Retford – 10th February, 2020
Langley Holdings plc, the diverse engineering and industrial group, today published its IFRS Annual Report & Accounts for the year ended 31 December 2019.
In the year to 31 December 2019, the group recorded a profit before tax and non-recurring items of €59.9 million on revenues of €820.2 million.
There were €4.1 million of non-recurring costs in the year associated with the acquisition in May of Marelli Motori, the Italian electric motor and generator producer.
Net assets at the year-end were just over €700 million and consolidated cash around €240 million, after €150 million cash-out for the Marelli Motori acquisition and dividends. The group has nil debt.
In his Chairman’s Review of the business, Mr Tony Langley says although he does not expect a return to the stellar performances of recent years in 2020, he does anticipate another “reasonable performance” and [that] “the group is now poised for the next phase of its development”.
Download Key Highlights & Chairman’s Review 2019 here.
Download full IFRS Annual Report & Accounts 2019 here.
Langley Holdings plc is a globally operating, multi-disciplined engineering and industrial manufacturing concern, principally providing capital equipment technologies to diverse markets around the world.
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 was established in 1975 by the current Chairman, Mr Tony Langley, and remains in family ownership.
In May 2019, Langley acquired Marelli Motori, the Italian motor and generator manufacturer. The group now comprises 6 divisions based in the UK, Germany, France and Italy. The group has a worldwide manufacturing and commercial footprint of several million square feet with production facilities in Germany, France, the UK, Italy, the United States, Malaysia and China and more than 80 sales and service subsidiaries in the Americas, Europe, the Far East and Australasia. The Langley group employs around 5,000 people globally.