Langley: 2021 annual report

Langley Holdings, the diverse engineering and industrial group, published a few days ago its IFRS Annual Report and Accounts for 2021. In the year to 31 December, the group reported a profit before tax (PBT) of €128.2 million. Revenues for the period were €814.6 million. Consolidated cash at the year end stood at €291.0 million and net assets €835.7 million.  

The group reported that on 31 December it had acquired Norwegian engine builder, Bergen Engines AS, together with overseas subsidiaries, from Rolls-Royce plc for €91 million in cash.

In his Chairman’s Review of the business, Tony Langley said that order intake had reached “record levels across the group” and that the “acquisition of Bergen Engines from Rolls-Royce represents a seminal moment…”. Bergen Engines, which builds large gas and liquid fuelled engines for marine and land based power generation applications, is to become “… a central pillar of the group’s net zero strategy”.

Bergen Engines will become the core of a newly formed Power Solutions Division that will pursue opportunities in the rapidly developing microgrid sector, along with Piller Power Systems, the group’s German power stabilisation specialist, and Marelli Motori, the Italian electric motors and generators producer.

Orders on hand increased significantly during 2021 culminating in a backlog of almost €800 million at the year-end. Langley is expecting  a “step change” in 2022 with revenues reaching €1.3 billion, of which €600 million from Power Solutions, €400 million from Print Technologies and €300 million from the Other Industrials divisions.