Gurit Achieves Net Sales Of CHF 213.5 Million

Gurit released its unaudited net sales for the first half of 2024 at CHF 213.5 million, which is a decrease of -8.8% at constant exchange rates or -12.7% in reported CHF compared to the first half of 2023. Gurit reached an adjusted operating profit of CHF 11.6 million with an adjusted operating profit margin of 5.4%. This compares to CHF 13.6 million or 5.6% in the first half of the prior year. After restructuring charges, the operating profit is CHF 9.9 million with an operating profit margin of 4.6%. There were no major changes in the markets where Gurit operates in the first half of 2024. In this context, Gurit continued its path to: • adapt to customer demand, selecting profitable opportunities only and decreasing costs in the wind market segments. It is noticeable that the structural profiles business is almost at break-even. • extend technical capabilities in the marine and industrial markets, at its Canadian Corecell site and with the successful integration of the newly acquired FX Composites in the USA. • deleverage the company, with net debt down to CHF 63 million at the end of June. Wind materials achieved net sales of CHF 141.0 million for the first half of 2024. This represents a decrease of -7.6% at constant exchange rates compared to the first half of 2023. Manufacturing solutions saw sales levels similar to the second half of 2023, at CHF 21.0 million. Still, this is a decrease in the first half of 2024 net sales by -27.0% at constant exchange rates compared to the prior year at CHF 30.7 million. Marine and industrial reported net sales of 51.5 million in the first half of 2024. This represents a decrease of -1.9% at constant exchange rates compared to the previous half-year.