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.
The DC Druck Chemie group is a manufacturer and supplier of speciality chemicals, consumables and support services for the printing and graphic arts industries. Druck Chemie was founded in 1971 in the Swabian town of Ammerbuch, near Stuttgart, with eight products, two employees and one lorry. The first German branch offices came into being in 1978 in Gaimersheim; in 1982 in Hofheim and in 1987 the first international branch office opened in Switzerland. Today DruckChemie has facilities in 10 European locations as well as Brazil and Mexico, offering over 4,000 different products to more that 7,000 customers.
In November 2014, Druck Chemie was acquired by Langley Holdings plc, a British-owned multi-disciplined engineering concern serving a diverse range of markets worldwide.