'Decline in cycling' cited as Halfords profits fall

Store chain sees profits drop 25% year-on-year

Halfords shop front
(Image credit: Getty Images)

Retail chain Halfords has recorded a 25% year-on-year fall in profits, citing a “decline in cycling” as a contributing factor.

In an accounts filing made last week, the company posted a pre-tax profit of £42.7 million in the year to 29 March 2024. The same period the previous year brought profits of £54.8 million.

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Tom Davidson
Senior News and Features Writer

Tom joined Cycling Weekly as a news and features writer in the summer of 2022, having previously contributed as a freelancer. He is fluent in French and Spanish, and holds a master's degree in International Journalism, which he passed with distinction. Since 2020, he has been the host of The TT Podcast, offering race analysis and rider interviews.

An enthusiastic cyclist himself, Tom likes it most when the road goes uphill, and actively seeks out double-figure gradients on his rides. His best result is 28th in a hill-climb competition, albeit out of 40 entrants.