Another Record Year for Langley Holdings
2017 Annual Report & Accounts published today
Retford, 8th February 2018
Langley Holdings, the diverse engineering and industrial group, today published its IFRS Annual Report & Accounts for the year ended 31 December, 2017.
The group’s chairman, Tony Langley, said in his review of the business that 2017 had been “...another remarkably successful year” with underlying profits before tax up by 7% on the previous year, making 2017 another record year for the group.
The reported profit before tax for 2017 was €111.8 million versus €122.7 million in 2016. However, adjusting for currency effects when translating the group’s cash to euro values at the year ends, 2016 was €113.1 million versus €120.8 million for 2017
Revenues were almost flat at €903.5 million (2016: €900.9 million) The group’s Piller and ARO divisions both recorded record revenue and profit years, but Claudius Peters missed its target and Manroland, although profitable and having returned the group’s investment in the printing machine builder, was “below par’ with its contribution.
Other Businesses performed profitably, in line with expectations and Langley announced that the group is partnering Sir Ben Ainslie’s Land Rover BAR challenge for the 36th Americas Cup.
The group made one small acquisition during the period and Active Power, acquired in November 2016, made a profit for the first time since the former NASDAQ businesses’s IPO in 2001.
In his concluding remarks, Langley says that the group is continuing to seek out further acquisition opportunities to develop the group further for the long term.
To download Key Highlights and Chairman’s Review, click here
To download the full IFRS Annual Annual Report & Accounts 2017, click here
About Langley Holdings
Langley Holdings plc is a diverse, privately owned engineering and industrial group based in the UK. The group comprises 5 operating divisions, based principally in Germany, France and the United Kingdom, with a substantial presence in the United States and more than 80 subsidiaries worldwide. The operating divisions produce equipment ranging from electrical systems for data centres and machinery for cement and steel plants, to food packaging lines, automotive welding equipment and printing presses. The group was founded in 1975 by the current Chairman and sole shareholder, Tony Langley, the group had annual revenues of circa $1 billion and employs around 4,300 people worldwide.