September 27, 2018 / 6:25 AM / in 19 days

UK's Halfords to step-up investment in new strategy

LONDON, Sept 27 (Reuters) - British bicycles-to-car-parts retailer Halfords said it would accelerate investment as it unveiled a new strategy to become a more differentiated, service-led specialist business.

In an update published ahead of its Capital Markets Event, Halfords said capital expenditure would increase from the prevailing guidance of about 40 million pounds ($52.5 million)per year to up to 60 million pounds a year over the medium term, with a step-up in investment in stores, garages, and digital platforms.

The group, which will also seek to cut costs and gain efficiencies, forecast full-year 2020 pretax profit flat on full-year 2019 with mid-single-digit percentage annual growth anticipated thereafter as the plans take effect. ($1 = 0.7617 pounds) (Reporting by James Davey; editing by Sarah Young)

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