Business News

Langley publishes 2015 results

Thursday 18. February 2016 - Langley Holdings plc, the diverse engineering and industrial group, today published its IFRS Annual Report & Accounts for the year ended 31 December, 2015. The group reported a pre-tax profit of €106.7 million on revenues of €874.5 million. The group had nil debt and almost €330 million of cash reserves at the year end. Tony Langley said in his Chairman's Review that 2015 had been a "significant milestone" for a number of reasons.

Manroland Sheetfed, the largest of the group’s five divisions in revenue and employee terms, was in positive territory for the fourth year in succession, since acquiring the printing press builder in early 2012. But it was Piller, the electrical systems for data centres producer and ARO, the automobile welding machinery market leader, that were the principal drivers of the 2015 result, both posting near record profits. Claudius Peters, the group’s plant machinery builder, was in line with modest expectations due to widely sluggish cement and steel markets. Druck Chemie, the chemicals producer, which completed its first full year in the group, and Bradman Lake, the packaging machinery specialist, both reported ‘satisfactory’ results, as did the Other Businesses division as a whole.
In his concluding Chairman’s remarks, Langley acknowledged the contribution made by the group’s near 4,300 employees, commenting that the outstanding performance is ‘no accident’. With opening order books totaling €300 million, he expects 2016 will be another successful year and says that the group will continue to search out new acquisition opportunities.