Manroland Sheetfed owner Langley Holdings says a boost in orders at drupa has set up the company for a strong finish to the year.
In its first-half figures for the six months to 30 June 2016, the Langley Holdings group of companies recorded sales of €417.1m with an increase in pre-tax profits to €48.9m, up from €37.9m at the same point in 2015.
Chairman Tony Langley said the results exceeded expectations. “Both the trading for the first six months and the outlook for the full year are very positive,” he said.
Manroland Sheetfed saw an expected slow-down in orders ahead of Drupa but this was brought back on track following the trade show with the Offenbach factory now “optimally loaded from backlog in the first six months”, said Langley, who predicted the demand would continue until the end of the year. Profits in the division were in line with expectations, he said.
In a press release, the chairman downplayed the potential effects of Brexit.
“Although some 20% of the group’s profits are derived from the UK, the majority of this is from the UK subsidiaries of our German and French divisions, all of which compete entirely with other European producers for UK trade.”
“Our actual UK based businesses represent only a nominal percentage of the group as a whole and therefore I do not expect Brexit to have a substantial impact on the group one way or the other, although UK assets are currently devalued by some 10% in euro terms,” he said.
Langley said the business was continuing to look for potential acquisitions. The group employs 4,200 people across five divisions and 80 companies.