Halfords wobbling but profits still rise

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The firm, which also maintains cars and sells gadgets such as satnavs, said revenues edged down from £797.4 million to £794.7 million last year after sales fell by 3.3%.

However, it still reported a 2.4% rise in profits to a record £92.4 million.

It added that business was improving after a shocking autumn and winter.

Sales were down by 1.1% in the first half of the financial year - April to September - but crashed by 8% in the next three months as the bonanza in satnavs collapsed.

They were down 3% in the fourth quarter and Halfords chief executive David Wild today said the firm has enjoyed "a solid start" to the new financial year thanks to the cycling boom.

Halfords sold one million bikes last year, which is a third of all those sold in the UK, from its 438 stores.

Wild said he was concerned about "the fragility of the economy" but was "reasonably optimistic" about Halfords' prospects because of the growing demand for bikes.