EQS-Adhoc Gurit Reports Net Sales Growth for Continued Operations of 3.3% in CHF or 8.9% at constant exchange rates
EQS Group-Ad-hoc: Gurit Holding AG / Key word(s): Preliminary Results
Zurich, January 29, 2021 - Gurit (SIX Swiss Exchange: GUR) today reported preliminary and unaudited net sales of CHF 578.8 million for the full year 2020 (FY 2019: CHF 576.4 million). This represents an increase of 0.4% in reported Swiss francs and 5.8% growth on a currency adjusted basis. The Continued Operations grew 8.9% at constant exchange rates or 3.3% in reported Swiss francs.
Gurit finished a strong year despite challenges posed by the COVID-19 pandemic. The Group benefits from its strong positioning in the global wind energy market.
Composite Materials reports net sales of CHF 276.2 million for 2020. This is an increase of 10.7% in reported Swiss francs or 16.2% at constant exchange rates over 2019. The Wind energy market demand was strong across all product groups. Impacted by COVID-19, Marine markets saw weaker sales due to lower yacht building activity.
Net sales of the Business Unit Kitting amounts to CHF 225.6 million, compared to CHF 190.7 million in the previous year period. This is an increase of 18.3% in reported Swiss francs and 25.4% at constant exchange rates. Supported by the positive demand momentum of the Wind market and partially higher converted material prices, the Kitting business is growing strongly. It is strengthening its global footprint and increasing the production capacity.
After a very strong fourth quarter, the Business Unit Tooling reports net sales of CHF 98.7 million for the year 2020, which represents a decrease of -7.0% in reported Swiss francs and -1.7% at constant exchange rates. On the one hand, this was driven by a shift in the product mix. In addition, customers cancelled projects in the first half of the year due to COVID-19. Further, pandemic-related travel restrictions led to a slowdown in new installations.