Halfords has reported a pre-tax profits increase of 72 per cent for its latest financial year.

The retailer’s profits skyrocketed to £96.3 million, up from £40.4 million in the previous year.

The company saw total retail sales rise by 12.4 per cent – driven largely by a 54 per cent increase in the sales of bikes.

Halfords also experienced a significant surge in the sale of electric scooters and bikes, which were up by 94 per cent.

The company said that it is aiming to become the “market leader in electric mobility services,” and revealed plans to have more than 2,000 store and garage employees trained to service electric vehicles, bikes, and scooters by the beginning of next year.

But the company warned that it is facing supply challenges for cycling products, which it said remain “acute.”

“It was a year in which Halfords' transformation into a service-led business was rapidly accelerated, and we were particularly pleased to achieve a record revenue performance in the strategically important area of Motoring services,” said Graham Stapleton, chief executive, Halfords. “We have continued to increase our scale and capacity in this area and customers can now receive our services at almost 800 fixed locations, or at home from one of our 143 mobile expert vans.”

Stapleton added: “We have also continued to lead the transition to an electric vehicle future by investing in training and technology. By the end of the current financial year, we will have trained more than 2,000 of our store and garage colleagues to service electric cars, bikes and scooters.”

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