Halfords was back on track today after the so-called "Wiggins effect" helped lead a return to sales growth for the struggling retailer.

Hours after unveiling a new chief executive in former Pets At Home boss Matt Davies, the company revealed a 4.6% increase in retail sales in the 13 week period to September 28, compared to a 7.5% drop in the first quarter.

The rebound was driven by a 14.7% surge in cycling sales, which the business put down to better weather and the British success in the Tour de France and Olympics from the likes of Bradley Wiggins, Sir Chris Hoy and Lizzie Armitstead.

Halfords said it expected pre-tax profits for the first half of the year to be £40m to £42m, nearly 20% higher than City forecasts, while full year profits are expected to be at the top end of previous guidance of £66m to £70m.