Sales at Halfords shifted up a gear in the last quarter of 2020 as the bikes-to-car parts retailer rode a lockdown cycling boom.
Its shares jumped by almost 8 per cent, or 22p, to 299½p after it said that its sales had increased 11.5 per cent in the three months to January 1.
However, the company warned that bike sales were likely to be lower in the next three months of bad weather.
It added that it was still deciding whether to repay the government’s furlough money and would “provide an update when the Covid-19 situation becomes clearer”.
Halfords said that there had been a 35.4 per cent rise in like-for-like cycling sales, below the 49 per cent like-for-like growth in bike sales for the overall financial year so far. “Lockdowns weakened demand and supply chain disruption delayed stock arriving into the business,” it said.