Langley Holdings, owners of Manroland Sheetfed in addition to a group of industrial and engineering companies, published its IFRS Annual Report & Accounts for the year ended December 31, 2017.
Tony Langley, Chairman of Langley Holdings, described 2017 as “another remarkably successful year” with underlying profits before tax up by 7 percent over the previous year.
The reported profit before tax for 2017 was €111.8 million ($173.5 million in Canadian funds) versus €122.7 million (CDN$189.3) in 2016, but Langley Holdings explains the 7 percent increase in profits is arrived at when accounting for currency effects. With its adjustment of currency, this puts Langley Holdings’ year-end totals at €113.1 million for 2016 and €120.8 million for 2017.
Langley Holdings explains that Manroland, although profitable and having returned the group’s initial 2012 purchase investment in 2017, was “below par’ with its contribution. Headquartered in Offenbach, Germany, Manroland in 2017 generated revenue of €286.3 million (CDN$442 million), employing 1,545 people.
The group’s Piller (power supply systems) and ARO (welding technologies) divisions both recorded record revenue and profit years, but its Claudius Peters (material handling) division missed its target.
The group reported that revenues were almost flat at €903.5 million when compared with the €900.9 million mark generated in 2016. The group comprises five operating divisions, based principally in Germany, France and the United Kingdom, with a substantial presence in the United States and more than 80 subsidiaries worldwide, employing around 4,300 people.
The group made one small acquisition during its 2017 financial period and Active Power, acquired in November 2016, made a profit for the first time since its Initial Public Offering in 2001. Tony Langley also commented that the group is continuing to seek out acquisition opportunities.