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Gurit reports 45.1% Net Sales growth for the first nine months of 2019

Zurich, 15 October 2019 – Gurit (SIX Swiss Exchange: GUR) reported net sales of CHF 428.5 million for the first nine months of 2019. This represents an increase of 45.1% (currency-adjusted 48.3%) over net sales of CHF 295.3 million in the first nine months of 2018. Excluding acquisition effects the growth was 9.9% (currency adjusted 12.3%) over the previous year period.

The Business Unit Composite Materials reported net sales of CHF 185.4 million for the first nine months of 2019. This is an increase of 14.5% (currency-adjusted 17%) over the same period in 2018. Demand continued to be strong, in particular for core materials.

Net sales of the Business Unit Kitting amounted to CHF 127.1 million. There is no comparison with the previous year, as the Group company JSB was acquired in October 2018. The demand situation in the Wind market continues to generate a positive momentum for Kitting services.

The Business Unit Tooling saw net sales of CHF 90.3 million, which represents an increase of 1.2% (currency-adjusted 3.3%). In the second half of 2019 Gurit Tooling will see a markedly lower demand mainly due to new customer projects being re-timed into 2020.

The Aerospace Business Unit achieved net sales of CHF 41.3 million for the first nine months of 2019. This represents an increase of 9.2% (currency-adjusted 11.5%) over the previous year period.

The discontinued Composite Components reported net sales of CHF 13.1 million for the first nine months of 2019, this translates into a growth of 38.8% (currency-adjusted 44.0%).

NET SALES

First 9 months

Sales by quarter

rounded up to mCHF

2019

2018

Change in reported CHF

Change @ constant 2019 rates

Q1
2019

Q2
2019

Q3
2019

Composite Materials

185.4

161.9

14.5%

17.0%

60.7

61.5

63.2

Kitting

127.1

0.0

34.4

40.8

51.9

Tooling

90.3

89.3

1.2%

3.3%

36.1

31.7

22.5

Aerospace

41.3

37.8

9.2%

11.5%

14.3

13.1

13.8

Elimination

-28.7

-3.2

-7.2

-10.5

-10.9

Total Continued Operations

415.5

285.9

45.3%

48.4%

138.2

136.7

140.6

Composite Components
(Discontinued Operations)

13.1

9.4

38.8%

44.0%

4.5

5.4

3.2

Total Group

428.5

295.3

45.1%

48.3%

142.7

142.0

143.8

                

Outlook

For 2019 Gurit now expects to achieve above CHF 550 million in net sales (previously CHF 525 million) and an Operating Profit Margin within the upper half of the target range of 8 – 10% (unchanged).

About Gurit:

The subsidiaries 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, core material wind turbine blade kits, structural engineering and select finished parts on the other. Gurit operates production sites and offices in Canada, China, Denmark, Ecuador, Germany, Hungary, Indonesia, India, Italy, Mexico, New Zealand, Poland, Spain, Switzerland, Turkey, United Kingdom and the United States.

www.gurit.com  

Gurit Group Communications

Thomas Nauer

Phone: +41 44 316 15 55

E-mail. thomas.nauer (at) gurit.com

All trademarks used or mentioned in this release are protected by law.

Forward-looking statements:

To the extent that this announcement contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time ofpublication 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.