Langley Holdings (Retford, UK), the diverse engineering and industrial group that owns German press manufacturer Manroland Sheetfed, has published its Interim Trading Statement for the six months ending June 30, 2020. The group reported a profit before tax for the period of €3.9 million on revenues of €370.4 million, compared with €24.3 million for the same period last year. In the year to December 31, 2019, the group posted a profit before tax of €55.8 million and is forecasting €20.03 million this year, after non-recurring costs of €3.0 million associated with the discontinuation of manufacturing activities in Malaysia.
Tony Langley, the group’s Chairman & CEO, said in his half-year review of the business that the Coronavirus pandemic was having a “significant effect” – although the group’s businesses are “on the whole, managing the crisis well.” He concluded that “considering the extraordinary circumstances” he’s satisfied with the results to June 30, and considers the forecast for the full year prudent. The group closed the half-year with net assets of €683.2 million and a consolidated cash balance of €267.3 million, up about €30 million for the period. Most importantly, the group has no current debts.
Langley Holdings is a globally operating, multi-disciplined engineering and industrial manufacturing company that primarily provides capital equipment technologies to diverse markets around the world. The group comprises six divisions based in the UK, Germany, France and Italy, and has a worldwide manufacturing and a commercial footprint of several million square feet with a total of 17 production facilities across Germany, France, Italy, UK, the United States and Asia. The company also has over 80 sales and service subsidiaries across Europe, the Americas, the Far East and Australasia. The group was established in 1975 by Tony Langley, the current Chairman & CEO, and remains as a family-owned company.