commentary on the principal commercial and financial risks and uncertainties to achieving the Group's 
objectives. 
 
Further details of other principal risks and uncertainties relating to the Halfords Group are set out on pages 66 to 72 
of the 2021 Annual Report and Accounts. Specific financial risks (e.g. credit risk, foreign currency) are detailed in 
note 22 to the Financial Statements on pages 181 to 185 of the 2021 Annual Report and Accounts. 
 
The following is extracted in full and unedited form from the 2021 Annual Report and Accounts. 
 
 
Our Principal Risks and Uncertainties 
 
Capability and Capacity to Effect Change 
If we do not have sufficient capacity and capability (in terms of our people, processes, and systems) to successfully 
implement the changes necessary across the business, we will not realise the expected benefits of our strategy and the 
business will not be sustainable. 
 
Current Mitigation                                                               Focus in 2022 
                                                                                 * Continue to align our Transformation 
                                                                                 Plan with the key objectives of our 
* The appointment of a Transformation Director and a strengthened team with      corporate strategy 
emphasis on project management enabled progress to be maintained during a 
challenging period for capital investment. The successful acquisition of The 
Universal Tyre Company (Deptford) Limited ("Universal") in March 2021 
demonstrated our intent and ability to grow our services business.               * Closely monitor progress on 
                                                                                 individual programmes, realigning 
                                                                                 resources where necessary. 
* The continued advancement of our change programme is managed through a 
Transformation Board, providing the necessary governance for delivery of the 
strategy. The Transformation Board ensures there is a robust approval process    * Specifically, within the technology 
for each project, allocates resource and monitors progress. Project managers are and digital teams, address operating 
in place within the business                                                     model shortcomings to enable faster 
to whom projects can be assigned and this has been supplemented by specialist    execution. 
resource to boost capability. In affecting change, Halfords is requiring all 
contributing colleagues to observe the principles of 
Responsible, Accountable, Consulted, and Informed ("RACI").                      * Complete organisational design 
                                                                                 changes to align with the strategic 
                                                                                 focus of the business. 

Stakeholder Support

If we fail to maintain stakeholder confidence in our strategy, they may withdraw their support.

Current Mitigation                                                                     Focus in 2022 
                                                                                       * Maintain progress on the 
                                                                                       delivery of our strategic 
* Throughout the year, we demonstrated progress in the execution of our strategy,      objectives. 
building confidence in external and internal stakeholders. Our share price responded 
positively, Customer NPS improved, and our internal engagement scores remained high 
despite the disruption caused by COVID-19 
                                                                                       * Address colleague engagement 
                                                                                       challenges through a regular 
                                                                                       cycle of survey and review 
* Engagement continued throughout the year with customers, investors, and colleagues, 
keeping them informed of progress against our strategic plans, changing customer 
propositions as well as the challenges presented by the pandemic 
                                                                                       * Proactive investor relations 
                                                                                       programme of events and 
                                                                                       communication. 

Value Proposition

Customers are not persuaded by our value proposition and we lose market share to online retailers and discounters. Purely competing on price leads to a diminution of financial returns.

Current Mitigation                                                              Focus in 2022 
* To differentiate ourselves in a competitive retail market, our vision is to 
consolidate Halfords as a super specialist in motoring and cycling. Our 
strategy emphasises the importance of creating value for the customer by        * Launch of a Halfords Motoring loyalty 
delivering services alongside the sale of a product. Progress continued through programme, designed to reward loyal 
the development of new services and greater accessibility through the growth of customers and inspire a greater 
our Cycle-to-Work programme, financial products, and Halfords Mobile Expert     proportion to shop across the Group. 
business. 
 
 
                                                                                * Further investment in pricing of 
* Optimisation of our Group website with payment online functionality was       motoring products to deliver greater 
further enhanced by investment in our fulfilment proposition and enablement of  value for customers. 
cross-shop opportunities, aligned with more targeted promotions, designed to 
appeal to customers. 

Brand Appeal and Market Share

(MORE TO FOLLOW) Dow Jones Newswires

July 29, 2021 02:10 ET (06:10 GMT)

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Analyst Recommendations on HALFORDS GROUP PLC
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Financials
Sales 2022 1 289 M 1 763 M 1 763 M
Net income 2022 62,6 M 85,6 M 85,6 M
Net cash 2022 58,9 M 80,5 M 80,5 M
P/E ratio 2022 10,1x
Yield 2022 2,97%
Capitalization 600 M 820 M 820 M
EV / Sales 2022 0,42x
EV / Sales 2023 0,39x
Nbr of Employees 11 286
Free-Float 98,7%
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Mean consensus BUY
Number of Analysts 6
Last Close Price 303,60 GBX
Average target price 460,00 GBX
Spread / Average Target 51,5%
EPS Revisions
Managers and Directors
Graham Barry Stapleton Chief Executive Officer & Director
Loraine Woodhouse Chief Financial Officer & Director
Keith Williams Non-Executive Chairman
Neil Holden Chief Information Officer
Andrew John Randall Group Chief Operating Officer
Sector and Competitors