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.
About Active Power
Active Power designs and manufactures flywheel uninterruptible power supply (UPS) systems, modular infrastructure solutions (MIS), and energy storage products for mission critical applications worldwide from its headquarters and manufacturing plant in Austin, Texas. The company was founded in 1996 and became public in 2001(NASDAQ listed); until acquired in November 2016 by Piller Power Systems Inc, the US subsidiary of Piller Group GmbH. Today, customers are served via Austin and the Piller global network of subsidiaries and service centers that support the deployment of systems in more than 50 countries. Active Power and Driven by Motion are registered trademarks of Piller Power Systems Inc.