Langley Interim Trading Statement
...parent company half year results 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, an Italian manufacturer of electric motors and generators, acquired 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.
Clarke Chapman formerly Rolls Royce Materials Handling division (incorporating Stothert & Pitt, Cowans Sheldon and Wellman Booth) can trace their roots back well over a century. Today Clarke Chapman produces highly specialised handling equipment and support services for the nuclear, steel, rail and other industries. The group operates from strategic locations throughout the UK. Since 2000 the company has been a part of Langley Holdings Plc a diverse, UK based, global engineering group which employs over 4000 people worldwide and annual revenues approaching €1bn.