DJ Annual Financial Report
Halfords Group PLC (HFD)
Annual Financial Report
04-Aug-2020 / 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 3 April 2020
including the Notice of Annual General Meeting ("AGM") - convened for 15
September 2020
The Company announces that the Annual Report and Accounts for the period
ended 3 April 2020 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 [1].
The Company's 2020 Annual General Meeting will be held at Halfords Group
plc, Support Centre, Icknield Street Drive, Washford West, Redditch, B98 0DE
on Tuesday 15 September 2020, commencing at 11:30 am.
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
submitted to the UK Listing Authority, and will shortly be available for
inspection via the National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism [2]
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 7 July 2020 (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.
Appendix
The Chief Financial Officer's Report in the preliminary statement of the
Final Results Announcement issued on 7 July 2020 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 68 to 78 of the 2020 Annual Report and
Accounts. Specific financial risks (e.g. liquidity, foreign currency) are
detailed in note 22 to the Financial Statements on pages 182 to 186 of the
2020 Annual Report and Accounts.
The following is extracted in full and unedited form from the 2020 Annual
Report and Accounts.
Risk Title Risk Current Focus in 2020
Description Mitigation Priorities in
2021
Strategy
Capability and If we do not Strategic
capacity to have priorities have
effect sufficient been clearly
significant capacity and defined - Accelerated
levels of capability (in following an growth in our
business change terms of our in-depth motoring
people, strategic services
processes and review, business.
systems) to supported by
(no change) successfully comprehensive
implement the customer,
changes colleague,
necessary market and
across the competitor - Specialist
business, we research and resource
will not with powerful brought in to
realise the insights from boost existing
expected our Single capability.
benefits of Customer View.
our strategy
and the
business will
not be A Transformation
sustainable. Board provides - Robust
governance over business case
the change template and
programme Capital
necessary for allocation
the delivery of model
the Strategy. developed.
The Board
ensures there is
a robust
approval process
for each
project, - New
allocates capability from
resource and IT restructure.
monitors
progress.
Project Managers - Annual
are in place strategic plan
within the 'refresh' to
business to whom involve review
projects can be of progress to
assigned and date and pivot
this has been for COVID-19
supplemented by opportunities
specialist and threats.
resource to
boost
capability. In
effecting
change, Halfords - Focus on Free
is requiring all Cash Flow to
contributing maintain
colleagues to sufficient
observe the capital for
principles of investment.
Responsible,
Accountable,
Consulted and
Informed
("RACI").
COVID-19
In response to
COVID-19 we have
adapted the
short-term
strategic plan
to focus on
those activities
that either
respond to
emerging
customer trends,
such as the
significant
shift to digital
channels, or
improve the
long-term health
of the business,
such as
colleague
engagement and
fixed cost
reduction. This
level of focus
will ensure we
utilise our
resources on the
most important
programmes only
in the year
ahead, with the
objective of
further
strengthening
the business
foundations
before embarking
on some of the
more
transformative,
and capital
intensive,
aspects of the
plan.
Stakeholder If we fail to Progress against
support and secure and our strategic
confidence in maintain our objectives is
strategy stakeholders' shared with - Series of
(investors, colleagues on a conferences
suppliers, weekly and relaying
colleagues) monthly basis strategy to our
(decrease) support for through team colleagues and
our strategy, huddles and they suppliers.
they may lose also receive a
confidence in weekly blog from
the business the CEO and a
and withdraw monthly
their newsletter.
resources. Quarterly - Presentation
updates with Q&A of accelerated
are given by our services
CEO, live strategy to
streamed to all investment
distribution community
centres, stores
and autocentres.
Throughout the - Colleagues
year we engaged and
with our shareholders.
suppliers,
keeping them
informed of our
strategic plans
as key partners
and listening to - Revised
their insights internal
and observations communications
to enhance our strategy.
working
relationship.
We maintain - Replaced
regular contact financial PR
(MORE TO FOLLOW) Dow Jones Newswires
August 04, 2020 02:10 ET (06:10 GMT)
with key advisors.
investors via a
series of
written
communications,
roadshows and
regular - Launch new
one-to-one 'Investment
meetings. Case' to the
analyst and
investor
community.
COVID-19
The Board holds
regular meetings - Communicate
with to all
shareholders and stakeholders
their our 'fast
representatives. start' FY21
Recent investment
discussions have plans and
focused on the guidance on the
impact of impact of
COVID-19 on our COVID-19.
strategic
ambitions and
the
opportunities
and risks this
creates for the
Group in the
short and
long-term.
Brand appeal and If we continue Our brand
market share to lose brand purpose is to
relevance, we "Inspire and
will be unable Support a - A new digital
to maintain Lifetime of web platform
(no change) and grow our motoring and offering
customer base cycling". Our seamless access
and build focus on to the brands'
market share. ensuring services and
relevance is products.
centred around
having a
proposition that
meets the needs
and wants of our
customers and - Enhancing our
ensuring that services
they are aware proposition and
of our offer. awareness with
a greater
emphasis on
serving the
During the year growth in
we enabled electrification
greater .
awareness of our
Group
proposition
through the
launch of our
newly integrated - Reaching new
digital platform audiences
providing through our
customers with partnerships,
seamless access marketing
to all our activity and
brands. Giving channel
customers optimisation.
improved
accessibility to
services that
they may not
previously have
known we - Development
provided was of our customer
further strategy to
supported by the adapt and
flexibility optimise the
afforded by our experience
financial across all
services touch points.
offering through
all channels.
As the - Grow momentum
pre-eminent in our Group
voice of the services offer
cycling and and enhance our
motor services convenience
sector, we have with
lobbied improvements to
Government on our delivery
expediting proposition.
E-scooter
trials,
expansion of the - As we emerge
Cycle-to-Work from lockdown,
scheme and more continue our PR
recently the momentum and
COVID-19 related social
MOT extension. engagement,
We also take a building an
lead on product industry voice
innovation, as a customer
investing in new champion and
E-mobility and keeping the
providing nation moving.
servicing for
hybrid vehicles,
serving the
growth in
electrification.
We have
significantly
improved our
social
engagement this
year, seen a
greater mix of
new customers as
well as more
female customers
and a younger
audience with
our proposition
enhancements and
marketing
investments.
Our HME
expansion has
added strength
to our
convenience
credentials as
has our emerging
built bikes to
door initiative.
COVID-19
Status as an
essential
retailer is a
responsibility
we have taken
seriously and
one which our
colleagues have
embraced with
pride.
'Essential'
status has
allowed us to
promote
awareness of our
services
offering whilst
serving the
nation and key
workers during
the crisis.
A GBP2 billion
pound package
provided by the
Government as
part of its
cycling and
walking
investment
strategy was
announced in
May. We
anticipate high
demand for the
'fix your bike'
voucher scheme,
having
experienced
significant
growth in our
cycle repair
business over
the period.
Value Customers are To differentiate
Proposition not persuaded ourselves in a
by our value competitive
proposition retail market - Additional
and we lose our vision is to services
(new) market share consolidate capacity via
to online Halfords as a the acquisition
retailers and super-specialist of McConechy's
discounters. in motoring and and Tyres on
Purely cycling. Our the Drive.
(MORE TO FOLLOW) Dow Jones Newswires
August 04, 2020 02:10 ET (06:10 GMT)
© 2020 Dow Jones News
