Langley positive on interims

By Hannah Jordan, Friday 28 July 2017

Be the first to comment

Manroland Sheetfed parent company Langley Holdings has said group performance was, on the whole, satisfactory although its press manufacturing operation was slightly behind target at the half year.

manroland-300-1

Langley: "Both trading for the first six months and the outlook for the full year, are very positive."

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. 

Share this

Related headlines

Langley posts record results on fifth anniversary of Manroland purchase
15 February 2017

Manroland Sheetfed owner Langley Holdings has posted improved annual results, with its chairman Tony...

Langley posts strong interims
24 August 2016

Manroland Sheetfed owner Langley Holdings has said it is confident of a “remarkably strong year” as signings...

Langley confident on prospects
10 August 2015

Manroland Sheetfed’s factory is “fully loaded” into next year following a boost in orders during the...

Manroland Sheetfed makes profit for Langley Holdings despite sales fall
05 February 2015

Manroland Sheetfed owner Langley Holdings has reported that the division increased its contribution to...

This Issue

Latest comments