Last updateWed, 20 Jun 2018 4am

Another Record Year for Langley Holdings

Langley Holdings, the diverse engineering and industrial group,  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.

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