UK's Halfords says revenue rises on robust demand for car services

(Reuters) -British bicycle and car products retailer Halfords Group on Wednesday reported a 14% rise in revenue for the 20-week period ended Aug. 18, supported by strong demand for its services at its garages across the country.

The company, which is the UK's biggest provider of motoring services and products, forecast its annual underlying pretax profit to be between 48 million pounds ($60.36 million) and 58 million pounds, slightly higher than last year at the midpoint of that range.

Halfords in June had said it expected profit growth in fiscal 2024, but the lower-end of the forecast range given on Wednesday implies a roughly 7% fall in profit.

Analysts currently expect profit to come in between 51 million pounds and 57.7 million pounds, according to a company-compiled consensus.

The over 130-year-old company, which has retail stores, garages, mobile vans and home delivery services, said demand for discretionary products has been softer in the second quarter, compared with the prior three-month period.

($1 = 0.7952 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips)