Profits at Halfords, the car parts and bicycle retailer, rose 11 per cent last year on the back of a surge in cycle sales as customers were reluctant to pay high fuel prices and have became more environmentally aware.
The group also plans to open branches in Eastern Europe, where potential growth is stronger than in Britain.
The company said that sales climbed 7.2 per cent to £797.4 million with a 4.3 per cent increase at stores that have been open at least a year. Net income rose from £57.4 million to £64 million in the year ended March 28.
The retailer reported strong growth in all its businesses, including car maintenance, car enhancement and leisure. Nick Wharton, the joint acting managing director, said that