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Halfords share price surges after cycling and motoring combine to drive higher profits

The share price of Halfords (LON: HFD) surged by nearly 20 percent in early trading after it revealed it expects strong first half profits.

The motoring and cycling provider revealed that first half profits are expected to be more than £55m.

This has largely been due to sustained performance in cycling but also the return of growth in its motoring division.

Cycling like-for-like sales growth for the five weeks to 25 September was up 46 percent.

Likewise, its autocentres business shown good growth of 18% and motoring in its retail business business improved 7.5% on a like-for-like basis.

Following stronger than expected trading during the 5 weeks to September 25, the group is now expecting first half profits before tax to be more than £55m.

However it warned that there is uncertainty ahead with the impact of a second wave of COVID-19 and the impact on spending due to the furlough scheme ending as well as Brexit uncertainty.

The share price of Halfords is currently at trading at 216p.

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