Interim Trading Statement published today
Retford - 31st July, 2019
Langley Holdings plc, the diverse engineering and industrial group, has today published its Interim Trading Statement for the six months to 30 June 2019.
The group reported a profit before tax and non-recurring costs of €24.8 million on revenues of €358.1 million.
Profits before tax for the full year are forecast at €64.9 million on revenues of €905.0 million, after non-recurring costs of €4.7 million associated with the acquisition of Marelli Motori, the Italian manufacturer of electric motors and generators, in May.
Tony Langley, the group’s Chairman, said in his review of the business, that despite overall trading for the first 6 months being down compared to the same period last year, this was to be expected "after several years of successively record profits”.
He goes on to say that the second half is looking more positive, although does not expect a return to previous years’ record performances.
Langley commented that all of the group's operating divisions are performing broadly as expected, and that together with the acquisition of Marelli, the group is “effectively pressing the reset button for the next phase of its development”.
The group closed the half year with orders on hand of €297.3 million, net assets of €649.0 million and a consolidated cash balance of €228.7 million.
Langley Holdings plc (Langley) is a globally operating, multi-disciplined engineering and industrial manufacturing concern, principally providing capital equipment technologies to diverse markets around the world. Langley businesses are either outright market leaders or occupy strong niche positions in their respective fields, providing advanced technologies in a solutions based approach.
The group was established in 1975 by the current Chairman, Mr Tony Langley, and remains in family ownership.
In May 2019, Langley acquired Marelli Motori, the Italian motor and generator manufacturer. The group now comprises 6 divisions based in the UK, Germany, France and Italy.
The group has a worldwide manufacturing and commercial footprint of several million square feet with production facilities in Germany, France, the UK, Italy, the United States, Malaysia and China and more than 80 sales and service subsidiaries across Europe, the Americas, the Far East and Australasia.