Halfords once again issues profit warning following 'significant market deterioration' within cycling

The UK's biggest bike retailer has reduced its forecasts once more after "weakening" customer demand

(Image credit: Getty Images)

The UK's biggest bike retailer, Halfords, has once again scaled back its profit forecasts, with the company describing the cycling market as "challenging" and experiencing "significant market deterioration."

In a release published on Wednesday morning, it said it expects profit before tax for the full year to be in the range of £35m to £40m, down from £48 million to £53 million in November, which had already been reduced in turn. Volume in the cycling market fell year-on-year by 8%.

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