Langley Holdings plc, the diverse engineering and industrial group, has today published its IFRS Annual Report & Accounts for 2021.
In the year to 31 December, the group reported a profit before tax (PBT) of €128.2 million. Revenues for the period were €814.6 million. Consolidated cash at the year end stood at €291.0 million and net assets at €835.7 million.
Download: Key Highlights & Chairman’s Review 2021
Download: Full IFRS Annual Report & Accounts 2021
The group reported that on 31 December it had acquired Norwegian engine builder, Bergen Engines AS, together with overseas subsidiaries, from Rolls-Royce plc for €91 million in cash.
In his Chairman’s Review of the business, Mr Tony Langley said that order intake had reached “record levels across the group” and that [the] “acquisition of Bergen Engines from Rolls-Royce represents a seminal moment…”
Bergen Engines, which builds large gas and liquid fuelled engines for marine and land-based power generation applications, is to become “… a central pillar of the group’s net zero strategy”.
Bergen Engines will become the core of a newly formed Power Solutions Division that will pursue opportunities in the rapidly developing microgrid sector, along with Piller Power Systems, the group’s German power stabilisation specialist and; Marelli Motori, the Italian electric motors and generators producer.
Orders on hand increased significantly during 2021 culminating in a backlog of almost €800 million at the year-end.
Langley is expecting a “step change” in 2022 with revenues reaching €1.3 billion, of which €600 million from Power Solutions, €400 million from Print Technologies and €300 million from the Other Industrials divisions.
About Langley Holdings
Langley Holdings plc is a privately owned UK based engineering and industrial manufacturing group, principally producing capital equipment to diverse markets worldwide.
Langley businesses are either outright market leaders, or occupy strong niche positions in their respective fields, providing advanced technologies in a solutions-based approach. The group operates in three principal areas :
– Power Solutions
– Print Technologies
– Other Industrials
The group’s operations are based in Germany, Italy, France the UK and Norway, with 18 production facilities in Europe, the UK and the USA and a global manufacturing footprint of over 1,000,000 sq.m. (11,000,000 sq.ft.)
The group more has more than 90 sales and service subsidiaries worldwide and employs around 5,400 people. Revenues for 2022 are expected to be circa. €1.3 billion.
The group was established in 1975 by the current Chairman & CEO, Mr Anthony Langley and remains entirely in family ownership.