Langley Holdings plc, the diverse engineering and industrial group, published its Interim Trading Statement for the six months to 30.06.2019.
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 six 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.