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Gurit Reports Mixed Market Conditions for First Half of 2017

22 August 2017

Gurit reports net sales of CHF175.2 million for the first six months of 2017. This represents a currency-adjusted decrease of -0.5%, and -3.9% in reported Swiss francs, over the previous year.

Operating profit amounted to CHF21 million and the operating profit margin reached 12% of net sales for the first half of 2017.

The company says it made good progress in its strategy implementation, including the acquisition of PH Windsolutions, the foundation of a balsa wood joint venture in Indonesia and the integration of the acquired PET business into the company`s Composite Materials unit. Mixed market conditions across its target industries led to a temporary dip in sales, however the company reports a further increase in operating profitability by 11% year-on-year.

The Composite Materials business unit achieved net sales of CHF129.7 million in the first half of 2017. This represents a decrease of -1.8% on a currency-adjusted basis, and -4.6% in reported Swiss francs, from the first half of 2016. Sales to the wind energy market declined, mainly as a result of weaker than expected demand in India. Revenues in other markets (Marine, Industrial, Automotive) were impacted by a continued hesitant order situation in the European and Asian marine leisure markets as well as the ongoing lack of large builds in the Middle Eastern construction industry. Sales to the European aerospace industry showed further growth.

The Composite Components business unit reported net sales of CHF9.8 million for the first half-year 2017 compared with CHF9.4 million in the first six months of 2016. In Tooling, sales of wind turbine blade moulds and related equipment in the first six months of 2017 came in well and above the company`s estimate at the beginning of the year. Demand from both Chinese and international customers was positive.

Gurit expects to reach a low single-digit revenue growth for the full year 2017 under the assumption that the Indian wind energy market returns to growth in the fourth quarter.





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