Langley Holdings publishes first half results
Retford, England 30 July 2014.
Langley Holdings plc, the diverse engineering group controlled by British industrialist Tony Langley, has today published its Interim Trading Statement for the six months to 30 June 2014. The group posted a profit before tax (PBT) of €30.8 million on revenues of €347.7 million.
Langley said that the figures, although down on last year's record first half, were in line with expectations and satisfactory. He is expecting a full year PBT around €78 million on revenues just over €800 million. The group posted a full year PBT of €91 million in 2013.
In recent years the Langley group has posted a string of exceptionally strong results as its factories in Germany, France, the UK and the USA produced near to capacity. However, Langley comments in the Interim Statement that he is expecting a slow down although due to managing recent years' peaks with temporary resources, he does not expect to incur significant reorganisation costs.
Manroland, the German printing press builder acquired in 2012, is reported to be trading positively, albeit marginally, for the second year in succession.
The groups two other German divisions, Piller and Claudius Peters, are reported to be in line with targets whilst ARO, the French producer of welding machines for the automotive sector, continues to trade ahead of target. The group's other businesses division was slightly behind plan at the half way but is expected to be in line by the year end.
The group closed the half year with orders in hand of €315 million, net assets of €533 million, €319 million cash and nil debt.