Gurit Reports Strategic Progress and Further Profitability Improvements for the First Half-Year 2017

August 28 2017

Gurit reports net sales of CHF 175.2 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 CHF 21 million and the operating profit margin reached 12% of net sales for the first half-year 2017.
Gurit made good progress in strategy implementation. Sales-wise, Gurit met mixed market conditions across its target industries which led to a temporary dip in sales; and yet, the Company was able to further increase its operating profitability by 11% year-on-year.

Gurit Composite Materials: The business unit Composite Materials achieved net sales of CHF 129.7 million in the first half of 2017 (1HY 2016: CHF 136.0 million).

Gurit Composite Components: The business unit Composite Components reported net sales of CHF 9.8 million for the first half-year 2017 as compared to CHF 9.4 million in the first six months of 2016. This represents an increase of 14.8% on a currency-adjusted basis (+4.3% in reported Swiss francs).

Gurit Tooling: In Tooling, sales of wind turbine blade molds 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. Despite the challenging market environment in the Composite Materials business, Gurit was able to achieve a further improved operating profit of CHF 21.2 million in the first six months of 2017. The operating profit margin for the first half-year of 2017 rose to 12.1%.

Profitability in particular benefited from the continued good turnover in the tooling business as well as a favorable product mix in the composite materials business and a marked improvement in the automotive components business. The ongoing operational improvements also contributed to the exceptionally strong profitability level.

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