Gurit reports moderate net sales growth for 2017
Zurich, January 31, 2018–Gurit (SIX Swiss Exchange: GUR) today reported preliminary and unaudited net sales of CHF 360.5 million for the full year 2017 (FY 2016: CHF 352 million). This represents an increase of 2.4% in reported Swiss francs and an increase of 3.1% on a currency-adjusted basis.
Gurit`s Composite Materials Business achieved mixed results in its various market areas. In Wind, it suffered from a demand halt in the Indian wind energy industry as of spring 2017, attributable to the time delays caused by the newly introduced auction system, as well as a lower demand in the wind energy industry in China compared to the prior year. The Marine superyacht and leisure markets showed growth. Material sales to the Middle Eastern construction industry continued to be affected by the political and financial situation in the region. In total, net sales in the Composite Materials Business decreased by 7.2% (currency-adjusted: -7.0%) year-on-year from CHF 265.6 million in 2016 to CHF 246.4 million in 2017 as a direct consequence of aforementioned market conditions in India, Middle East and China. Gurit expects the market situation in India and the Middle East to improve in 2018.Gurit`s Composite Components Business reported net sales of CHF 22.3 million in 2017 compared to net sales of CHF 17.4 million in 2016. This represents an increase of 28.3% in reported Swiss francs and an increase of 31.5% on a currency-adjusted basis.
Gurit`s Tooling Business was able to report yet another record year. Net sales increased by 33.1% (currency-adjusted: 35.5%) to CHF 91.8 million in 2017 compared to net sales of CHF 69.0 million in 2016.
Operating profit margin for fiscal year 2017 is expected to come in at the upper end of the guided range of 8 to 10 percent of net sales, including the recently announced restructuring cost related to the transfer of prepreg production from UK to Spain.
Sales by Quarter
Change in rep. CHF
Change @ ytd 2017 transl.
Other Material Markets
Online publication of Annual Report 2017, Media/Analyst conference and international Webcast on Tuesday, March 13, 2018
Gurit will report its 2017 full-year results on March 13, 2018, by issuing a press release at 07.00 a.m. CET and publishing its Annual Report 2017 online at http://www.gurit.com/Investors/Reports.
Management will also discuss the results in further detail at a joint media and analyst conference in Zurich on March 13, 2018, at 09:00 a.m. CET. The conference will take place at the Zurich Marriott Hotel, Neumuehlequai 42, CH-8006 Zurich. As always, the presentations will be held in English and will also be accessible as webcast at http://www.gurit.com/Investors/Webcasts where an archived version will later be available for download. Please sign up for the live event by returning the enclosed registration form.
The companies of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. The comprehensive product range comprises fibre reinforced prepregs, structural core products, gel coats, adhesives, resins and consumables. Gurit supplies global growth markets with composite materials on the one hand and composite tooling equipment, structural engineering and select finished parts on the other. The global Group has production sites and offices in Switzerland, Germany, Hungary, Italy, Spain, the Netherlands, the U.K., Poland, Canada, the U.S.A., Ecuador, Australia, New Zealand, India and China. For more information, please visit www.gurit.com
Gurit Group Communications
T +41 44 316 15 55
All trademarks used or mentioned in this release are protected by law.
To the extent that this announcement contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time of publication of this announcement. Forward-looking statements always involve uncertainties. Business and economic risks and developments, the conduct of competitors, political decisions and other factors may cause the actual results to be materially different from the assumptions, planning and forecasts at the time of publication of this announcement. Therefore, Gurit Holding AG does not assume any responsibility relating to forward-looking statements contained in this announcement.