Gurit reports net sales of CHF 234.8 million in the first half of 2022

Gurit Holding AG / Key word(s): Half Year Results/Interim Report Gurit reports net sales of CHF 234.8 million in the first half of 2022 17-Aug-2022 / 06:55 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Media release Zurich, August 17, 2022 – Ad hoc announcement pursuant to Art. 53 LR

Gurit (SIX Swiss Exchange: GUR) today reports unaudited sales results for the first half of 2022. Net sales for this period were CHF 234.8 million which is a decline of -­7.0% at constant exchange rates or  ­­-9.2% in reported CHF versus prior year. For Continued Operations, the decline was -5.7% at constant exchange rates.

Net sales in the first half year continued to be impacted by a challenging market for wind turbine blades. Our largest Western wind customers produced less blades year-over-year. In China we observed a market growth, however at very aggressive price levels. While the wind market faces challenges, the marine and other industrial markets saw good growth towards well above pre-pandemic levels. As reported in April, Gurit acquired a majority stake in the wind industry supplier Fiberline Composites to strengthen its product offering for the wind energy market and divested its Aerospace business.

Composite Materials achieved net sales of CHF 141.4 million for the first half of 2022, which includes CHF 27.4 million of the newly acquired Structural Profiles business (operating under the brand Fiberline). This represents an increase of 22% at constant exchange rates compared to the first half of 2021. The demand for wind core materials achieved lower levels compared to last year, while the sales for Marine and other industrial segments grew year-over-year.     

Kitting recorded net sales of CHF 71.6 million for the first half of 2022. This is a decrease of -20.9% at constant exchange rates compared to the first half of the prior year. In response to the continued challenging environment, the kitting production for Europe will be consolidated at the Gurit sites in Spain and Turkey. These sites will be strengthened and accommodate the volumes from Ringkøbing, Denmark, which is being converted into an innovation hub for the wind industry and now hosts a wind innovation center.