- Published: 16 August 2023 16 August 2023
Gurit reports unaudited net sales for the first half of 2023 at CHF 244.6 million, which is an increase of 12.8% at constant exchange rates or 4.2% in reported CHF compared to the first half of 2022. Furthermore, Gurit acquires the remaining 40% share of the Structural Profiles business.
Excluding acquisition effects, total Group sales grew by 8.6% at constant exchange rates. The Western Wind market shows cautious signs of recovery, as our customers order new blade moulds which we expect to translate into material sales in due course while the Chinese Wind market performs solidly, albeit remains very competitive. Marine and other industrial markets continue to experience strong growth with an increase in demand for PET structural foam for industrial applications, particularly in Europe and North America.
Composite Materials achieved net sales of CHF 160.8 million for the first half of 2023. This represents an increase of 21.0% at constant exchange rates compared to the first half of 2022. Excluding acquisitions, Composite Materials sales increased 6.1% at constant exchange rates driven by market share gains with recycled PET in all Western material markets based on the successful ramp up of our Mexican and Indian manufacturing sites.
Kitting recorded net sales of CHF 71.1 million for the first half of 2023. This is an increase of 10.4% at constant exchange rates compared to the first half of the prior year. The year-on-year increase is due to new projects with Western customers primarily in India and North America. Kitting sales are expected to receive additional momentum once new blade moulds come online for Western wind customers. The European Kitting footprint has been successfully adjusted, with the relocation of operations from Denmark to Spain and Turkey.
Manufacturing Solutions saw an increase of its first half of 2023 net sales by 5.1% at constant exchange rates compared to prior year to CHF 30.7 million. The mould mix significantly changed in 2023 versus 2022 with many more mould systems sold to Western customers as they are tooling-up for the next generation of bigger turbines.
After a better than expected first half performance, Gurit anticipates the good business environment in Marine & Industrial to continue, while the company expects short-term uncertainties to remain in Wind. Gurit raises the adjusted operating profit guidance for the full year of 2023 on the operating profit margin from a range of 2-5% so far to 3-6% and expects net sales in the range of CHF 460-490 million.