Halfords cycles on

That was helped by a robust performance from the cycling operations - where like-for-like sales raced up 15 per cent as people continued to turn to bikes for health, lifestyle and economic reasons. The group's travel solutions side has also benefited from economic woes as holidaymakers chose to cut costs by taking UK camping breaks instead of going overseas. Halfords is currently selling a family tent pack for just £99.99.

Meanwhile, the group's car maintenance unit managed an impressive 8 per cent like-for-like sales hike. Halfords has also made a push into car servicing and repair after spending £73.2m buying Nationwide Autocentres in February. There's about 20,000 independent garages in the UK, leaving plenty of room to expand Nationwide's 224-strong branch operation. Management hopes that by rebranding the business under the Halfords' better-know banner, earnings there could be doubled in about three years. More deals seem possible with the automotive side likely to remain the focus of such activity.

Still, satnav sales have continued to struggle as that market matures - volumes fell by about 25 per cent in the 12-month period. This business has been under pressure since 2007 but, with a three-year or so lifetime for most satnav devices, it's possible that 2010 could see some sales uplift there.

The group remains focused on costs, too - £10m has been cut since 2009 and there's the possibility of property-related savings as expiring site leases are renegotiated. Broker KBC Peel Hunt expects adjusted pre-tax profit of £136m for 2011, giving adjusted EPS of 46.6p (£116m and 39.6p in 2010).