Bike sales pedal Halfords profit

Halfords is the UK's biggest seller of bicycles

Halfords has seen a 5.5% rise in same store sales, boosted by the growing popularity of its bicycle range and camping equipment.

Giving a trading update for the six months to 28 September, the increase in like-for-like sales was at the top end of market expectations.

Despite the impact of higher interest rates and wet weather, Halfords it remained "confident" going forward.

Halfords sells one in three of all bikes bought in the UK.

The firm, which also specialises in car accessories, has 428 stores across the UK and Republic of Ireland.

Formerly part of chemist group Boots, Halfords was bought by private equity group CVC Capital Partners in 2002, before being floated on the stock exchange in 2004.