Halfords is the UK’s leading provider of motoring and cycling products and services.
Halfords' Integrated Report showcased how the company creates value for stakeholders, alongside transparency over their integrated thinking and how their strategy is interwoven throughout.
In 2018, Halfords laid out their strategy ‘To Inspire and Support a Lifetime of motoring and cycling’.
This emphasised the importance of product differentiation, the value of unique and convenient services and the need to build long-term relationships with their customers.
The 2021 Annual Report was an important document as it outlined the viability of their business and the investment proposition. They wanted to highlight both the market tailwinds and post-COVID-19 benefits.
The business already had a core focus on promoting healthy lifestyles, helping to tackle climate change and supporting the move to electric modes of transport. Halfords wanted to be progressive and transparent about their ‘integrated thinking’ and ESG focus.
Overall, the report was looking to build continued trust with stakeholder groups, communicating that the medium to long-term value proposition was still very strong and growing, despite navigating what are uncertain times.
The project started around the release of Halfords' half-year results by gathering stakeholders’ viewpoints and key questions, helping to form the structure of this years’ report.
A comprehensive Best Practice review was completed to improve technical elements of the report.
This is Halfords' seventh integrated report, and it was designed to provide a concise overview of how the Group generates value for all stakeholders. This included a dedicated ESG section, linking the responsible actions of the business to its three core strategic pillars, showing a fully integrated approach to the way Halfords runs its businesses.
The plan was to create a story that communicated a year of continued progress and momentum, keeping the UK moving during the pandemic and building a sustainable future by inspiring and supporting a lifetime of motoring and cycling. Their current strategy of Inspire, Support, and Lifetime, was woven throughout the whole of the report.
Halfords key business strengths and their investment case are articulated to provide stakeholder confidence. This is supported by their Group at a Glance section, which outlines Halfords unique combination of assets and capabilities that create a market-leading customer proposition and their strengths in the motoring and cycling categories.
The marketplace section has been designed to evidence the short, medium and long-term trends and how Halfords are uniquely positioned to benefit from these. Their business model explains Halfords' capabilities, their resources and the strength of their partnerships, and illustrates how they create long-term value for their stakeholders, cleverly linking to the Halfords ESG story woven throughout the report.
Additionally, a dedicated ESG section links the responsible actions of the business to its three core strategic pillars, not only showcasing their integrated approach, but also indicating how each is interlinked. This is all supported with key statistics and case studies of their progress.
The overall report has an integrated feel and presents the business case well. There is an upfront investment proposition section that clarifies the main ‘reasons to invest’.
The report communicates how the culture of the organisation and being purpose driven is supporting their strategy and helping achieve its mission and vision.
The design is eye-catching, on brand and contains engaging graphics. Powerful lifestyle, product and service photography is used. Good use of colour coding, navigation and signposting makes the report easy to read.