In the six months to 30 June 2017 the group’s five divisions posted combined revenues of €422.6m (£378m, H1 2016: €417.1m) with pre-tax profit down on the same period last year at €45.7m (2016: €48.9m). Operating profit was €3m less than at the same point last year at €45m.
Forecasts for the full year indicate revenues marginally up on last year at €967.5m (2016: €900.9m) while pre-tax profit is expected to reach €115.7m (2016: €122.7m). In his review, chairman Tony Langley attributed the variance in figures largely to currency fluctuations.
Net assets were €606.3m (H1 2016: €539.6m) and cash was €297.3m (2016: €239.2m).
In the divisions, performance from press manufacturer Manroland was reported to be “a little behind plan” in the first half of the year with order intake down although an improvement is anticipated in Q3 and full-year profits are expected to top last year's.
German power protection subsidiary Piller performed strongly for the group, with US-based kinetic energy storage device manufacturer Active Power, acquired and merged into the division in November 2016, providing a positive contribution.
The group’s French car welding machine producer ARO continued to exceed targets and is expected to achieve record full-year results.
In February, Langley secured a new 3,700sqm premises for Bristol-based packaging machinery operation Bradman Lake, part of the groups Other Businesses division, which performed well in H1. Meanwhile new management at Brandman’s US subsidiary reaped rewards, with the company “already back on track”, Langley said. Also in the division German print consumables firm Druck Chemie, acquired by Langley Holdings in 2014, performed steadily in the six months to 30 June and is reportedly on the way to producing ROI for the business.
Conditions were challenging for Langley’s German plant machinery builder and aerospace components manufacturing division Claudius Peters, during H1 2017, although it remained profitable, according to Langley's review.
He said: “Both the trading for the first six months and the outlook for the full year, are very positive. The group continues to generate cash and has a healthy surplus over working capital requirements available for further development, as and when suitable opportunities occur.”
Langley said that during the period efforts continued in the search for further acquisition opportunities, in Europe and the US, to expand the business although no deals had so far been reached.
Langley Holdings is a privately-owned engineering and industrial group based in the UK and operating in several industry sectors. Its principal operating divisions are in Germany and France and it has than 80 subsidiaries worldwide.
It employs around 4,300 people globally.