Langley Holdings plc announce half-year results, manroland sheetfed standing on own feet

Retford 26 July 2012, Langley Holdings plc, the UK engineering group behind the takeover of German press manufacturer manroland sheetfed in February, have today released their half year results for the 6 months to 30 June 2012.

At €37.8 million, operating profits for the half year were up by almost 25% on the same period last year (2011: €31.3m) on revenues of €238,2 million (2011: €235.8 million). Pre-tax profits for the 6 months were €39.3 million (2011: €32.5 million).

The group is forecasting pre-tax profits for the year to 31 December 2012 of €87.9m (2011: €76.3 million) on revenues of €554.3 million (2011: €494.7 million). At 30 June the group reported net cash of €182.3 million, which is forecast to rise to over €200 million by the year end. The group has no debt and financed the manroland deal from own resources.

The results do not include manroland sheetfed which, says Tony Langley in his Interim Chairman’s Statement, is generating positive cash flows and standing on its own feet financially and “trading within expectations”. Langley says the press builder will remain outside the group until at least a full year under its stewardship.

About Langley Holdings

Langley Holdings plc is a diverse privately owned UK based engineering group, specialising in capital equipment technologies that are either outright leaders in their field, or niche players. Its principal operating divisions are located in the UK, Germany and France and have a network of over 30 subsidiaries in 17 countries, employing around 2,200 people worldwide. www.langleyholdings.com

About manroland sheetfed

manroland sheetfed GmbH (www.manroland.com) began trading on 10 February 2012, following the acquisition of the sheetfed division of the insolvent manroland AG by British industrialist Tony Langley and Langley Holdings PLC ( www.langleyholdings.com). manroland sheetfed employs around 1000 people at the HQ in Offenbach Germany and over 2000 staff worldwide in over 40 subsidiaries.