Halfords (LON:HFD) shares plunged over 10 percent on Tuesday morning, after the group announced profit would be flat for the full year.

The group posted figures in line with full year numbers, with total group revenue up 3.7 percent and 2 percent on a like-for-like basis.

Underlying pre-tax profit came in at £71.6 million, down £3.8 million year-on-year. The group had to absorb around £25 million of additional cost of sales as a result of the weaker pound.

Halfords also announced the appointment of former British Airways boss Keith Williams to replace Dennis Millard, who is retiring after nine years in the role of chairman.

“We anticipate the motoring market will remain robust and continue to see good growth prospects for the cycling market although we do not expect prices to rise in cycling this year as in the previous year,” the group said.

“Given this, the phasing of our remaining FX mitigation actions and decisions to accelerate investment in services and customer capabilities, we currently anticipate FY19 Underlying Profit Before Tax to be broadly in line with FY18.”

Shares in Halfords are currently down 10.28 percent at 348.10 (0910GMT).