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, the Italian manufacturer of electric motors and generators, 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.
Piller is a world leader in power protection technology. The company builds electrical systems for mission-critical applications worldwide. Clients include many of the world's central and commercial banks, stock exchanges and other financial institutions, as well as broadcasters, airports, telecommunications networks, government departments and co-location operators.
Founded by the German engineer Anton Piller in 1909, more than a century on Piller is still headquartered and produces in Osterode and nearby Bilshausen, although today the company has subsidiaries across Europe, the Americas, Asia and Australia and today employs approaching 1000 people worldwide. In November 2016, Piller Power Systems Inc, the US subsidiary of Piller Group GmbH, acquired the assets and business of Active Power Inc, the US kinetic energy storage specialist.
Piller is a division of the UK engineering and industrial group, Langley Holdings plc.