“It would be convenient to explain the underperformance by citing a still subdued cement and gypsum sector,” Langley Holdings’ Chairman Anthony Langley said in his review of the year. “However, despite the market being depressed, there were missed opportunities, which would have transformed the outcome.”
Management changes have been made as a result, Langley continued, while also noting that “on a positive note,” Claudius Peters’ order book was much healthier coming into 2018 that previously. “I expect 2018 will see a significant improvement on 2017.”
The principal challenge facing the company through the year was very low volumes through Claudius Peters’ headquarters in Buxtehude in Germany. Elsewhere, the company’s international subsidiaries achieved or exceeded budgeted profitability with only its Brazilian business posting a loss, due to “exceptional reasons”.
Claudius Peters reported revenue of €95.6 million, down from €106.3 million in 2016. Orders on hand totaled €81.8 million, compared to €50.3 million at the end of 2016.
