Gurit Witnessed Strong Net Sales Growth

August 19 2019

Gurit reports net sales of CHF 284.7 million for the first six months of 2019. This represents a growth of 45.8% including acquisition effects against the prior-year period. The organic growth is 14.6% (currency-adjusted 16.5%) versus 1HY 2018. Operating profit amounted to CHF 27.5 million and the operating profit margin came in at 9.7% of net sales for the first half-year 2019. As for the continued operations the Operating Profit Margin improved from 10.8% in 1HY 2018 to 12.5% in 1HY 2019.

Both the total and the continued business showed a strong performance, with the main support coming from the Wind market. The Wind market is growing significantly in 2019 over 2018. New installations are expected to grow from some 50 Gigawatts (GW) in 2018 to some 70 GW in 2019, resulting in a significant demand increase for core materials for wind turbine blade production.

Composite Materials achieved net sales of CHF 122.2 million in the first half-year 2019 (1HY 2018: CHF 106.0 million). This represents an increase of 15.3% in reported Swiss francs and 17.1% on a currency-adjusted basis.

Aerospace sales increased by 10% (currency-adjusted: 12.2%) to CHF 27.5 million in the first six months of 2019 compared to net sales of CHF 25.0 million in the first half-year 2018.

The discontinued Composite Components reported Net Sales of CHF 9.9 million for the first half-year 2019. This represents an increase of 56.2% (currency-adjusted: 61.1%) over net sales of CHF 6.3 million generated in the first half-year 2018. Gurit has made an additional impairment provision in respect to the ongoing divestment process.

In total, Gurit generated a positive Cash Flow from operating activities of CHF 32.2 million in the first six months of 2019 (1HY 2018: 8.3 million). Capital expenditures amounted to CHF 11.3million in the first half-year 2019 (1HY 2018: CHF 8.9 million). Total capital expenditure planned for the full year 2019 is expected to total around CHF 30 million.

For 2019 Gurit expects to achieve above CHF 525 million in net sales and an Operating Profit Margin within the upper half of the target range of 8 – 10%.

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