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Gurit has reported net sales of CHF 576.4 million for the full year 2019. Gurit achieved an operating profit of CHF 51.9 million (9.0% of net sales) and net profit amounted to CHF 34.9 million in 2019.
Gurit experienced solid growth across all its business units, except for Tooling, which saw a softer second half year 2019. The wind energy demand and the attractive material and service offering helped Composite Materials and Kitting to achieve strong results.
Composite materials increased net sales by 12.8% year-on-year from CHF 221.3 million in 2018 to CHF 249.5 million in 2019. The sales growth has been driven by the wind energy market, while sales in the marine and industrial business saw a slight decline. Kitting reported net sales of CHF 190.7 million and is on a solid track versus the prior year of which Gurit consolidated only the last quarter. This contribution represents the majority of the acquisition effect for the Gurit net sales growth reported.
Tooling reported a very strong first half year and an expected weaker second half year. Net sales decreased by -10.5% to CHF 106.1 million in 2019 compared to net sales of CHF 118.5 million in 2018.
Gurit expects a single-digit organic revenue growth to CHF 600 million in 2020. They further expect to achieve an operating profit in the range of 8.5–­11.0% for the fiscal year 2020. The net sales guidance does consider the divestment of the automotive business effective February 1, 2020. The operating profit guidance provided assumes a negative effect of the corona virus triggered business interruption in China in the month of February. If the business impact lasts longer, the effect on sales and operating profit margins would be more severe.
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