Langley Holdings: 2023 annual report
A few days ago Langley Holdings released its IFRS Annual Report & Accounts for 2023. The Power Solutions Division, encompassing subsidiaries Bergen Engines, Marelli Motori and Piller Group, was a significant contributor to the year’s result.
A few days ago Langley Holdings released its IFRS Annual Report & Accounts for 2023. The group reported revenues of €1.21 billion, a slight increase from €1.17 billion the previous year, resulting in a profit before tax (PBT), of €124.9 million, up from €75.7 million in 2022. At the close of 2023, the group’s cash reserves were €290.3 million, net assets €966.0 million and the order book stood at €877.4 million.
The Power Solutions Division, encompassing subsidiaries Bergen Engines, Marelli Motori and Piller Group, was a significant contributor to the year’s result, accounting for around half of the group’s revenues and two-thirds of its profits. Notably, Piller Group had a record year and Bergen Engines signed a landmark agreement to supply 1,000MW of power to Nigeria’s grid. The Nigeria project will generate around $500 million of revenues when it comes fully on stream and ultimately around $1 billion, including long-term aftermarket revenues.
The Print Technologies Division had a disappointing year with Manroland, the group’s German printing press builder, but is set for recovery in 2024, following strategic restructuring and cost reduction measures. Print chemicals Druck Chemie and BluePrint meanwhile both had record years pulling the Division back solidly into positive territory.
The Other Industrials Division continued to show satisfactory performance, with the various subsidiaries of the diversified portfolio contributing positively to the overall group result.
Sustainability remains a core focus for Langley, with significant initiatives underway to reduce environmental impact and lead in the transition to green energy. The company’s commitment to hydrogen as a future fuel and the development of the Ammonia Zero Emissions (AMAZE) project in collaboration with NTNU, the Norwegian University of Science & Technology, highlights this dedication.
Chairman Tony Langley expressed optimism for the future, citing a prudent outlook for 2024 based on the current order book and budget forecasts. He also commended the company’s more than 5,000 employees worldwide for their hard work and dedication, which have been fundamental to the group’s success.
Download Full 2023 IFRS Annual Report & Accounts PDF here.
