Langley Holdings plc, the UK engineering group behind the takeover of German press manufacturer manroland sheetfed in February, have 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.